通领科技（920187）：北交所新股申购策略报告之一百六十二：深耕汽车内饰件，募投扩产拓展华中市场-20260210

Investment Rating - The investment rating for the company is suggested to be "actively participate" due to its low initial valuation and low liquidity ratio [25]. Core Insights - The company focuses on automotive interior components, serving both domestic and international mainstream automakers. It has established a stable supply chain relationship with over 30 major manufacturers, including Volkswagen and BYD [5][9]. - The company is increasing its investment in the development of new energy products and technologies aimed at energy conservation and aesthetic enhancement, aligning with the trend of electric vehicles [10]. - Revenue is projected to reach 1.066 billion yuan in 2024, with a three-year CAGR of +9.29%, and net profit is expected to be 130.86 million yuan, with a CAGR of +42.36% [10]. Summary by Sections 1. Business Focus and Expansion - The company was established in 2007 and is headquartered in Shanghai, primarily producing door trim strips, instrument panels, and center consoles for passenger vehicles. It has a notable presence in the supply chains of major automotive manufacturers [9]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an issue price of 29.62 yuan per share. The initial issuance scale is 15.6 million shares, accounting for 25% of the total shares post-issuance, with expected fundraising of 462 million yuan [15][16]. 3. Industry Situation - The automotive industry in China continues to grow rapidly, maintaining its position as the world's largest market for fifteen consecutive years. Despite fluctuations due to macroeconomic factors, the industry still has significant growth potential, especially with the rise of new energy vehicles [17][18]. 4. Competitive Advantages - The company has established a strong brand image and stable partnerships with leading domestic and international automotive manufacturers. It possesses a comprehensive range of manufacturing processes to meet diverse market demands [19]. 5. Comparable Companies - The company is compared with peers in the automotive parts industry, showing a favorable gross margin of 28.93% for 2024, which is higher than many competitors [21][26].