方正阀门：北交所新股申购策略报告之一百二十八：工业阀门“小巨人”，积极开拓国际市场

Investment Rating - The investment rating for the company is "Buy" based on its strong growth prospects and competitive advantages in the industrial valve sector [50]. Core Viewpoints - The company is recognized as a "small giant" in the industrial valve industry, focusing on technological innovation and expanding its international market presence. It has a diverse product range including ball valves, gate valves, and butterfly valves, and has established itself as a key supplier to major domestic and international clients [2][15][16]. - The company has demonstrated impressive revenue growth, achieving 679 million yuan in revenue in 2023, with a three-year CAGR of +22.74%. The net profit attributable to shareholders reached 60.59 million yuan, with a three-year CAGR of +63.2% [2][16]. - The company holds numerous patents and has been recognized for its advanced products, contributing to its strong competitive position in the market [15][16]. Summary by Sections 1. Company Overview - The company specializes in industrial valves and has developed a wide range of products suitable for various applications, including oil, gas, and power generation. It has been recognized as a national-level "specialized, refined, characteristic, and innovative" small giant enterprise [15][16]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method with an initial scale of 33.3 million shares, accounting for 23.72% of the total share capital post-issuance. The expected fundraising amount is 117 million yuan, with a share price set at 3.51 yuan, resulting in a PE ratio of 6.47 times [3][24]. 3. Industry Situation - The industrial valve market is closely tied to fixed asset investment and macroeconomic cycles. China's fixed asset investment grew from 28.25 trillion yuan in 2013 to 50.97 trillion yuan in 2023, with a CAGR of 6.78%. The market for industrial valves in China is projected to reach 18.2 billion USD by 2026, with a CAGR of 6.2% from 2021 to 2026 [4][30]. 4. Competitive Advantages - The company has established a strong customer base, including major domestic clients like China National Petroleum and international clients such as Shell and BP. Its product quality is ensured through rigorous quality control and a comprehensive traceability system [34][35]. 5. Subscription Analysis - The recommendation is to actively participate in the subscription due to the company's strong growth potential, competitive advantages, and favorable pricing. The low float and absence of old shares further enhance the attractiveness of the new issuance [41].