马可波罗：加码绿色智造，产业与资本协同打开增长新空间

Core Viewpoint - Marco Polo Holdings Co., Ltd. is set to issue 119.492 million shares at a price of 13.75 yuan per share, resulting in a diluted static P/E ratio of 14.27, which is significantly lower than the industry average of 32.20 and 27.69 for comparable companies, indicating reasonable pricing for the issuance [1] Group 1: Company Overview - Marco Polo owns two major brands, "Marco Polo Tiles" and "Weimei L&D Ceramics," which have a strong reputation both domestically and internationally [3] - The brand value of "Marco Polo Tiles" has ranked first in the building ceramics industry for 13 consecutive years, while "Weimei L&D Ceramics" ranks sixth [3] Group 2: Innovation and Technology - The company has achieved significant product innovation with core technologies such as curved rock slabs, 3mm SPT intelligent polished bright rock slabs, and AI random infinite patterns, which enhance product functionality and market appeal [4] - Marco Polo has implemented green manufacturing practices, utilizing tailings and low-temperature fast firing technologies to achieve a fully green and low-carbon production process [7] Group 3: Market Trends and Policies - The "Green Building Materials" policy aims to boost the green building materials market, with projected revenues exceeding 300 billion yuan by 2026, encouraging a shift from traditional materials to green alternatives [6][10] - The policy also supports the integration of green materials into consumer goods replacement programs, enhancing the market for eco-friendly products [6][10] Group 4: Competitive Positioning - Marco Polo is well-positioned to capitalize on the green building materials trend, having established a competitive edge through early adoption of green production practices [7] - The company has been recognized with national "Green Factory" titles for several of its subsidiaries, reinforcing its commitment to sustainable practices [7] Group 5: Market Dynamics - The building ceramics industry is expected to undergo a structural transformation, with increased concentration and a shift towards green and value-added products [14] - Smaller companies lacking green technology may exit the market, allowing leading firms like Marco Polo to capture greater market share and enhance profitability [14] Group 6: Sales and Distribution Strategy - Marco Polo has over 8,000 sales terminals, which supports the absorption of new production capacity and ensures stable revenue growth [13] - The company is actively collaborating with large home decoration enterprises to expand its market presence and adapt to changing consumer preferences [12][13]