泰金新能（688813）：注册制新股纵览：泰金新能：铜箔电解设备领军企业

Investment Rating - The report assigns an AHP score of 2.92 to the company, placing it in the 48.3% and 48.8% percentile of the AHP model, indicating a position in the lower tier of the upstream sector [9][10]. Core Insights - The company is a leading player in the electrolytic equipment sector, with significant breakthroughs in high-end green electrolytic equipment, titanium electrode business, and metal glass sealing products. Its products are primarily used in the production of high-end copper foil, which is essential for large computers, 5G high-frequency communications, and other applications [10][11]. - The company has achieved a domestic market share of over 45% for cathode rollers and over 27% for titanium anodes in copper foil production, leading the industry. The electrolytic equipment segment is the main revenue source, with some products reaching international leading levels [10][11]. - The company is focusing on domestic substitution and seizing overseas opportunities, with a projected market size of 29 billion yuan for the copper foil equipment market by 2028, driven by accelerated import substitution [10][11]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score of 2.92 indicates a lower-tier position in the AHP model, with expected allocation ratios for offline investors at 0.0247% for Class A and 0.0239% for Class B under neutral conditions [9][10]. Company Fundamentals and Highlights - The company has established three main business segments: high-end green electrolytic equipment, titanium electrodes, and metal glass sealing products, with applications in various high-tech fields [10][11]. - The electrolytic equipment segment is the primary revenue source, maintaining over 50% of total revenue, while the titanium electrode segment has shown a rising trend in revenue contribution [11]. - The company has significant orders on hand, amounting to 3.422 billion yuan as of September 2025, with expectations for further market share growth [10][11]. Comparable Company Financial Metrics - The company has outperformed comparable firms in revenue and net profit growth from 2022 to the first half of 2025, with compound annual growth rates of 47.78% and 40.99%, respectively [26]. - The company's gross margin has remained stable around 21%, slightly lower than some comparable companies due to product mix differences [30]. - The asset-liability ratio and inventory proportion have shown improvement but remain higher than those of comparable companies [37]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the industrialization of high-end intelligent electrolytic equipment and high-performance composite titanium electrode materials, with expected internal rates of return of 20.03% and 21.52%, respectively [42][45].