能之光（920056）：北交所新股申购报告：高分子助剂小巨人，国产替代瞄向光伏、汽车改性材料

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong growth potential and market position in the polymer additives sector [2][5]. Core Insights - The company is recognized as a national-level "little giant" enterprise specializing in the research, production, and sales of polymer additives and functional polymer materials, with a net profit CAGR of 60% over the past three years [2][10]. - The global polymer materials additives market has shown rapid growth, with a CAGR of 21.65% from 2013 to 2021, indicating a strong demand for the company's products [3][45]. - The company has a robust R&D capability, having obtained 51 invention patents as of June 24, 2025, and is well-positioned in the industry with a focus on customer needs and product solutions [10][62]. Summary by Relevant Sections Company Overview - The company focuses on polymer additives and functional polymer materials, with over 300 product grades developed to meet diverse customer needs across various industries, including automotive, electronics, and photovoltaic components [10][15]. - The main revenue source is from polymer additives, which accounted for over 95% of total revenue from 2022 to 2024, with projected revenues of 610 million yuan and a net profit of 55.94 million yuan in 2024 [27][33]. Industry Demand and Growth Potential - The demand for polymer materials is increasing, with China's plastic modification rate rising from 16.3% in 2011 to 23.6% in 2022, indicating significant growth potential compared to the global average of nearly 50% [3][54]. - The polymer additives market is expected to continue growing, driven by the increasing application of modified plastics and the introduction of new products by the company [3][55]. Competitive Positioning - The company has a competitive edge over peers due to its strong R&D capabilities, advanced technology, and a comprehensive quality management system, with a TTM PE ratio of 8.34-11.59 compared to an average of 95.44 for comparable companies [4][62]. - The company has established a solid customer base, including leading domestic and global firms, which enhances its market position and revenue stability [15][35].