广信科技（920037）：北交所新股申购策略报告之一百三十三：绝缘纤维材料“小巨人”-20250615

Investment Rating - The investment rating for the company is to actively participate in the IPO [28]. Core Viewpoints - The company is recognized as a "small giant" in the field of insulation fiber materials, with a comprehensive product range covering all voltage levels for power transmission and transformation equipment. The company has experienced rapid growth in performance due to the high demand in the downstream power investment sector [28]. - The company has a strong focus on research and development, holding 67 valid patents, including 13 invention patents, and has achieved significant technological advancements that have broken foreign monopolies in the industry [9][10]. - The market for insulation materials is expected to continue growing, driven by the expansion of traditional power, new energy, and new storage sectors, with a notable increase in domestic demand for ultra/high voltage products [19][20]. Summary by Sections 1. Company Overview - The company, established in 2004 and headquartered in Shaoyang, Hunan, specializes in the research, production, and sales of insulation fiber materials and their molded products, serving various sectors including power transmission systems, electrified railways, and military equipment [8]. 2. Issuance Plan - The IPO will adopt a direct pricing method with an initial issuance of 20 million shares, accounting for 22.61% of the total share capital post-issuance. The expected fundraising amount is 200 million yuan, with an issue price of 10 yuan per share [14][15]. 3. Industry Situation - The insulation materials market in China has shown continuous growth, with the market size increasing from 654.90 billion yuan in 2018 to 733.60 billion yuan in 2022. The demand for insulation fiber materials is expected to rise, particularly in the ultra/high voltage segment, where domestic production is gaining traction [19][20]. 4. Competitive Advantages - The company possesses significant technological advantages, with proprietary manufacturing techniques and a strong R&D team. It has established partnerships with leading transformer manufacturers, enhancing its market position [22][23]. 5. Comparable Companies - The company is positioned in the mid-tier of the industry in terms of size and profitability, with a gross margin of 33.5% in 2024, which is competitive compared to its peers [26][29]. 6. Purchase Analysis Opinion - The company is expected to maintain high growth rates, with projected revenues for the first half of 2025 estimated between 360 million to 390 million yuan, reflecting a year-on-year growth of 38.63% to 50.19% [28].