新股覆盖研究：佳驰科技

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [45]. Core Viewpoints - The company, Jiachitech (688708.SH), specializes in electromagnetic functional materials and structures (EMMS), with key products including stealth coating materials, stealth structural components, and electromagnetic compatibility materials. The market demand for these products is anticipated to grow steadily due to the acceleration of weaponry upgrades and the development of information technology in China [16][30]. - The company achieved revenues of 530 million CNY, 769 million CNY, and 981 million CNY in 2021, 2022, and 2023 respectively, with year-over-year growth rates of 89.90%, 45.04%, and 27.55%. The net profit attributable to the parent company was 167 million CNY, 484 million CNY, and 564 million CNY for the same years, with growth rates of 24.16%, 189.57%, and 16.45% respectively [5][17]. - The company is positioned as a key supplier in the domestic EMMS field, with strong collaborations with military units such as the Aviation Industry Corporation of China. The founder, a professor and academician, leads a team with substantial expertise in the field [31][34]. Summary by Sections Basic Financial Status - The company reported revenues of 5.89 billion CNY for the first nine months of 2024, a year-over-year decline of 16.86%. The net profit for the same period was 3.20 billion CNY, down 17.31% year-over-year. The management forecasts a revenue growth of 3.99% and a net profit growth of 1.47% for the full year 2024 [17][37]. Industry Situation - The stealth materials industry is crucial for enhancing the survivability and combat capabilities of high-tech weaponry. The demand for stealth technology is expected to rise significantly, particularly for stealth missiles, drones, and naval vessels [25][26][27]. Company Highlights - EMMS is identified as a key foundational material for the stealth capabilities of high-tech military equipment. The company has established a strong market position due to its technological advancements and collaborations with military entities [30][31]. - The company is expanding into the civilian electromagnetic compatibility materials market, leveraging its military technology expertise to address growing demands in consumer electronics [32][34]. Investment Projects - The company plans to invest in two main projects through its IPO proceeds: the construction of a manufacturing base for electromagnetic functional materials and a research center for EMMS. These projects are expected to significantly boost annual revenues and profits upon completion [35][36]. Peer Comparison - In comparison to similar companies in the industry, Jiachitech's revenue for 2023 was 9.81 billion CNY, with a net profit of 5.64 billion CNY. The average revenue of comparable companies was 25.48 billion CNY, indicating that while Jiachitech's revenue is below average, its profit margin is relatively high [38][41].