新股覆盖研究：超研股份

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [33]. Core Insights - The company, 超研股份 (Chao Yan Co., Ltd.), specializes in the research, production, and sales of medical imaging equipment and industrial non-destructive testing equipment. It has a significant market presence in the ultrasound diagnostic equipment sector in China [7][21]. - The company reported revenues of 284.1 million CNY in 2021, 336.2 million CNY in 2022, and 326.5 million CNY in 2023, with year-over-year changes of -11.73%, 18.34%, and -2.87% respectively. The net profit attributable to the parent company was 76.8 million CNY in 2021, 127.1 million CNY in 2022, and 115.4 million CNY in 2023, with year-over-year changes of -4.10%, 65.48%, and -9.16% respectively [8][5]. - For the first nine months of 2024, the company achieved revenue of 261 million CNY, a year-over-year increase of 10.75%, and a net profit of 92 million CNY, a year-over-year increase of 10.05% [8][21]. - The company is expected to see a revenue growth of 14.54% and a net profit growth of 9.74% in 2024 compared to 2023, according to management's preliminary forecasts [8][28]. Summary by Sections Basic Financial Status - The company has shown fluctuations in revenue and profit over the past three years, with a notable increase in 2022 followed by a slight decline in 2023. The revenue breakdown for 2023 indicates that medical ultrasound equipment accounted for 50.16% of total revenue [8][5]. Industry Situation - The global ultrasound medical imaging equipment market is projected to grow from 197,683 units in 2019 to 305,989 units by 2024, with a compound annual growth rate (CAGR) of 9.13%. China is expected to capture 60% of this growth, highlighting its potential as a key market [15][16]. Company Highlights - 超研股份 is recognized as a leading supplier of ultrasound diagnostic instruments in China, with a strong historical background dating back to 1983 when it developed the first domestically produced ultrasound device. The company has established partnerships with over 15,000 hospitals nationwide [21][23]. - The company is actively expanding its product lines into portable DR equipment, medical auxiliary diagnosis systems, and industrial non-destructive testing equipment, with several new products launched between 2023 and 2024 [24][21]. Fundraising Project Investment - The company plans to invest in four key projects through its IPO, including the development of medical imaging products, industrial non-destructive testing systems, portable DR systems, and the establishment of an innovation base [25][27]. Comparison with Industry Peers - In comparison to similar companies, 超研股份 has a lower revenue scale but maintains a competitive gross margin. The average revenue for comparable companies in 2023 was 6.099 billion CNY, with an average PE-TTM of 36.14X and an average gross margin of 54.96% [28][29].