注册制新股纵览：佳驰科技：国内主要EMMS提供商，夯实军品、拓展民品

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 2.53, which places it in the 41.4% percentile of the AHP model for the Sci-Tech Innovation Board [3][19]. Core Insights - The company, Jiachitech, is a leading domestic provider of Electromagnetic Functional Materials and Structures (EMMS), actively participating in significant military projects and expanding into civilian applications [4][21]. - The company has achieved breakthroughs in key technologies such as "thin-type" and "ultra-wideband" EMMS products, establishing itself as a leader in the industry [4][22]. - The military market for stealth materials is expected to grow significantly during the 14th Five-Year Plan period, driven by the introduction of new aircraft and the retirement of older models [5][30]. - The civilian market for electromagnetic compatibility materials is projected to reach $8.2 billion by 2025, with a compound annual growth rate of 3.82% from 2020 to 2025 [5][31]. Summary by Sections AHP Score and Expected Allocation Ratio - Jiachitech's AHP score, excluding liquidity premium factors, is 2.53, indicating a mid-to-low ranking within the Sci-Tech Innovation Board [3][19]. - The expected allocation ratios for offline investors are 0.0549% for Class A and 0.0290% for Class B under neutral conditions [20]. Company Highlights and Features - Jiachitech is a major EMMS provider, covering stealth coating materials and electromagnetic compatibility materials for both military and civilian applications [4][21]. - The company has established long-term partnerships with leading enterprises and research institutions in the EMMS sector, enhancing its competitive edge [22]. Financial Performance Comparison - From 2021 to 2024 H1, Jiachitech's revenue and net profit have shown a compound annual growth rate of 36.02% and 83.63%, respectively, outperforming comparable companies [6][34]. - The company's gross margin has consistently been above 76%, indicating strong profitability compared to peers [37]. Fundraising Projects and Development Vision - The company plans to raise funds for the construction of production and R&D centers for EMMS, aiming to enhance production capacity and technological capabilities [43][44]. - The investment projects are expected to improve market competitiveness and meet the growing demand in both military and civilian sectors [43].