南特科技（920124）：北交所新股申购策略报告之一百五十：优质空调零部件厂商，拓展汽车部件业务-20251109

Investment Rating - The investment rating for the company is to actively participate in the subscription [19] Core Views - The company is a precision mechanical component supplier, focusing on air conditioning compressor components, with a strong customer base including Midea Group and Gree Electric [2][5] - The automotive precision components sector is expected to be a significant growth driver for the company, having already achieved IATF16949 certification and developed various automotive parts [6][19] - The company has shown steady revenue growth, with projected revenue of 1.031 billion yuan in 2024, reflecting a 3-year CAGR of +11.20%, and a net profit of 98.22 million yuan, with a 3-year CAGR of +45.12% [6][10] Summary by Sections 1. Company Overview - The company specializes in air conditioning compressor components, established in 2009, headquartered in Zhuhai, Guangdong [5] - Products include core components such as cylinders, bearings, pistons, and crankshafts, with major clients being well-known domestic and international manufacturers [5][6] 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an issuance price of 8.66 yuan per share, and an expected fundraising of 322 million yuan [9][10] - The initial issuance scale is approximately 37.18 million shares, accounting for 25% of the total shares post-issuance, with a high liquidity ratio of 51.46% [9][10] 3. Industry Situation - The precision mechanical components industry is expanding due to the growth in downstream applications, including home appliances and transportation [13][14] - The automotive sector, particularly the electric vehicle market, is experiencing explosive growth, with projected sales of 12.87 million units in 2024, a year-on-year increase of 35.50% [13][14] 4. Competitive Advantages - The company has established long-term stable relationships with major manufacturers, enhancing its market position [15] - It possesses a comprehensive production system covering all processes from mold design to precision machining, which is rare in the industry [15] 5. Subscription Analysis - The company has a low initial offering price and valuation, with no historical trading records, making it an attractive investment opportunity [19]