注册制新股纵览：古麒绒材：国内羽绒羽毛龙头企业

Investment Rating - The report assigns a rating based on the AHP score of 1.11, placing the company in the 14.6% percentile of the non-Science and Technology Innovation Board AHP model, indicating a lower downstream position [7][8]. Core Insights - The company is a leading domestic enterprise in the down and feather industry, deeply integrated with upstream suppliers, focusing on high-quality down products, primarily goose and duck down, targeting the mid-to-high-end market [9][11]. - The domestic market for down clothing has significant growth potential, with a current penetration rate of less than 10%, much lower than in developed countries. The market size for down clothing reached approximately 169.2 billion yuan in 2022, with a compound annual growth rate of 12.73% from 2016 to 2021 [14][15]. - The company plans to increase its production capacity to 4,288 tons per year, with a focus on a new functional down green manufacturing project expected to enhance production capabilities significantly [15][26]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company, after excluding liquidity premium factors, is 1.11, indicating a lower downstream position. The expected allocation ratios for offline investors are 0.0139% for Class A and 0.0086% for Class B under a neutral scenario [7][8]. Company Fundamentals and Characteristics - The company is recognized as a leading player in the domestic down and feather industry, actively participating in the formulation of national and industry standards. It has established strategic partnerships with key suppliers to stabilize raw material supply and enhance operational efficiency [9][11]. - The company has developed advanced technologies for clean production and functional down materials, improving product performance and production efficiency [9][11]. Comparable Company Financial Metrics - The company’s revenue for 2022-2024 is projected at 6.67 billion yuan, 8.30 billion yuan, and 9.67 billion yuan, with net profits of 0.9 billion yuan, 1.22 billion yuan, and 1.68 billion yuan, respectively. The compound annual growth rates for net profit are 20.37% and 31.67%, indicating faster growth compared to peers [19][21]. - The gross profit margins for the same period are 23.22%, 22.07%, and 25.78%, which are higher than the average of comparable companies [21][22]. Fundraising Projects and Development Vision - The company plans to raise funds through an initial public offering to support a green manufacturing project with an annual capacity of 2,800 tons of functional down, which is expected to significantly enhance production capabilities [26][15]. - The total investment for the first phase of the project is approximately 281.65 million yuan, with an expected internal rate of return of 17.19% [26].