志高机械（920101）：北交所新股申购策略报告之一百三十六：钻机与螺杆机“小巨人”，一带一路开拓新增量-20250803

Investment Rating - The investment rating for the company is "Buy" based on its strong market position and growth potential [34]. Core Viewpoints - The company is recognized as a "small giant" in the drilling and screw compressor industry, with a strong focus on innovation and technology development, and is actively expanding into international markets along the Belt and Road Initiative [3][8][29]. - The company has shown steady revenue and profit growth, with a projected revenue of 888 million yuan and a net profit of approximately 105 million yuan for 2024, reflecting a CAGR of +5.71% and +8.65% respectively over the past three years [9][10]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the drilling and screw compressor industry, providing energy-efficient, environmentally friendly, and safe products widely used in mining, construction, and petrochemical sectors [7][8]. - It has been recognized as a national-level "specialized and innovative" small giant and a "hidden champion" in Zhejiang Province, with a strong R&D capability and a significant number of patents [7][8]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method with an issue price of 17.41 yuan per share, aiming to raise approximately 374 million yuan [3][12]. - The initial issuance scale is 21.48 million shares, accounting for 25% of the total share capital post-issuance, with a low expected free float ratio of 23.75% [12][17]. 3. Industry Situation - The drilling and screw compressor industries are accelerating, with a focus on integration, localization, and automation trends. The market share of integrated drilling rigs is increasing significantly [18][19]. - The screw compressor industry in China is maturing, with domestic manufacturers improving their technology and competing effectively against international brands [20][21]. 4. Competitive Advantages - The company has strong R&D capabilities, quality assurance, and brand recognition, with a well-established sales network covering key economic regions and expanding into international markets [23][24]. - It has a diverse product range and has been recognized for its quality and innovation, contributing to its competitive edge in the market [23][24]. 5. Comparable Companies - The company is positioned in the mid-range of the industry in terms of gross margin, with a projected gross margin of 27.39% for 2024 [26][30]. - Compared to its peers, the company has a lower market capitalization and PE ratio, indicating potential for growth [30]. 6. Subscription Analysis - The recommendation is to actively participate in the subscription due to the company's strong market position, low initial valuation, and the absence of existing shares in circulation [29].