爱舍伦（920050）：北交所新股申购策略报告之一百五十五：国内医用敷料行业头部企业，积极扩充产能-20260109

Investment Rating - The investment rating for the company is "Buy" due to its strong market position and growth potential in the medical dressing industry [29]. Core Insights - The company, Jiangsu Aishalen Medical Technology Group Co., Ltd., is a leading player in the domestic medical dressing industry, established in 2015 and headquartered in Suzhou, Jiangsu. It focuses on the research, production, and sales of low-value medical consumables, primarily through ODM/OEM partnerships with internationally recognized medical device brands [3][6]. - The company has shown rapid revenue growth, achieving a revenue of 692 million yuan in 2024, with a three-year CAGR of +9.81%. The net profit attributable to shareholders is projected to be 80.71 million yuan, with a CAGR of +13.37% over the same period [7][23]. - The company is expanding its production capacity to alleviate bottlenecks, driven by increasing orders from overseas markets. The new investment project is expected to significantly enhance production capabilities [9][10]. Summary by Sections Company Overview - Jiangsu Aishalen Medical Technology Group Co., Ltd. ranks among the top ten in medical dressing exports in China from 2021 to 2024 [3][6]. Financial Performance - In 2024, the company is expected to achieve a gross margin of 23.13%, slightly down from 2023, while the net margin is projected to increase to 11.66% [7][23]. Issuance Plan - The company plans to issue 16.92 million shares at a price of 15.98 yuan per share, raising approximately 270 million yuan. The initial issuance will represent 25% of the total shares post-issuance, with a low liquidity ratio of 26.75% [11][12]. Industry Situation - The global market for low-value medical consumables is projected to reach approximately 134.3 billion USD by 2031, with a CAGR of 8.3% from 2024 to 2031. The domestic market is also expected to grow rapidly, driven by healthcare reforms and increased consumer spending [15][16]. Competitive Advantages - The company benefits from scale cost advantages, a strong customer base, and a commitment to product quality, which enhances its competitive position in the market [17]. Purchase Analysis Opinion - The company is recommended for active participation in the upcoming issuance due to its strong market position, high capacity utilization, and low initial valuation [23].