北交所新股申购策略报告之一百二十七：林泰新材：国内第三大自动变速器摩擦片供应商

Investment Rating - The report recommends an "active participation" strategy for the company's IPO [4][38]. Core Insights - The company is the third-largest supplier of automatic transmission friction plates in China, with a market share of 4.3% in 2022. It has established stable supply relationships with major domestic transmission manufacturers and is set to supply BYD in 2024, gradually replacing foreign brands [2][19]. - The company has shown rapid revenue growth, achieving 207 million yuan in revenue in 2023, with a CAGR of +25.31% over the past three years. The net profit for the same year was 49.18 million yuan, with a CAGR of +73.07% [2][19]. - The automotive industry is undergoing significant changes, with domestic brands' market share increasing from 38.40% in 2020 to 56.00% in 2023, creating a growing demand for domestic automatic transmission friction plates [4][30]. Summary by Sections 1. Company Overview - The company was established in 2015 and is headquartered in Nantong, Jiangsu. It specializes in the R&D, production, and sales of automatic transmission friction plates, primarily for passenger vehicles [2][19]. 2. Issuance Plan - The IPO will adopt a direct pricing method with an issuance price of 19.82 yuan per share. The initial issuance scale is 5.85 million shares, accounting for 15% of the total share capital post-issuance, with expected fundraising of 116 million yuan [3][26]. 3. Industry Situation - The domestic automotive market is experiencing a transformation, with a significant increase in the share of domestic brands and a growing demand for automatic transmission friction plates. The export of passenger vehicles has also surged, positioning China as the world's largest exporter [4][30]. 4. Competitive Advantages - The company has a strong technical foundation, established customer relationships, and a mature management team, which contribute to its competitive edge in the market [31][32]. 5. Comparable Companies - The company has a smaller scale compared to its peers but maintains a higher gross margin within the industry. The report provides a comparative analysis of revenue structures and financial metrics of similar companies [36][41]. 6. Subscription Analysis - The report suggests that the company's low initial valuation and moderate liquidity ratio indicate a favorable environment for participation in the IPO, with expectations of limited selling pressure on the first trading day [4][40].