注册制新股纵览：英思特：深耕消费电子磁性器件

Investment Rating - The report assigns a rating based on the AHP score of 1.54, placing the company in the 20.6% percentile of the non-technology innovation system AHP model, indicating a position in the lower midstream level [10][11]. Core Insights - The company specializes in consumer electronics magnetic devices and has established itself as a key supplier of rare earth permanent magnet materials for major international brands such as Apple, Microsoft, Xiaomi, Huawei, Lenovo, reMarkable, and Logitech. The revenue from consumer electronics has consistently accounted for over 93% of total revenue from 2021 to Q1 2024 [12][13]. - The company possesses cost advantages through its mastery of core technologies in precision processing, surface treatment, and intelligent assembly, allowing for efficient use of raw materials while meeting magnetic performance requirements [12][13]. - The company is expanding its product range and customer base, with plans to extend upstream to produce raw materials. It has initiated production lines for raw materials in April 2023 and is targeting new applications in electric vehicles, industrial motors, and robotics [19][20]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, adjusted for liquidity premium factors, is 1.54, with expected allocation ratios for offline investors A and B at 0.0322% and 0.0196%, respectively [10][11]. Fundamental Highlights - The company has a strong foothold in consumer electronics magnetic devices, with a focus on cost advantages and a high percentage of revenue from this sector [12][13]. - The company is actively broadening its industrial chain layout by extending upstream to self-produce raw materials, with significant growth expected in various product lines [19][20]. Comparable Company Financial Metrics - The company has lower revenue and net profit compared to comparable companies but exhibits a higher compound annual growth rate (CAGR) of 19.17% for revenue and 4.04% for net profit from 2021 to 2023 [23][24]. - The gross profit margins for the company were significantly higher than those of comparable firms, with rates of 31.14%, 27.80%, and 26.25% from 2021 to 2023 [23][24]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 28.983 million new shares, with proceeds allocated to expanding production capacity for high-end magnetic materials and components for consumer electronics and electric vehicles, as well as enhancing R&D capabilities [30][31].