Investment Rating - The investment rating for the company is positioned in the lower-middle level of the AHP model, with a score of 1.72 (23.1% percentile) when excluding liquidity premium factors, and a score of 1.91 (35.8% percentile) when including liquidity premium factors [10][11]. Core Insights - The company is a leading domestic supplier of aluminum materials for lithium batteries, holding the top market share in the segment of aluminum alloy materials for lithium-ion battery structural components [12][19]. - The company has established partnerships with well-known manufacturers such as CATL, BYD, and Zhongxin Innovation, contributing to its strong position in the lithium battery sector, which has become its primary revenue source since 2022, accounting for over 40% of total revenue [12][19]. - The company is also focusing on high-end material import substitution in the electronics sector and steadily advancing in the new building materials field, with significant growth in sales in these areas [17][19]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company is 1.72, placing it in the 23.1% percentile without liquidity premium and 1.91 in the 35.8% percentile with liquidity premium [10][11]. Company Highlights and Features - The company is recognized as the top domestic supplier in the lithium battery aluminum material sector, with a significant increase in sales volume from 5.24 million tons in 2021 to 12.36 million tons in 2022, and 10.59 million tons in 2023 [12][19]. - The company has achieved a 38.44% year-on-year growth in the electronics sector in the first half of 2024, indicating strong market demand and customer recognition [17][19]. Comparable Company Financial Metrics - The company's revenue and net profit growth rates from 2021 to 2023 were 1.58% and -0.29%, respectively, which are lower than the average of comparable companies [24][29]. - The company's gross margin and R&D expenditure as a percentage of revenue are also below the average of comparable companies [29]. Fundraising Projects and Development Vision - The company plans to use the funds raised from the IPO for projects that will increase its overall production capacity by 18.03%, reaching a total capacity of 360,000 tons [33][34].