Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest [2][4]. Core Insights - Jiangtian Technology focuses on high-end consumer brand labels, ranking among the top in the food and beverage and daily chemical sectors [2][12]. - The company has been recognized as one of the top 50 brands in the Chinese label printing industry for four consecutive years, with a projected net profit exceeding 100 million yuan in 2025 [2][12]. - The company plans to use the funds raised from its IPO for the construction of intelligent production lines for packaging printing products and a technology research and development center [10][11]. Company Overview - Jiangtian Technology's IPO price is set at 21.21 yuan per share, with an earnings ratio of 13.76X, and the subscription date is December 16, 2025 [2][5]. - The company will issue 13,213,637 shares, accounting for 20% of the total shares post-issue, with a strategic placement of 1,321,363 shares [2][5]. - The company has established long-term partnerships with renowned global brands such as Unilever, Procter & Gamble, and Shell, as well as domestic brands like Nongfu Spring and Yili [12][24]. Financial Performance - The company expects a revenue growth of 12.24% to 15.95% in 2025, with a net profit forecast of 10.3 million to 11.2 million yuan, representing a year-on-year increase of 6.58% to 15.89% [30][32]. - For the first three quarters of 2025, the company reported a revenue of 468 million yuan, reflecting a year-on-year growth of 10.85% [28][32]. - The gross profit margin for the company's main products has remained stable, with a slight fluctuation in the margins of its film labels [18][28]. Industry Insights - The Chinese packaging industry is projected to exceed 2 trillion yuan in revenue in 2024, with a low overall concentration in the market [33][35]. - The label printing market in China is expected to grow at a compound annual growth rate (CAGR) of 6.1% in usage and 6.6% in sales revenue by 2026 [43][44]. - The domestic demand for self-adhesive labels has been increasing, with production rising from 7.1 billion square meters in 2019 to an estimated 9.7 billion square meters in 2023, reflecting a CAGR of 8.11% [43][44].