Company Overview - The report focuses on Lintai New Materials (920106.BJ), a company specializing in the R&D, production, and sales of automotive automatic transmission friction plates [2] - The company is a leading domestic manufacturer of friction plates for passenger vehicle automatic transmissions and has a strong position in the domestic market [16] - Lintai New Materials has established stable supply relationships with major domestic automatic transmission manufacturers and OEMs, including SAIC Transmission, Wanliyang, Dongan Engine, Geely Transmission, and BYD [16] Financial Performance - From 2021 to 2023, the company achieved revenues of 132 million yuan, 176 million yuan, and 207 million yuan, with YoY growth rates of 37.70%, 33.82%, and 17.33% respectively [17] - Net profit attributable to shareholders grew from 16.4 million yuan in 2021 to 49.2 million yuan in 2023, with YoY growth rates of 12.53%, 50.94%, and 98.44% respectively [17] - In the first nine months of 2024, the company achieved revenue of 193 million yuan, a YoY increase of 36.76%, and net profit of 46 million yuan, a YoY increase of 72.57% [17] - The company's gross profit margin and net profit margin have remained at relatively high levels compared to industry peers, with a gross profit margin of 42.07% in 2023 [20][42] Industry Analysis - The domestic market size for passenger vehicle automatic transmission friction plates in 2023 was approximately 6.119 billion yuan, with a projected growth to 13.465 billion yuan by 2035 [23][32] - In the engineering machinery and agricultural machinery sectors, the market size for automatic transmission friction plates is expected to grow from 1.298 billion yuan in 2023 to 5.726 billion yuan by 2035 [30][32] - The commercial vehicle sector also presents growth opportunities, with the market size for automatic transmission friction plates expected to increase from 52 million yuan in 2023 to 294 million yuan by 2035 [32] Investment Highlights - Lintai New Materials is a leader in the domestic passenger vehicle automatic transmission friction plate market and is well-positioned to benefit from the acceleration of domestic substitution in this field [16][33] - The company has successfully developed wet paper-based friction plates that break the technological monopoly of the US and Japan, achieving domestic substitution and industrialization of original domestic technology [33] - Lintai New Materials has a strong presence in the new energy vehicle (NEV) sector, with NEV-related sales revenue increasing from 1.04% of total revenue in 2021 to 22.53% in the first half of 2024 [37] - The company has established stable cooperation with NEV leaders such as BYD, supplying friction plates for BYD's DM-i plug-in hybrid models [37] IPO and Fundraising Projects - The company plans to raise funds through an IPO for two main projects: 1) A project to produce 30 million pieces of paper-based friction plates and mating plates annually for automotive (including NEVs), engineering machinery, and high-end agricultural machinery [38][39] 2) A multi-purpose wet friction plate R&D center project focusing on the development of friction plates for pure electric vehicles, agricultural machinery, engineering machinery, and heavy-duty trucks [38][39] - The total investment for these projects is 213.4 million yuan, with 116 million yuan to be raised through the IPO [39]
新股覆盖研究：林泰新材
华金证券·2024-12-09 04:57