艾芬达（301575）：领先的卫浴毛巾架ODM商

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.57, which places it in the 21.1% percentile of the non-innovation system AHP model [7][8]. Core Insights - The company, Aifenda, is a leading ODM manufacturer of bathroom towel racks, with over 90% of its revenue coming from exports between 2022 and 2024. It has a significant production capacity of over 2 million towel racks annually and is a major supplier in the European heating market [2][9]. - Aifenda has been expanding its sales channels in North America and Eastern Europe since the second half of 2021, successfully partnering with major retailers like Costco and Walmart, which positions it well for future growth [2][11]. - The company is focusing on high-end product innovation, including smart towel racks and energy-efficient graphene products, targeting the growing domestic market, which is still in its promotional phase [15][16]. Summary by Sections AHP Score and Expected Allocation - Aifenda's AHP score, adjusted for liquidity premium factors, is 1.57, indicating a position in the lower midstream level of the market. The expected allocation ratios for offline investors are 0.0247% for Class A and 0.0220% for Class B under a neutral scenario [7][8]. Business Highlights and Features - Aifenda's primary business includes HVAC home products and components, with a strong focus on ODM operations. The company has established long-term relationships with notable European clients, ensuring a solid foundation for growth [2][9]. - The company plans to increase its production capacity through new projects, adding 1 million towel racks and 3 million temperature control valves, which will help alleviate current capacity constraints and drive revenue growth [11][29]. Comparable Company Financial Metrics - Aifenda's revenue from 2022 to 2024 shows a compound annual growth rate (CAGR) of 17.36%, with revenues of 762 million, 830 million, and 1.05 billion yuan respectively. The net profit also reflects an upward trend with a CAGR of 12.55% [19][20]. - The gross margin has improved from 25.67% in 2022 to 27.34% in 2024, aligning with comparable companies, primarily due to lower steel prices and increased capacity utilization [21][25]. Fundraising Projects and Development Vision - The company plans to raise funds through an IPO to support the construction of automated production lines and upgrade existing facilities, which will enhance production efficiency and meet diverse customer needs [29][30].