IPO专题：新股精要—国内EMMS主要供应商佳驰科技

Investment Rating - The report assigns a positive investment rating to Jiachi Technology (688708.SH), highlighting its position as a leading domestic EMMS supplier with significant growth potential in both military and civilian markets [3][4]. Core Viewpoints - Jiachi Technology is a major provider of EMMS materials, with products extensively used in China's third and fourth generation fighter jets, indicating a strong market demand and growth potential [3][4]. - The company achieved revenue and net profit of 981 million and 564 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 36.02% in revenue and 83.63% in net profit from 2021 to 2023 [9][12]. - The company plans to raise 1.245 billion RMB through its IPO to enhance production capacity and R&D capabilities, which will support the scaling of its stealth function structural components business [30][31]. Summary by Sections Company Overview - Jiachi Technology is recognized as a leading EMMS supplier in China, focusing on stealth materials for military applications and expanding into civilian sectors [3][8]. - The company has developed key technologies in stealth materials, achieving significant breakthroughs in lightweight and thin materials, which are critical for modern military applications [8][22]. Main Business Analysis - Over 95% of Jiachi's revenue comes from military products, benefiting from increasing national defense spending and the demand for updated weaponry [9][12]. - The company has maintained a high gross margin, although it experienced slight fluctuations due to the introduction of new products with lower margins [15][16]. Industry Development and Competitive Landscape - The stealth materials market is expected to expand significantly, driven by the increasing need for advanced military capabilities and the modernization of China's air force [22][23]. - The global electromagnetic compatibility materials market is projected to reach 8.2 billion USD by 2025, indicating a growing opportunity for Jiachi in this segment [23][24]. Comparable Company Valuation - The average PE ratio for comparable companies in the "C41 Other Manufacturing" sector was 49.72 times as of November 18, 2024, with Jiachi's projected PE ratios for 2024 and 2025 being 34.08 and 27.63 times respectively [33][35].