注册制新股纵览：壹连科技：深耕新能源类电连接组件

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 1.80 and 2.08, corresponding to the 24.3% and 37.5% percentiles respectively [2][12]. Core Insights - The company is deeply engaged in the domestic new energy power market and has made significant breakthroughs in overseas and energy storage markets, with a market share of over 10% in new energy electrical connection components as of 2022 [3][14]. - The company has fully released its existing production capacity and is planning for new technology and capacity expansion, with a projected annual production capacity of approximately 30.11 million sets of electrical connection components [4][20]. - Compared to its peers, the company leads in profit scale and revenue compound growth rate, although its gross margin has been declining year by year [5][24]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.80, placing it in the 24.3% percentile, indicating a middle to lower performance level in the non-technology innovation system [12][13]. New Stock Fundamentals and Features - The company has established production bases close to major clients, enhancing its competitive edge and reducing costs in logistics and after-sales services [3][14]. - It has successfully entered international markets, securing projects with major global players like Volvo and collaborating with leading domestic energy storage companies [16]. Financial Metrics Comparison with Peers - The company’s revenue from 2021 to 2023 was 1.434 billion, 2.758 billion, and 3.075 billion yuan respectively, with net profits of 143 million, 236 million, and 260 million yuan, outperforming the average of comparable companies [5][21]. - The gross margin has decreased from 21.69% in 2021 to 18.94% in 2023, which is below the average of comparable companies [24][26]. Fundraising Projects and Development Vision - The company plans to raise funds for several projects, including the production of electrical connection components in various locations, which will alleviate current capacity constraints and enhance overall profitability [27][28].