Investment Rating - The investment rating for the company is to actively participate in the new stock issuance [31] Core Viewpoints - The company is a long-term player in the cold chain equipment sector, specializing in intelligent control and monitoring products, with a strong market position both domestically and globally [5][6] - The company has shown steady revenue and profit growth, with a projected revenue of 499.8 million yuan and a net profit of 58.91 million yuan for 2024, reflecting a CAGR of +12.18% and +9.94% respectively over the past three years [7] - The company is expanding its overseas business, with the proportion of overseas revenue increasing from 48.27% in 2023 to an expected 57.14% in the first half of 2025 [7] Summary by Sections 1. Company Overview - The company, established in 1996, focuses on cold chain equipment, including intelligent controllers and monitoring devices for pharmaceuticals and food [5] - It is recognized as a national high-tech enterprise and has participated in the formulation of 38 industry standards [5][6] 2. Issuance Plan - The new stock issuance will adopt a direct pricing method with an issue price of 12.1 yuan per share, raising approximately 175 million yuan [15][18] - The initial issuance scale is 14.46 million shares, accounting for 25% of the total shares post-issuance, with a low circulation ratio of 22.5% [15][17] 3. Industry Situation - The global cold chain temperature and humidity control market is projected to grow from 556 million USD in 2023 to 836 million USD by 2030, with a CAGR of 6.01% [20] - The cold chain monitoring market is expected to grow from 5.96 billion USD in 2023 to 12.59 billion USD by 2030, with a CAGR of 11.28% [20] 4. Competitive Advantages - The company has strong R&D capabilities, with over 205 patents and a dedicated team focused on innovation [23][24] - It has a diverse product portfolio tailored to various applications in the cold chain industry, enhancing its market competitiveness [23][24] 5. Comparable Companies - The company has a lower market capitalization of 700 million yuan compared to its peers, with a PE ratio of 11.59, significantly lower than the median of 48.64 for comparable companies [32]