新股覆盖研究：中仑新材

Investment Rating - The report assigns a "Buy" rating, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [48]. Core Insights - The company is a global leader in BOPA film production, possessing an integrated production capability across the entire supply chain. Following the acquisition of Changsu Industry in December 2019, the company has expanded its operations into the downstream film industry, achieving a BOPA film production capacity of nearly 120,000 tons per year, with a global market demand of approximately 500,000 tons in 2023 [7][8]. - The company is a major domestic supplier of nylon layers for PHA lithium battery films, which are expected to benefit from the growth in the electric vehicle and energy storage sectors. The aluminum-plastic film market in China is projected to grow from 6.05 billion yuan in 2020 to 10.96 billion yuan in 2023, with a compound annual growth rate (CAGR) of 21.90% [8]. - The company has developed EHA fresh-keeping films to meet the growing demand for food preservation in rapidly expanding segments such as prepared dishes and short-shelf-life foods. The market for prepared dishes in China was valued at 345.9 billion yuan in 2021, with an expected CAGR of 25.39% from 2021 to 2026 [9]. Financial Performance - The company reported revenues of 1.994 billion yuan, 2.297 billion yuan, and 2.352 billion yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 24.45%, 15.21%, and 2.41% [46]. - The net profit attributable to the parent company was 298 million yuan, 285 million yuan, and 206 million yuan for the same years, with year-over-year changes of 42.52%, -4.34%, and -27.73% [46]. - In Q1 2024, the company achieved a revenue of 564 million yuan, a year-on-year increase of 18.66%, while the net profit attributable to the parent company was 55 million yuan, a decrease of 16.81% [12]. Industry Overview - The BOPA film industry is experiencing rapid growth, with global demand increasing from 271,300 tons in 2016 to 381,600 tons in 2020, representing a CAGR of 8.91%. It is projected to reach 579,000 tons by 2025, with a CAGR of 8.37% [32]. - In China, BOPA film demand grew from 104,500 tons in 2016 to 173,600 tons in 2020, with a CAGR of 13.53%. It is expected to reach 304,500 tons by 2025 [32]. Competitive Position - The company has established itself as a key player in the BOPA film market, with a market share of 20% globally and 36% domestically in the functional BOPA film segment from 2021 to 2023 [7]. - Compared to industry peers, the company's revenue scale and sales gross margin are below the industry average, with an average revenue of 4.778 billion yuan and a gross margin of 20.12% [13][25].