新股覆盖研究：胜业电气

Investment Rating - The investment rating for Shengye Electric (920128.BJ) is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [51]. Core Viewpoints - Shengye Electric specializes in film capacitors, providing products such as motor capacitors, power electronic capacitors, and power capacitors, with applications in home appliances, renewable energy, and power quality management [17][30]. - The company has established a diversified product matrix, achieving a competitive advantage and accumulating a rich customer base, including major clients in various sectors [39][41]. - Shengye Electric's revenue and profit have shown consistent growth, with a reported revenue of 572.7 million yuan in 2023, a year-on-year increase of 12.32%, and a net profit of 45.4 million yuan, up 56.46% year-on-year [6][18]. Summary by Sections Basic Financial Status - Shengye Electric achieved revenues of 446 million yuan, 510 million yuan, and 573 million yuan from 2021 to 2023, with year-on-year growth rates of 36.05%, 13.29%, and 12.32% respectively. The net profit for the same years was 22.1 million yuan, 29 million yuan, and 45.4 million yuan, with growth rates of 1.26%, 24.89%, and 56.46% respectively. For the first nine months of 2024, the company reported revenues of 452 million yuan, a 6.45% increase year-on-year, and a net profit of 37 million yuan, a 3.93% increase year-on-year [18][6]. Industry Situation - The film capacitor industry is characterized by its use of plastic film as a dielectric, offering advantages such as high reliability and long lifespan. The global film capacitor market was approximately 24.4 billion yuan in 2022, with a projected growth to 39 billion yuan by 2027, reflecting a compound annual growth rate of 9.83% from 2022 to 2027 [31][32]. Company Highlights - Shengye Electric has developed a diverse product matrix, covering various application fields such as home appliances and renewable energy, and has established long-term partnerships with notable companies. The company ranks third in domestic sales of film capacitors and is a significant supplier in the photovoltaic and energy storage inverter sectors [39][41]. - The company is actively pursuing international expansion, with a production base in Thailand that has facilitated stable supply to North American clients and partnerships with major appliance manufacturers in emerging markets [41]. - Shengye Electric is extending its operations along the value chain, focusing on both downstream and upstream developments in the film capacitor sector [41][42]. Fundraising Project Investment - The company plans to invest in two projects through its IPO, including the expansion of its production line for new energy film capacitors and the establishment of a research and development center, with total planned investment of approximately 177 million yuan [42][43].