新股覆盖研究：惠通科技

Investment Rating - The investment rating for the company is "Accumulate," indicating a projected increase in stock price between 5% to 15% over the next 6-12 months [43]. Core Insights - The company, Huitong Technology, specializes in the manufacturing of equipment for polymer materials and hydrogen peroxide production, along with design consulting and engineering contracting services [19][66]. - The company has shown significant revenue growth from 2021 to 2023, with revenues of 498 million, 813 million, and 592 million yuan respectively, reflecting year-over-year growth rates of 157.17%, 63.20%, and -27.16% [28][13]. - For the first nine months of 2024, the company reported revenues of 507 million yuan, a year-over-year increase of 31.47%, and a net profit of 89 million yuan, up 26.97% [28]. - The company is expected to achieve a revenue growth of 36.40% and a net profit growth of 9.28% in 2024 based on management's preliminary forecasts [28]. Summary by Sections Financial Performance - The company achieved a net profit of 85.1 million, 130.9 million, and 98.7 million yuan from 2021 to 2023, with corresponding year-over-year growth rates of 177.78%, 53.70%, and -24.58% [13][28]. - The average revenue of comparable companies in the industry for 2023 was 1.853 billion yuan, with an average PE-TTM of 18.39X and an average gross profit margin of 24.72% [33]. Business Highlights - Huitong Technology has established itself as a leading provider of specialized equipment and engineering solutions in the chemical engineering sector, focusing on polyester, nylon, hydrogen peroxide, and biodegradable materials [24][66]. - The company has formed strategic partnerships with industry leaders such as Yangnong Chemical and Air Liquide, enhancing its competitive edge [24][17]. - The company is extending its business into the downstream biodegradable materials sector, which is expected to benefit from favorable market conditions due to policies promoting biodegradable materials [64]. Industry Context - The domestic market for metal pressure vessels has been growing steadily, with a compound annual growth rate of 7.09% since 2002, indicating a robust demand for the company's products [71][72]. - The engineering design consulting industry is characterized by a fragmented market with numerous participants, suggesting opportunities for growth and consolidation [74].