族兴新材（920078）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to market indices over the next 6-12 months [37]. Core Insights - The company, Zuxing New Materials, focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are key materials in the new materials industry [7][15]. - The company is positioned as a leader in the domestic market for fine spherical aluminum powder and aluminum pigments, with significant production capacity and a diverse product line [28]. - The company is expected to benefit from the domestic restructuring of the automotive paint supply chain, which presents growth opportunities for its aluminum pigment products [29]. Financial Performance - The company is projected to achieve revenues of CNY 689.6 million, CNY 707.1 million, and CNY 796.3 million for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 9.57%, 2.53%, and 12.61% [8][4]. - The net profit attributable to the parent company is expected to be CNY 86.7 million, CNY 58.7 million, and CNY 81.8 million for the same years, with year-over-year growth rates of 67.52%, -32.31%, and 39.4% [8][4]. - The company’s revenue structure shows that fine spherical aluminum powder has consistently contributed over 50% of total revenue [8]. Industry Overview - The fine spherical aluminum powder market in China is projected to grow from CNY 2.096 billion in 2019 to CNY 2.665 billion in 2023, with a compound annual growth rate of 5.15% expected until 2030 [16]. - The aluminum pigment market is also expected to see significant growth, with production projected to reach 60,000 tons by 2024, driven by increasing demand in various applications including automotive and construction [19][20]. Company Highlights - The management team consists of experienced professionals who are pioneers in aluminum powder research and development, providing a strong technical foundation for the company [27]. - The company has established a strong market presence since its inception in 1998, breaking foreign monopolies in the mid-to-high-end aluminum pigment sector [28]. - The company has a comprehensive product line with thousands of product models, and its performance metrics are competitive with international standards [28]. Investment Projects - The company plans to invest in three key projects through its IPO proceeds, including the construction of a high-purity fine spherical aluminum powder production line and the expansion of high-performance aluminum pigment production capacity [30][31].