注册制新股纵览20260125：林平发展：皖系包装纸头部厂商，高端新产线蓄势待发

Group 1 - The report highlights Linping Development as a leading manufacturer of packaging paper in Anhui province, with a current production capacity of 1.15 million tons and a market share of 0.75% nationally and 35.65% in Anhui province, ranking 9th in boxboard production in China [7][8] - The company is set to launch a new high-end production line with a width of 8600mm in 2026, which will enhance its product offerings and increase total production capacity to 2.35 million tons, focusing on green manufacturing and circular economy strategies [8][10] - The report notes that the impact of imports on domestic prices is diminishing, with a recovery in paper prices expected as the import volume of finished paper has significantly decreased since the first half of 2025, leading to a stabilization of prices [12][15] Group 2 - Linping Development's revenue and net profit for 2022-2024 are projected to decline at a CAGR of -7.09% and -0.52% respectively, primarily due to tariff adjustments and natural disasters, but a recovery is anticipated in 2025 with revenue growth of 6.23% to 11.87% and net profit growth of 17.76% to 30.84% [20][21] - The company has improved its gross margin to 10.32% in the first half of 2025, with operational efficiency consistently outperforming peers, and a focus on upgrading production lines to optimize costs [22][25] - Linping Development's R&D expenditure as a percentage of revenue has been increasing, indicating a commitment to product optimization and development, with ongoing projects aimed at enhancing product performance and competitiveness [32][36] Group 3 - The report identifies comparable companies such as Shanying International and Jingxing Paper, with Linping Development's average P/E ratio at 30.72X compared to the industry average of 26.24X, suggesting a competitive positioning within the market [16][19] - The company has maintained a high cash collection ratio of 1.00, which is above the average of comparable companies, and has seen a gradual improvement in its debt-to-asset ratio, indicating a solid financial position [25][28] - Linping Development's operational capabilities are superior to its peers, with a total asset turnover rate of 1.56 times, reflecting effective inventory management and operational efficiency [29][30] Group 4 - The company plans to raise funds through an IPO to support projects aimed at producing 900,000 tons of green intelligent manufacturing materials and 600,000 tons of bio-based fiber materials, with a total investment of 20.58 billion yuan [34][35] - The expected production capacity from these projects will enhance the company's product structure and improve automation levels, thereby strengthening its market competitiveness [34][35]