Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.47, which places it in the 19.6% percentile of the non-innovation system AHP model [3][7]. Core Insights - The company, Xinya Cable, is a well-known cable enterprise in South China, deeply serving the Southern Power Grid and State Grid, with a strong presence in various sectors including power, rail transportation, construction, and renewable energy [3][8]. - The company's performance is expected to grow due to increased investment in the power grid and rising demand in non-grid sectors, with a projected investment of 2.9 trillion yuan in the "14th Five-Year Plan" for the power grid [3][12]. - Compared to its peers, Xinya Cable has a smaller revenue scale but shows continuous growth in net profit, although its gross margin and R&D expense ratio are significantly lower than those of comparable companies [3][15][17]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The AHP score for Xinya Cable is 1.47, with a secondary score of 2.06, indicating positions in the downstream and midstream categories [3][7]. - Expected allocation ratios for offline investors are 0.0184% for Class A and 0.0113% for Class B under neutral conditions [8]. 2. Company Fundamentals and Highlights 2.1 Industry Position - Xinya Cable specializes in electric wires and cables, recognized for its advanced products in the industry, and has been rated among the top 100 most competitive companies in China's cable industry [8][9]. - The company has established strong relationships with major clients, including State Grid and Southern Power Grid, and has participated in significant infrastructure projects [9][10]. 2.2 Growth Potential - The company is poised to benefit from the ongoing investment in the power grid and the growing demand in sectors such as electrified railways and data centers, which will provide additional growth opportunities [12][14]. 3. Financial Comparison with Peers 3.1 Revenue and Profit Growth - Xinya Cable's revenue from 2021 to 2023 was 28.93 billion, 27.63 billion, and 30.13 billion yuan, with net profits of 0.96 billion, 1.11 billion, and 1.64 billion yuan, respectively, indicating a compound annual growth rate (CAGR) of 2.04% for revenue and 30.55% for net profit, both of which are above the average of comparable companies [15][16]. 3.2 Margin and R&D Expenditure - The gross margins for Xinya Cable from 2021 to 2023 were 9.21%, 9.85%, and 11.74%, which are significantly lower than those of comparable companies due to differences in product structure and customer types [17][19]. - The R&D expense ratio for the same period was below 1%, indicating lower investment in innovation compared to peers [17][19]. 4. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 62 million new shares, with proceeds allocated to projects aimed at enhancing production capacity and R&D capabilities [22][23]. - Key projects include the smart manufacturing of cables and the establishment of a research and testing center, expected to improve product variety and market competitiveness [22][23].
注册制新股纵览：新亚电缆：华南地区知名线缆企业