科马材料（920086）：干式摩擦片“小巨人”

Investment Rating - The investment rating for the company is to actively participate in the IPO [30]. Core Viewpoints - The company, established in 2002 and headquartered in Zhejiang Lishui, specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, with a strong focus on independent research and technological innovation [3][8]. - The company has achieved rapid revenue growth, with projected revenue of 249 million yuan in 2024, reflecting a CAGR of +10.99% over the past three years, and a net profit of 71.53 million yuan, with a CAGR of +30.49% [9][20]. - The company has a strong competitive position in the market, with a low initial valuation for its IPO and a low proportion of circulating shares, making it an attractive investment opportunity [30]. Summary by Sections 1. Company Overview - The company is recognized as a "little giant" in the dry friction plate industry, with a commitment to independent research and development, holding 80 national patents [3][8]. - It has established a solid reputation and a rich customer base, serving major domestic clutch manufacturers and automotive brands [9][24]. 2. Issuance Plan - The IPO will adopt a direct pricing method with an issue price of 11.66 yuan per share, raising approximately 244 million yuan, with 2.09 million shares issued, accounting for 25% of the total post-issue share capital [15][14]. - The expected circulating proportion post-issue is 22.5%, with no old shares included [14][15]. 3. Industry Situation - The dry friction plate market is projected to reach 1.57 billion yuan in 2024, with growth driven by the increasing demand for manual and automatic transmission vehicles, particularly in the context of hybrid and electric vehicles [20][18]. - The domestic automotive industry is experiencing a trend towards localization, with manufacturers increasingly opting for domestic suppliers to control costs [20][19]. 4. Competitive Advantages - The company boasts superior product quality, with performance metrics exceeding national standards, and is recognized as a high-tech enterprise with strong R&D capabilities [22][23]. - It has established itself as a leader in the industry, participating in the formulation of national standards and maintaining close collaborations with research institutions [23][24]. 5. Comparable Companies - The company is relatively small in size compared to its peers but maintains a competitive gross margin of 47.39%, placing it among the top in the industry [29][28].