宏海科技：北交所新股申购策略报告之一百三十：专精家用结构件，新拓数控钣金产品

Investment Rating - The report recommends an "Active Participation" rating for the company's IPO [24] Core Views - The company specializes in home appliance structural components and has established long-term partnerships with major clients such as Midea and Haier [7] - Revenue and net profit have shown rapid growth, with a 3-year CAGR of +36.38% and +37.88% respectively [8] - The company has advanced production capabilities, including self-developed mold manufacturing technology, which allows it to meet diverse and non-standardized customer needs [7] - The IPO is priced at 5.57 yuan per share, with a PE(TTM) of 10x, significantly lower than the median PE(TTM) of 36x for comparable companies [13][14] - The home appliance market is expanding into rural areas, and the demand for higher energy efficiency in air conditioners is expected to drive growth for the company's products [16] Summary by Sections 1. Specialization in Home Appliance Structural Components - The company is a core supplier for international brands like Midea and Haier, specializing in air conditioner structural components, heat exchangers, and display structural components [7] - It has a strong reputation, having received multiple awards from its major clients, and possesses advanced mold manufacturing technologies [7] 2. IPO Details - The IPO involves an initial issuance of 20 million shares, accounting for 20% of the post-issuance total shares (before over-allotment) [13] - The expected fundraising amount is 111 million yuan, with a post-issuance market capitalization of 668 million yuan [13] - The IPO price is set at 5.57 yuan per share, with a PE(TTM) of 10x, which is lower than the industry median [14] 3. Industry Trends - The home appliance market is experiencing growth in rural areas, with rural households owning 105.7 air conditioners per 100 households in 2023, a 254.70% increase from 2013 [16] - New energy efficiency standards for air conditioners are expected to drive demand for higher-efficiency products, benefiting the company's structural components [16] 4. Competitive Advantages - The company benefits from strong customer relationships, geographical proximity to major white goods manufacturers in Wuhan, and efficient production management [17] - Its ability to meet high-quality and timely delivery requirements is a key competitive advantage [17] 5. Comparable Companies - The company's revenue structure is comparable to peers, with a focus on air conditioner structural components (34.91%), heat exchangers (34.58%), and display structural components (20.42%) [22] - Its financial performance, including a 33.09% gross margin and 7.93% R&D expenditure ratio, is competitive within the industry [23] 6. IPO Analysis - The low IPO price and valuation, combined with strong fundamentals and industry growth potential, make the IPO attractive for investors [24]