科隆新材：北交所新股申购策略报告之一百二十六：煤机液压支架综合服务“小巨人”，布局军民两用新型合成材料

Investment Rating - The report recommends an "active participation" strategy for the company's IPO, indicating a positive outlook on its investment potential [5][43]. Core Insights - The company, established in 1996 and headquartered in Shaanxi, specializes in comprehensive services for coal mining hydraulic supports, with a strong presence in the coal industry and expanding into military applications [2][17]. - The company achieved a revenue of 442 million yuan in 2023, with a three-year CAGR of +18.83%, and a net profit of 83.37 million yuan, with a CAGR of +12.29% [2][17]. - The gross margin for 2023 was 41.45%, an increase of 4.66 percentage points from 2022, while the net margin was 18.88%, up by 3.08 percentage points [2][17]. Summary by Sections Company Overview - The company is recognized as a "small giant" in the hydraulic support service sector, providing integrated services including maintenance and transportation for coal mining equipment [2][16]. - It has established long-term partnerships with major players in the coal industry, enhancing its market position and brand influence [16][17]. Issuance Plan - The IPO will utilize a direct pricing method, with an initial offering of 15 million shares at a price of 14 yuan per share, raising approximately 210 million yuan [3][23]. - The expected market capitalization post-issuance is 1.107 billion yuan, with a low float ratio of 18.10% [3][24]. Industry Situation - The market for coal mining equipment is projected to reach 179.8 billion yuan from 2023 to 2025, driven by increased mechanization and equipment upgrades in the coal mining sector [4][28]. - The demand for hydraulic components in both coal mining and military applications is expected to grow significantly, with the military sector showing rapid development [4][29]. Competitive Advantages - The company boasts strong R&D capabilities in rubber and plastic materials, allowing it to produce high-performance, customized products for demanding environments [36][37]. - It has a stable management team and experienced technical staff, contributing to its competitive edge in the market [37]. Comparable Companies - The company is positioned in the mid-tier of the industry in terms of size and profitability, with a gross margin of 41.45% compared to its peers [39][42]. Subscription Analysis - The report suggests that the company's initial valuation and PE ratio are lower than the industry averages, indicating a favorable entry point for investors [5][43].