新股覆盖研究：江顺科技

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 [34]. Core Viewpoints - The company, Jiangshun Technology, specializes in the research, production, and sales of aluminum extrusion molds and accessories, supporting equipment, and precision mechanical components. It has established a strong market position and is expected to benefit from the accelerating trend of "using aluminum instead of steel" [2][7][25]. - The company has achieved significant revenue growth from 2022 to 2024, with projected revenues of 892 million, 1,042 million, and 1,136 million yuan, respectively, reflecting year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The company has a solid customer base, including major domestic and international aluminum manufacturers, and holds a market share of approximately 6% in the domestic aluminum extrusion mold sector [26][27]. Summary by Sections Basic Financial Status - The company reported revenues of 892 million yuan in 2022, 1,042 million yuan in 2023, and is projected to reach 1,136 million yuan in 2024, with corresponding year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The net profit attributable to the parent company was 139 million yuan in 2022, 146 million yuan in 2023, and is expected to be 155 million yuan in 2024, with year-over-year growth rates of 33.95%, 5.14%, and 6.30% [8][31]. Industry Situation - The aluminum extrusion mold industry is experiencing growth due to the increasing demand from various sectors, including construction, transportation, and renewable energy. The market size of the mold industry in China has been steadily increasing, with projections indicating continued growth in the coming years [17][21]. Company Highlights - Jiangshun Technology is one of the few companies in China that can provide a one-stop service for extrusion molds and supporting equipment, which positions it well to benefit from the shift towards aluminum in various applications [25][26]. - The company has high capacity utilization rates, exceeding 90%, and has initiated projects to expand production capacity, which will significantly enhance its operational capabilities [27][28]. Fundraising Project Investment - The company plans to invest in two main projects: the expansion of precision mold production and the construction of an aluminum extrusion equipment production line, with a total investment of approximately 560 million yuan [28][29]. Comparison with Peers - Compared to similar companies in the industry, Jiangshun Technology's revenue and gross margin are positioned in the mid-to-high range, indicating a competitive standing within the market [31][32].