新股覆盖研究：宏工科技

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated processing lines and equipment for bulk materials, including powders, granules, liquids, and slurries, and has established itself as a core supplier in the lithium battery industry [7][20]. - The company has achieved significant revenue growth in recent years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a forecast of 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [8][4]. - The company has a strong market presence, with over 70% of its revenue coming from the lithium battery sector, and has established partnerships with leading companies in the industry [20][21]. Summary by Sections Basic Financial Status - The company reported revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, with corresponding year-on-year growth rates of 276.06%, 46.83%, and -32.36% [8][4]. - The net profit attributable to the parent company was 297.5 million yuan in 2022, 315 million yuan in 2023, and is expected to be 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and -30.08% [8][4]. Industry Situation - The company operates in the automated processing equipment sector, which is becoming increasingly important in industrial automation and smart manufacturing, with significant growth expected in various applications including lithium batteries and fine chemicals [15][19]. - The global market for automated processing equipment is projected to grow from 33.65 billion USD in 2018 to 56.51 billion USD by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company is a leading supplier of automated processing lines and equipment for the lithium battery industry, with a market share of approximately 24.67% in slurry processing, 17.99% in positive electrode materials, and 10.34% in negative electrode materials [20]. - The company has diversified its client base across various sectors, including fine chemicals, rubber and plastics, and food and pharmaceuticals, establishing relationships with major industry players [21]. Fundraising Project Investment - The company plans to invest in two projects with a total fundraising amount of approximately 532.02 million yuan, including an intelligent material conveying and mixing automation system project and a research and development center construction project [24][28]. Comparison with Peers - Compared to similar companies in the industry, the average revenue for peer companies in 2023 was 8.131 billion yuan, with an average PE-TTM of 16.57X and an average gross profit margin of 28.68%, indicating that the company’s revenue scale and gross margin are below the industry average [25][26].