新股覆盖研究：中创股份

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [72]. Core Insights - The company, Zhongchuang Co., Ltd. (688695.SH), is a leading domestic provider of middleware products and services, primarily serving sectors such as government, military, finance, energy, and transportation [29][30]. - The company achieved revenue of 120 million yuan, 137 million yuan, and 180 million yuan from 2021 to 2023, with a compound annual growth rate (CAGR) of 30.02% [30]. - The net profit attributable to the parent company was 48 million yuan, 44 million yuan, and 67 million yuan during the same period, with a CAGR of 15.94% [30]. - The company is positioned to benefit from the ongoing trend of domestic middleware localization, with a market share of 15% in the domestic basic middleware market as of 2021, ranking second among local manufacturers [41][61]. Financial Performance - The company reported a year-on-year revenue growth of 46.79%, 14.35%, and 30.94% for the years 2021, 2022, and 2023, respectively [3][30]. - The net profit growth rates for the same years were 13.21%, -9.45%, and 52.05% [5][30]. - For Q1 2024, the company forecasts revenue between 28 million and 32 million yuan, representing a growth of 56.60% to 78.97% year-on-year [30][69]. Industry Overview - The middleware market in China is experiencing a shift towards localization, with foreign companies like IBM and Oracle holding significant market shares [37][41]. - The overall middleware market size in China was approximately 88.7 billion yuan in 2021, with expectations to reach 144.2 billion yuan by 2026 [57]. - The domestic basic middleware market was valued at 48.3 billion yuan in 2021, with a localization rate of about 14.1% [37][41]. Company Highlights - The company has over 20 years of experience in middleware research and development and has participated in significant national projects, including the "Nuclear High Base" technology initiative [29][41]. - The company has established strong competitive advantages in the government and military sectors, having successfully implemented domestic middleware replacements for key clients [63]. - The company plans to invest in three main projects through its IPO proceeds, focusing on middleware research and development, upgrading its technology center, and building a nationwide marketing and service network [64][66].