技源集团（603262）：注册制新股纵览：HMB全球市占率第一，布局多个膳食营养细分市场

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.70, which places it in the 22.8% percentile of the non-innovation system AHP model [4][10]. Core Insights - The company is the global leader in HMB with a market share of 53.34% from 2022 to 2024, and it operates across multiple dietary nutrition segments [4][11]. - The dietary supplement industry is expected to grow at a rate of 6% annually from 2023 to 2026, reaching a market size of $223 billion by 2026 [4][20]. - The company has established a global production and sales network, with significant partnerships with major clients like Abbott, which accounts for over 60% of its HMB business revenue [4][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 1.70, indicating a mid-to-low ranking within the non-innovation system AHP model [4][10]. - Expected allocation ratios for offline investors are 0.0171% for Class A and 0.0117% for Class B under a neutral scenario [10]. Company Fundamentals and Highlights - The company is vertically integrated from raw material production to finished product formulation, making it one of the few in China to achieve such integration [4][11]. - HMB is the core product, with the company holding key patents and being the only supplier with USP certification for its myHMB® brand [4][11]. - The company has a strong presence in the glucosamine market with a market share of over 11% from 2022 to 2024 [4][11]. Financial Comparison with Peers - The company's revenue and net profit growth rates from 2022 to 2024 are 2.84% and 10.81%, respectively, which are below the average of comparable companies [4][23]. - The gross margin for the company is higher than that of its peers, with figures of 38.87%, 43.23%, and 43.50% from 2022 to 2024 [4][25]. - The company’s operating cash flow for 2024 is projected to be second only to a peer company, indicating strong cash generation capabilities [4][29]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity for HMB and other nutritional ingredients, as well as for establishing a technology innovation center [4][35]. - The planned projects include an annual production increase of 1,200 tons of HMB and 300 tons of glucosamine, among other products [4][36].