Investment Rating - The report assigns an AHP score of 1.93, placing Jiangnan New Materials in the 26.0% percentile of the non-Science and Technology Innovation Board AHP model, indicating a mid-to-upper level position. After considering liquidity premium factors, the AHP score increases to 2.56, positioning the company in the 42.3% percentile, indicating an upper mid-level standing [7][8]. Core Insights - Jiangnan New Materials is a leading domestic supplier of copper-based new materials, with its copper ball series products holding the largest global market share. The company specializes in the R&D, production, and sales of copper-based new materials, with applications primarily in the PCB and photovoltaic sectors [9][11]. - The demand in the downstream PCB sector is expected to grow steadily, with electronic-grade copper oxide powder anticipated to become a significant profit growth point. The global and Chinese PCB market is projected to reach $904.1 billion and $464.7 billion by 2028, respectively, with compound annual growth rates of 5.4% and 4.2% from 2023 to 2028 [14][16]. - Jiangnan New Materials has established long-term stable partnerships with well-known PCB manufacturers, and its copper ball products generated revenue of 5.541 billion yuan in 2023, capturing 24% of the global market and 41% of the domestic market [11][12]. Summary by Sections AHP Score and Expected Allocation Ratio - Jiangnan New Materials is set to be listed on the main board, with an AHP score of 1.93 excluding liquidity premium factors, and 2.56 including them. The expected allocation ratios for offline investors A and B are 0.0162% and 0.0090%, respectively [7][8]. Company Highlights and Features - The company is recognized as a leading supplier of copper-based new materials, with a focus on copper balls and copper oxide powder. The copper ball series has a wide range of specifications and is used in various PCB and photovoltaic applications. The sales revenue of the copper oxide powder series has grown at a CAGR of 75.3% from 2021 to 2023 [9][10]. Comparable Company Financial Metrics - Jiangnan New Materials has a larger revenue scale compared to comparable companies, with a revenue CAGR of 4.15% from 2021 to 2023. The net profit growth rate is leading among peers, and the gross margin in the first half of 2024 is higher than that of comparable companies [18][23]. Fundraising Projects and Development Vision - The company plans to raise funds for a project to produce 12,000 tons of electronic-grade copper oxide powder annually, which is expected to enhance its revenue and profit growth. The fundraising will also support the establishment of a research and marketing center [26][28].
注册制新股纵览：江南新材：国内领先的铜基新材料供应商