新股覆盖研究：博苑股份

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [60]. Core Viewpoints - The company, Boyuan Co., Ltd. (301617.SZ), specializes in the research, production, and sales of fine chemicals, including organic iodides, inorganic iodides, precious metal catalysts, luminescent materials, and hexamethyldisilazane. The company has shown significant revenue growth from 524 million CNY in 2021 to 1.025 billion CNY in 2023, with a year-on-year growth rate of 28.39% in 2023 [16][17]. - The company has a strong market position, with a 72.32% market share in organic iodide trimethyl iodide and 35.02% in inorganic iodides as of 2021. The company is also involved in resource recycling, which helps reduce dependence on imported raw materials [47][54]. - The company plans to extend its product line downstream through its IPO fundraising projects, which include the production of iodine-containing contrast agent intermediates and high-end organic iodine materials [48][49]. Summary by Sections Basic Financial Status - The company achieved revenues of 524 million CNY, 798 million CNY, and 1.025 billion CNY in 2021, 2022, and 2023, respectively, with year-on-year growth rates of 38.20%, 52.27%, and 28.39%. The net profit attributable to the parent company was 103 million CNY, 176 million CNY, and 182 million CNY for the same years, with growth rates of 61.30%, 70.70%, and 3.28% [17][7]. Industry Situation - The fine chemical industry is a significant development direction in the chemical sector, with China's fine chemical industry output expected to exceed 11 trillion CNY by 2027. The company operates in a sector where the market for inorganic iodides is projected to grow at a compound annual growth rate of 8.80% from 2021 to 2028 [28][37]. Company Highlights - The company's core technical team has over 30 years of experience in the fine chemical field, with significant ownership by the founders, holding 79.77% of the shares. The company is one of the few in China to achieve resource recycling for iodine and precious metals, establishing strong partnerships with major pharmaceutical companies [46][47]. Fundraising Project Investment - The company plans to invest in two main projects through its IPO, including the production of 1,000 tons of contrast agent intermediates and 5,000 tons of phenol derivatives, with expected annual revenues of approximately 32 million CNY from the contrast agent project [49][52]. Peer Comparison - In 2023, the company reported revenues of 1.025 billion CNY, with a net profit of 182 million CNY. Compared to peers, the company’s revenue is below the average of 1.799 billion CNY, but its gross margin of 27.89% is in the mid-high range among competitors [54][55].