新股覆盖研究：蓝宇股份

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [52]. Core Viewpoints - The company, Lanyu Co., Ltd. (301585.SZ), specializes in the research, production, and sales of digital printing inks, achieving significant revenue growth from 272 million yuan in 2021 to 384 million yuan in 2023, with a year-over-year growth of 22.46% [1][18]. - The company has a strong market position, with a global market share of 10.66% in the textile digital printing ink sector as of 2023, and a gross profit margin of 41.15% [2][40]. - The digital printing technology aligns with national energy-saving and environmental protection strategies, with significant potential for market penetration, as the current penetration rate in the textile sector is only 11.4% [2][39]. Financial Performance - The company reported revenues of 272.4 million yuan, 313.3 million yuan, and 383.6 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 73.03%, 15.02%, and 22.46% [4][18]. - The net profit attributable to the parent company was 60.2 million yuan, 72.1 million yuan, and 92.7 million yuan for the same years, with year-over-year growth rates of 91.46%, 19.75%, and 28.55% [6][7]. - For the first nine months of 2024, the company achieved revenues of 358 million yuan, a year-over-year increase of 27.84%, and a net profit of 82 million yuan, up 17.12% year-over-year [1][18]. Industry Overview - The digital printing ink industry is experiencing rapid growth due to advancements in technology, which reduce costs and improve printing precision and speed, making it suitable for the textile market's demand for personalization and quick response [30]. - The global consumption of digital printing inks in the textile sector is projected to grow significantly, with a compound annual growth rate of 18.60% expected from 2014 to 2025 [32]. Competitive Positioning - Compared to similar companies, Lanyu Co., Ltd. has a lower revenue scale but maintains a higher gross profit margin, indicating strong profitability relative to its peers [3][46]. - The company has developed over 3,000 formulations for digital printing inks, achieving performance levels comparable to imported products, and has established deep collaborations with leading domestic digital printing equipment manufacturers [2][40].