新股覆盖研究：方正阀门

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [49]. Core Viewpoints - The company, Fangzheng Valve, specializes in the design, manufacturing, and sales of industrial valves, primarily serving the oil, gas, refining, chemical, power, and marine industries. It has established a strong customer base and has been in operation for over 20 years [15][35]. - The company reported revenues of 451 million CNY, 616 million CNY, and 679 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of -26.97%, 28.05%, and 5.61% [16]. - For the first nine months of 2024, the company achieved a revenue of 583 million CNY, representing an increase of 18.37% year-on-year, and a net profit of 50 million CNY, up 44.82% year-on-year [16]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 4.51 billion CNY in 2021, 6.16 billion CNY in 2022, and 6.79 billion CNY in 2023, with corresponding net profits of 0.23 billion CNY, 0.43 billion CNY, and 0.61 billion CNY [16][6]. - The revenue for the first three quarters of 2024 is projected to be between 700 million CNY and 780 million CNY, with a net profit forecast of 64 million CNY to 71 million CNY [16]. Industry Situation - The global industrial valve market is expected to grow from 75 billion USD in 2021 to 92.3 billion USD by 2026, with China holding a 17% market share, making it the second-largest market after the United States [28][27]. Company Highlights - Fangzheng Valve is a leading supplier in the industrial valve sector, focusing on oil and chemical industries, with a robust order backlog. Major domestic clients include Sinopec, PetroChina, and CNOOC, with international clients such as Shell and BP [35][36]. - The company is expanding into the offshore equipment sector, which is becoming a significant revenue growth point, with sales from this sector increasing steadily from 68.46 million CNY in 2021 to 100.02 million CNY in 2023 [36][38]. Fundraising Project Investment - The company plans to invest in two projects through its IPO, including a technology upgrade for high-end industrial valve production lines and an upgrade of its research institute [39][40]. Comparison with Peers - Compared to its peers, Fangzheng Valve's average revenue and gross profit margin are below the industry average, with a 2023 revenue of 6.79 billion CNY and a gross profit margin of 27.54% [41][42].