注册制新股纵览：蓝宇股份：数码喷墨领先者，受益数码印花渗透率持续提升

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.02 and 2.47, corresponding to the 27.2% and 41.5% percentiles respectively [2][14]. Core Insights - The company, Blue Universe Co., Ltd., is a leading player in the digital inkjet printing sector, particularly in textiles, with a global market share of 10.66% as of 2023. The company has shown a compound annual growth rate (CAGR) of 24.86% in sales volume from 2021 to 2023 [3][16]. - The company has established strong partnerships with leading domestic digital printing equipment manufacturers, enhancing its influence in the industry [3][16]. - The company has a significant cost reduction advantage through proprietary technologies, which has led to a decrease in production costs and a reduction in reliance on imported materials [4][21]. - The company is expected to benefit from the increasing penetration of digital printing, with projections indicating that global digital printing penetration could reach 26% by 2025 [4][24]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Blue Universe Co., Ltd. is 2.02, placing it in the 27.2% percentile, indicating a middle to upper performance level in the non-technology innovation system [2][14]. Fundamental Highlights and Features - The company has a high global market share in digital inkjet printing for textiles, with a CAGR of 50.81% in export volume from 2021 to 2023, significantly outpacing domestic growth [3][17]. - The company has developed over 3,000 formulations for digital ink, with some products meeting or exceeding the performance of imported alternatives [3][16]. - The company has established deep collaborations with top domestic digital printing equipment manufacturers, enhancing its market presence [3][16]. Comparable Company Financial Metrics - Blue Universe Co., Ltd. has shown a revenue CAGR of 18.68% from 2021 to 2023, although its revenue remains below the average of comparable companies [5][26]. - The company's gross margin has improved from 39.17% in 2021 to 41.15% in 2023, which is significantly higher than the average of comparable companies [5][30]. - The company's R&D expenditure as a percentage of revenue has been consistently above the average of comparable companies, indicating a strong commitment to innovation [5][30]. Fundraising Projects and Development Vision - The company plans to raise funds for a project to build an annual production capacity of 12,000 tons of water-soluble digital printing ink, which is expected to enhance its competitive edge and profitability [35][36]. - The projected internal rate of return for the new production project is 23.85%, indicating a strong potential for profitability [36].