胜业电气：北交所新股申购报告：高压SVG薄膜电容器全国第2，性能+技术行业领先

Investment Rating - The report suggests a "Buy" rating for the company, indicating a strong potential for outperforming the market by over 20% [234]. Core Insights - The company, Shengye Electric, specializes in the production of film capacitors and has established itself as the second-largest manufacturer of high-voltage SVG film capacitors in China, benefiting from the rapid development of new energy power equipment and the "old-for-new" policy [3][5][6]. - The company's revenue for the first three quarters of 2024 reached 452 million yuan, representing a year-on-year growth of 6.45%, with a compound annual growth rate (CAGR) of 20.47% from 2020 to 2023 [3][47]. - The global film capacitor market is projected to grow from 251 billion yuan in 2023 to 390 billion yuan by 2027, with a CAGR of 9.83% from 2022 to 2027, driven by the expansion into new energy sectors [4][74]. Summary by Sections Company Overview - Shengye Electric is a specialized manufacturer of film capacitors, providing products for various applications including motor capacitors and power electronic capacitors [3][18]. - The company has achieved a CAGR of 27.64% in net profit from 2020 to 2023, indicating strong financial performance [47]. Market Potential - The film capacitor market is expanding rapidly due to applications in household appliances, renewable energy, and electric vehicles, with significant growth expected in the coming years [4][65]. - The "old-for-new" policy is anticipated to stimulate demand in the household appliance and new energy vehicle sectors, further benefiting the film capacitor market [128]. Competitive Position - The company ranks second in the domestic market for high-voltage SVG film capacitors and has established long-term partnerships with major clients in the household appliance and new energy sectors [5][167]. - The company has a strong innovation capability, holding 76 domestic patents and 4 international patents, which enhances its competitive edge [6][195]. Financial Metrics - The company's revenue structure is stable, with film capacitors accounting for a significant portion of total revenue, indicating a solid market position [49]. - The report highlights a favorable comparison with peer companies, with a PE ratio of 33.3X for comparable companies in 2023, suggesting a strong valuation relative to industry standards [236].