北交所新股申购策略之十四：薄膜电容器行业领先企业

Investment Rating - The report recommends actively participating in the new stock offering of Shengye Electric, a leading company in the film capacitor industry, with a suggested investment rating of "Buy" [2][28]. Core Insights - Shengye Electric is a leading enterprise in the film capacitor industry, with a significant market position in various product segments and advanced technology levels domestically. The company has broken foreign monopolies with its dry-type capacitors and is exploring growth opportunities in the emerging home appliance market while continuously expanding its client base [2][28]. - The initial public offering (IPO) price is set at 9.12 yuan per share, with a subscription threshold that is considered moderate. The estimated valuation discount for the IPO is approximately 53% [2][28]. Summary by Sections 1. Company Overview - Shengye Electric is recognized as a leading player in the film capacitor industry, with its product scale ranking among the top in China. The company has established a diversified product matrix centered on film capacitors and has extended its operations downstream into power quality management [6][18]. 2. Industry Development and Competitive Landscape - The film capacitor market is experiencing a shift towards customization in emerging fields, with increasing demand in high-requirement scenarios. The global film capacitor market is projected to grow from 24.4 billion yuan in 2022 to 39 billion yuan by 2027, with a compound annual growth rate (CAGR) of 9.83% [15][16]. - The penetration rate of film capacitors in the renewable energy sector is expected to rise, particularly in applications such as photovoltaic and wind power generation, as well as in electric vehicles [16][17]. 3. Company Core Points - The company is actively exploring growth in the home appliance market and has established long-term partnerships with major clients such as Midea Group and Haier Group. It is also expanding its presence in Southeast Asia [18]. - Shengye Electric's product technology is at an advanced level domestically, with its dry-type capacitors breaking foreign monopolies. The company has developed several core technologies and production processes that meet international certification standards [19]. - The company is enhancing its supply chain security by increasing its production capacity for metallized film, which is a core raw material for film capacitors, and is extending its business into power quality management products [20]. 4. IPO Details - The IPO price is set at 9.12 yuan per share, with a total issuance of 18 million shares, representing 22.93% of the total share capital post-issuance. The expected market capitalization after the IPO is approximately 716 million yuan [21][28]. - The report indicates that the company will raise approximately 164 million yuan through this IPO, with a projected circulating ratio of 21.79% post-issuance [21][28]. 5. Subscription Opinion - The report concludes with a strong recommendation to actively participate in the IPO, highlighting the company's competitive advantages and growth potential in the film capacitor industry [25][28].