注册制新股纵览：亚联机械：人造板生产装备领先企业

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.71, which places it in the 22.9% percentile of the non-Science and Technology Innovation Board AHP model [6][7]. Core Insights - The company is a leading manufacturer of engineered wood production equipment, successfully breaking the monopoly of foreign firms in China and expanding its business overseas [8][12]. - The demand for engineered wood is driven by industry upgrades and the renovation of existing properties, with the company continuously innovating to maintain a competitive edge [11][12]. - The company has a significant market share in the production of continuous pressure fiberboard and particleboard, ranking second in the industry with respective market shares of 36.84% and 27.43% [8][12]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score of the company is 1.71, indicating a mid-to-low tier position in the market, with expected allocation ratios for different investor categories being 0.0173% for Class A and 0.0106% for Class B under neutral conditions [6][7]. Fundamental Highlights and Features - The company has successfully established itself in the engineered wood production line market, achieving a market share of 36.84% in continuous pressure fiberboard and 27.43% in particleboard [8][12]. - The company has been proactive in expanding its overseas market presence, securing 12 new overseas production line orders since 2021 [8][12]. - The ongoing upgrade of production capacity and the significant demand from existing properties are expected to drive growth in the engineered wood sector [11][12]. Comparable Company Financial Metrics - The company’s revenue and net profit figures are lower than those of comparable companies, but it has outperformed them in terms of compound annual growth rate (CAGR) [15][19]. - The company’s gross margin has been consistently higher than that of its peers, with rates of 32.31%, 32.33%, and 29.13% from 2021 to 2023 [19][22]. - Research and development expenditures as a percentage of revenue have also been higher than those of comparable companies, indicating a strong commitment to innovation [19][22]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 21.81 million shares, with proceeds allocated to a comprehensive manufacturing base project and a research and development center [24][25]. - The comprehensive manufacturing base project aims to alleviate current capacity shortages and enhance market competitiveness, while the R&D center will focus on key equipment development and automation [24][25].