新恒汇（301678）：注册制新股纵览：蚀刻引线框架业务增长可期

Investment Rating - The investment rating for the company is not explicitly stated in the report, but the AHP score is 1.83, placing it in the 24.7% percentile of the non-technology innovation system AHP model, indicating a below-average position [7][8]. Core Insights - The company, Xin Heng Hui, is expected to see growth in its etching lead frame business, supported by its established smart card and IoT eSIM chip packaging services. The smart card business remains a core revenue driver, contributing 70%-85% of total revenue from 2022 to 2024 [9][10]. - The company has a strong market position in the smart card sector, ranking second in market share for flexible lead frames, with shares of 31.63% and 32.32% in 2022 and 2023, respectively [10]. - The etching lead frame and eSIM packaging businesses are emerging as new growth drivers, with their combined revenue contribution increasing from 14.70% in 2022 to 29.84% in 2024 [16][17]. - The company has a robust production capacity of approximately 2.342 billion smart card modules annually, with global market shares of 20.71% and 17.87% in 2022 and 2023, respectively [10][11]. - The company is actively expanding its overseas customer base, with international sales accounting for 21.12% to 27.77% of total revenue from 2022 to 2024 [10][11]. Summary by Sections AHP Score and Expected Allocation - The AHP score for Xin Heng Hui, after excluding liquidity premium factors, is 1.83, indicating a mid-to-low ranking in the AHP model [7][8]. Company Fundamentals and Highlights - The company is a key player in the smart card market, with a significant focus on expanding its international client base and enhancing its product offerings through innovation [9][10]. - The etching lead frame and eSIM chip packaging sectors are identified as new growth avenues, with increasing revenue contributions projected [16][17]. Comparable Company Financial Metrics - Xin Heng Hui's revenue from 2022 to 2024 is relatively small compared to comparable companies, with net profits showing a compound annual growth rate (CAGR) of 10.97% to 30.06% [19]. - The company's gross margins are higher than those of comparable firms, with rates of 32% to 37% from 2022 to 2024, reflecting its competitive advantage in production [25]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares, with proceeds allocated to projects aimed at enhancing production capacity and R&D capabilities [28][29].