Investment Rating - The report recommends subscription for the company, Guo'en Technology, with an IPO price range of HKD 34 to HKD 42 per share, suggesting a valuation of approximately 15 times the net profit for 2024 [2][3]. Core Insights - Guo'en Technology is a Chinese supplier focused on chemical new materials and gelatin, serving both the chemical and health industries. It ranks as the second-largest organic polymer modified materials and composite materials company in China by sales revenue, with a market share of 2.5% [2]. - The global polymer materials market is projected to grow from RMB 298.9 billion in 2020 to RMB 456.1 billion by 2024, with a compound annual growth rate (CAGR) of 11.1%. The Chinese polymer materials market is expected to expand from RMB 110.8 billion in 2020 to RMB 162.8 billion in 2024, with a CAGR of 10.1% [2]. - The company's revenue for 2022, 2023, and 2024 is forecasted to be RMB 13,406.4 million, RMB 17,438.8 million, and RMB 19,187.5 million, respectively, reflecting a CAGR of 19.6%. Net profits for the same years are projected at RMB 663.11 million, RMB 465.89 million, and RMB 676.38 million [3]. Summary by Sections Company Overview - Guo'en Technology specializes in the research, production, and sales of industrial and commercial products related to chemical new materials and gelatin [2]. Market Position - The company is the second-largest producer of bone gelatin and the second-largest domestic brand producer of hollow capsules in China [2]. Financial Performance - The company’s revenue and net profit projections indicate a strong growth trajectory, with significant increases expected in the coming years [3].
国恩科技（02768）：IPO申购指南