新股覆盖研究：浙江华业

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [27][29]. Core Viewpoints - Zhejiang Huaye (301616.SZ) is a leading supplier of core components for plastic molding equipment, focusing on the research, production, and sales of screws, barrels, and related accessories [2][6]. - The company has a strong competitive advantage in the domestic market, with over 75% of screw products in China produced in its home base, Jintang Town, Zhoushan [19][18]. - The company has achieved significant revenue growth projections, with expected revenues of 1.80 billion to 2.00 billion yuan for Q1 2025, representing a year-on-year increase of 2.54% to 13.93% [23][24]. Financial Performance - The company reported revenues of 782 million yuan in 2022, 736 million yuan in 2023, and projected 892 million yuan in 2024, with year-on-year growth rates of -3.22%, -5.86%, and 21.20% respectively [4][7]. - The net profit attributable to the parent company was 82 million yuan in 2022, 70 million yuan in 2023, and is projected to be 93 million yuan in 2024, with year-on-year growth rates of -14.43%, -13.83%, and 32.21% respectively [4][7]. Industry Overview - The plastic machinery industry is experiencing growth, with China's plastic molding equipment production accounting for over 50% of global output [13][14]. - The market for injection molding machines, a key segment of the industry, is projected to grow from 4.48 billion USD in 2023 to 6.01 billion USD by 2030, with a compound annual growth rate of approximately 4.30% [16][17]. Company Highlights - The company has developed proprietary technologies that enhance the durability and performance of its products, including the HPT series of fully hardened single screws, which have received recognition for their advanced performance [19][20]. - It has established partnerships with major clients such as Yizhiming, KraussMaffei, and Engel, positioning itself as a key supplier in the industry [19][20]. Fundraising Projects - The company plans to invest in three main projects through its IPO, including the construction of a production base, an intelligent transformation project, and a technology research and development center [21][22].