新股覆盖研究：星德胜

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the expected investment return over the next six months will exceed the performance of the CSI 300 Index by more than 15% [67]. Core Insights - The company, Xingdesheng, is a leading player in the global micro-special motor market, particularly in vacuum cleaner applications, with a market share of 27.01% in 2022 [58]. - The company has shown a compound annual growth rate (CAGR) of 7.58% in revenue from 2021 to 2023, with revenues of 2.31 billion yuan, 1.81 billion yuan, and 2.06 billion yuan respectively [31]. - The net profit attributable to the parent company has also grown, with figures of 172 million yuan, 187 million yuan, and 198 million yuan for the same period, reflecting a CAGR of 12.62% [31]. - The company plans to expand its production capacity for brushless motors and battery packs through its IPO fundraising projects, aiming to produce 30 million sets of brushless motors and control systems, and 5 million battery packs [60]. Financial Performance - In 2022, the company's main business revenue was divided into two segments: motor products (1.667 billion yuan, 93.81%) and others (110 million yuan, 6.19%) [8]. - The revenue growth rates for the years 2021, 2022, and 2023 were 39.91%, -21.77%, and 13.76% respectively [25]. - The net profit growth rates for the same years were 24.43%, 8.24%, and 6.07% respectively [25]. Industry Overview - The global electric tool market is projected to grow from 29.1 billion USD in 2020 to 38.6 billion USD by 2025, maintaining a CAGR of 5.8% [37]. - The Chinese electric tool market is expected to reach 93.7 billion yuan by 2025, with a historical CAGR of 7.62% from 2016 to 2020, surpassing global growth rates [37]. - The company is strategically positioned to benefit from the increasing demand for energy-efficient and low-noise brushless motors, which are becoming mainstream due to rising consumer preferences [39]. Competitive Analysis - The company’s revenue and gross margin are currently below the industry average, with the average revenue for comparable companies at 3.196 billion yuan and a gross margin of 24.15% [44]. - The report compares Xingdesheng with peers such as Jiangsu Leili, Keli'er, and Leike Electric, highlighting the competitive landscape in the micro-special motor industry [44].