新恒泰（920028）：北交所新股申购策略报告之一百六十六：聚烯烃发泡材料“小巨人”-20260310

Investment Rating - The investment rating for the company is suggested to be actively participated in the IPO due to its competitive valuation compared to peers and low shareholding ratio of existing shares [25][26]. Core Insights - The company, established in 2008, specializes in functional polymer foam materials, with a diverse product range including PE Foam, IXPE, and MPP, widely used across various industries such as construction, new energy batteries, and consumer electronics [3][7][8]. - The company has demonstrated stable revenue growth, with projected revenue of 836 million yuan in 2025, reflecting a CAGR of 10.92% over the past three years, and a net profit of 111 million yuan, with a CAGR of 4.96% [9][11]. - The company is positioned to benefit from the growing demand in the PVC flooring market and the expansion of the new energy vehicle and storage industries, which are expected to drive significant incremental demand for its products [16][17][18]. Summary by Sections Company Overview - The company is recognized as a "small giant" in the polyolefin foam materials sector, focusing on R&D, manufacturing, and sales of various foam materials [3][7]. - Its products are utilized by well-known brands in multiple sectors, indicating strong market penetration and customer relationships [8][21]. Issuance Plan - The IPO will involve a direct pricing method with an issue price of 9.40 yuan per share, aiming to raise approximately 386 million yuan [12][13]. - The initial issuance will consist of 41.09 million shares, representing 25% of the total post-issue share capital, with a low proportion of existing shares available for trading [12][13]. Industry Situation - The PVC flooring market is experiencing stable growth, with a projected increase in global market size from 25.5 billion USD in 2020 to 31.0 billion USD in 2023, at a CAGR of 6.77% [16]. - The new energy vehicle and storage sectors are expected to significantly increase demand for polypropylene micro-porous foam materials, with battery installation volumes projected to reach 1,952 GWh by 2035 [17][18]. Competitive Advantages - The company possesses strong technical capabilities and a diverse product portfolio, allowing it to cater to various applications and reduce risks associated with market fluctuations [20][21]. - It has established a solid customer base, including major players in the construction and new energy sectors, enhancing its market position [21]. Subscription Analysis - The company is one of the few in China with large-scale production capabilities for multiple types of foam materials, making it a compelling investment opportunity [25].