艾芬达（301575）：注册制新股纵览：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 [2][5][6]. Core Insights - The company, Aifenda, is a leading ODM manufacturer of bathroom towel racks, with over 90% of its revenue coming from exports. It has a significant production capacity of over 2 million towel racks annually and is a major supplier in the European heating market [2][7]. - 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][8]. - The company is focusing on high-end product innovation, including smart towel racks and energy-efficient designs, to capture the growing domestic market, which is still in its early stages of development [2][14]. Summary by Sections AHP Score and Expected Allocation Ratio - 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 neutral conditions [5][6]. Fundamental Highlights and Features - Aifenda's primary business includes ODM products for heating and home appliances, with a strong focus on exports. The company has established long-term relationships with notable European clients, ensuring a solid foundation for growth [2][7]. - 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 [8][26]. Comparable Company Financial Metrics - Aifenda's revenue for 2022-2024 is projected to grow from 7.62 billion to 10.50 billion CNY, with a CAGR of 17.36%. The net profit is also on an upward trend, with a CAGR of 12.55% during the same period [16][18]. - The gross margin is expected to improve, reaching 27.34% in 2024, aligning with comparable companies due to lower raw material costs and increased production efficiency [18][19]. Fundraising Projects and Development Vision - The company plans to raise funds through an IPO to support the construction of automated production lines and enhance its operational capabilities. The expected internal rate of return for these projects is between 16.26% and 17.82% [26][27].