天富龙（603406）：注册制新股纵览：天富龙：国内差别化和再生涤短产能规模靠前企业

Investment Rating - The investment rating for the company is positioned in the middle to lower range of the AHP model, with scores of 1.70 and 1.92, corresponding to the 22.8% and 36.0% percentiles respectively [4][8]. Core Insights - The company, Tianfulong, is engaged in the production of differentiated and recycled polyester staple fibers, establishing a comprehensive product system that complements functionality [4][10]. - The company ranks among the top ten in domestic production capacity, with an annual capacity of 612,400 tons, and focuses on differentiated competition strategies in niche markets [4][18]. - Revenue and net profit are expected to grow rapidly from 2022 to 2024, with projected revenues of 2.576 billion, 3.336 billion, and 3.841 billion yuan, and net profits of 358 million, 431 million, and 454 million yuan respectively [4][23]. Summary by Sections AHP Score and Expected Allocation Ratio - Tianfulong's AHP score, after excluding liquidity premium factors, is 1.70, placing it in the 22.8% percentile of the non-innovation system AHP model [4][8]. Company Fundamentals Highlights - Dual Fiber Drive and Full Chain Layout: The company develops both recycled colored polyester staple fibers and differentiated composite fibers, creating a complementary product system [4][10]. - Focus on Differentiated Competition in Niche Markets: The company has a strong presence in the automotive interior sector, with significant sales contributions from this area [4][16]. - Core Product Expansion and Continuous R&D: The company is expanding its production of low-melting-point fibers and has initiated small-scale trials for high-elasticity low-melting-point fibers, targeting various applications [4][19][20]. Comparable Company Financial Metrics - Revenue and Net Profit Growth: The company is expected to achieve a compound annual growth rate of 22.12% and 12.57% for revenue and net profit respectively from 2022 to 2024, outperforming comparable companies [4][23]. - Leading Gross and Net Margins: The company maintains higher gross and net profit margins compared to peers, attributed to its unique production technology and product mix [4][27]. - Cash Collection Ratio and Debt Levels: The cash collection ratio is lower than the average of comparable companies, while the asset-liability ratio has been decreasing, indicating improved financial stability [4][30]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of 170,000 tons of low-melting-point polyester fibers and 10,000 tons of high-elasticity low-melting-point fibers, which will enhance its product offerings [4][34].