古麒绒材：新股覆盖研究-20250511

Investment Rating - The investment rating for the company is "Buy" [37] Core Views - The company, Guqi Down Material, focuses on the research, production, and sales of high-specification down products, primarily goose and duck down, used in clothing and bedding [29][7] - The company has established a strong customer base, including leading brands in the down clothing and bedding sectors, and has been recognized as a key player in the domestic down processing industry [30][29] - The company is expected to benefit from the growing demand in military applications for down products, as well as the overall growth in the down clothing and bedding markets due to rising consumer income and preferences [31][27] Summary by Sections Basic Financial Status - The company achieved revenues of 667.2 million yuan, 830.4 million yuan, and 966.7 million yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 11.99%, 24.46%, and 16.42% [4][8] - The net profit attributable to the parent company was 97 million yuan, 121.8 million yuan, and 168.2 million yuan for the same years, with year-over-year growth rates of 26.30%, 25.53%, and 38.11% [4][8] - For the first quarter of 2025, the company reported revenues of 193 million yuan, an increase of 18.53% year-over-year [8] Industry Situation - The down products market is large and mature, with a significant number of well-known enterprises ensuring stable demand growth [17] - The domestic down clothing market has a high concentration of brands, with a market potential driven by consumption upgrades and a growing middle class [18][23] - The down bedding market has substantial growth potential, with low current penetration rates compared to developed countries [27] Company Highlights - The company is a leader in the down materials sector in China, focusing on the mid-to-high-end market and maintaining a strong customer base [29][30] - The company has expanded its product applications to military needs, which is expected to provide new growth opportunities [31] - The company has received various accolades, including recognition as an excellent enterprise in the down industry [7][29] Fundraising Project Investment - The company plans to invest in two projects through its IPO, including a functional down manufacturing project and an upgrade of its technology and R&D center [32][33] - The total investment for these projects is approximately 50.1 million yuan [32] Peer Comparison - In comparison to similar companies, Guqi Down Material's revenue for 2024 is projected at 966.7 million yuan, with a net profit of 168.2 million yuan, indicating a strong growth trajectory [35][34] - The average revenue of comparable companies is 2.728 billion yuan, with an average PE-TTM of 22.20X, while Guqi's gross margin is positioned in the mid-to-high range among peers [34][35]