新股覆盖研究：科隆新材

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% in the next 6-12 months compared to the relevant market index [53]. Core Viewpoints - The company, Kolon New Materials, has established itself as a significant supplier and service provider in the domestic coal machinery sector, focusing on hydraulic support systems and auxiliary transportation equipment for coal mining [15][41]. - The company has shown strong revenue growth, with a projected revenue increase of 7.55% to 12.98% for 2024, alongside a net profit growth of 1.24% to 7.60% [16][41]. Summary by Sections Basic Financial Status - The company achieved revenues of 313 million CNY, 329 million CNY, and 442 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 41.88%, 5.19%, and 34.23% [16]. - The net profits for the same years were 66.1 million CNY, 52 million CNY, and 83.4 million CNY, with year-over-year growth rates of 127.47%, -21.40%, and 60.41% [16]. Industry Situation - The company operates within the rubber and plastic products industry and the coal machinery manufacturing sector, which are both experiencing stable growth [28]. - The hydraulic support equipment market is projected to reach a total market space of 1,798 billion CNY from 2023 to 2025, indicating strong demand and growth potential in the coal machinery sector [37]. Company Highlights - The company has developed a comprehensive service model around hydraulic supports, enhancing its relationships with major clients in the coal industry, including Shaanxi Coal Group and China Shenhua [41]. - The company is actively expanding its rubber and plastic products into new industries such as military, high-speed rail, and wind power, with established product lines for various applications [43]. Investment Projects - The company plans to invest in three main projects through its IPO proceeds, including a new production line for synthetic materials, a research and development center, and a digital factory to enhance operational efficiency [44]. Peer Comparison - Compared to its peers in the industry, Kolon New Materials has a lower revenue scale but maintains a higher sales gross margin, indicating competitive positioning despite smaller size [48].