注册制新股纵览：博苑股份：碘化物细分市场份额领先，向下游延链可期

Investment Rating - The report assigns an AHP score of 1.73 (23.2% percentile) and 2.06 (37.3% percentile) to Boyuan Co., Ltd., considering liquidity premium factors, placing it in the mid-to-lower range [2] - The expected allocation ratios for Class A and Class B investors are 0.0304% and 0.0185%, respectively, under a neutral scenario [2] Core Views - Boyuan Co., Ltd. holds a leading market share in the iodine compounds segment, with a 72.32% market share in trimethylsilyl iodide in 2021, and is expected to grow to 755.10 tons by 2025 [3] - The company has a significant presence in inorganic iodine compounds, with a market share of 35.02% (considering imports) and 48.15% (excluding imports) in 2021, and is projected to grow to 6,588 tons by 2028 [3] - Boyuan Co., Ltd. dominates the luminescent materials market with a 90%+ market share and has an 11.65% share in the hexamethyldisilazane market, which is expected to grow to RMB 1.201 billion by 2026 [3] - The company is expanding downstream into the iodine compounds industry, with a planned production of 1,000 tons of contrast agent intermediates, leveraging its existing market position and brand advantage [4] Financial Performance and Comparisons - Boyuan Co., Ltd. reported revenues of RMB 524 million, RMB 798 million, and RMB 1.025 billion in 2021-2023, with net profits of RMB 103 million, RMB 176 million, and RMB 182 million, respectively, showing a CAGR of 39.82% and 32.78% for revenue and net profit [5] - The company's gross margins were 33.82%, 35.18%, and 27.89% in 2021-2023, significantly higher than the industry average, though the 2023 decline was due to rising iodine prices [5] - R&D expenditure as a percentage of revenue was 4.09%, 3.82%, and 3.48% in 2021-2023, placing it in the mid-range compared to peers [5] Industry and Market Outlook - The domestic contrast agent market is expected to exceed RMB 27 billion in 2022, with a CAGR of 13.1% from 2012 to 2019, indicating significant growth potential [4] - China's per capita consumption of X-ray contrast agent APIs is much lower than in Europe and the US, suggesting room for growth [4] - The global market for precious metal catalysts was RMB 48.84 billion in 2021, with the pharmaceutical sector accounting for 55.40% of the market [3] Fundraising and Development Plans - Boyuan Co., Ltd. plans to raise funds for projects including 100 tons/year of precious metal catalysts, 60 tons/year of high-end luminescent materials, and 4,100 tons/year of high-end organic iodine and bromine materials, aiming to expand its product portfolio and enhance market competitiveness [29] - The company also plans to produce 1,000 tons/year of contrast agent intermediates and 5,000 tons/year of o-phenylphenol, further extending its iodine compound industry chain [29]