新股覆盖研究：永杰新材

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned favorably within its industry due to its leading market share and growth potential in the lithium battery sector [25]. Core Insights - The company, Yongjie New Materials (603271.SH), specializes in the research, production, and sales of aluminum plates and foils, primarily serving the lithium battery, automotive lightweighting, and electronic sectors [6][12]. - The company has achieved significant revenue growth, with projected revenues of 71.50 billion CNY in 2022, 65.04 billion CNY in 2023, and an expected 81.11 billion CNY in 2024, reflecting a year-over-year growth of 24.71% [7][21]. - The company is recognized as a leading manufacturer of aluminum plates and foils for lithium batteries, benefiting from the increasing demand in the new energy vehicle and energy storage sectors [17][18]. Summary by Sections Company Overview - Yongjie New Materials has over 20 years of experience in the aluminum plate and foil industry and has been recognized as one of the top ten aluminum plate manufacturers in China [6][18]. - The company exported products to over 30 countries and regions in 2023, with a total shipment volume of 320,700 tons [6]. Financial Performance - The company reported revenues of 71.50 billion CNY in 2022, 65.04 billion CNY in 2023, and expects 81.11 billion CNY in 2024, with corresponding net profits of 3.54 billion CNY, 2.38 billion CNY, and 3.19 billion CNY [7][21]. - The revenue from lithium battery applications accounted for 42.05% of the total revenue in the first half of 2024 [7]. Industry Situation - The aluminum plate and foil industry is experiencing rapid growth, driven by increasing demand in sectors such as transportation, construction, and electronics, particularly due to the rise of electric vehicles [13][14]. - The total production of aluminum plates and foils in China increased from 7.25 million tons in 2010 to 18.60 million tons in 2023, with a compound annual growth rate of approximately 7.5% [13][14]. Competitive Position - The company holds the largest market share in the lithium-ion battery aluminum alloy plate and foil sector in China from 2021 to 2023 [17]. - Compared to its peers, Yongjie New Materials has lower revenue and profit margins, with an average revenue of 154.18 billion CNY and a PE-TTM of 24.60X among comparable companies [21][22]. Future Prospects - The company is actively expanding into high-end materials, including anodized materials and liquid cooling management materials, which are expected to see significant market growth [18]. - The global liquid cooling market is projected to reach 85.8 billion CNY by 2027, providing substantial growth opportunities for the company [18].