证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 申万宏源研究微信服务号 艾芬达: 领先的卫浴毛巾架 ODI -注册制新股纵览 20250825 投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 08 月 25 日 相关研究 AHP 得分——剔除流动性溢价因素后, 艾芬达 1.57 分, 位于总分的 21.1%分位。艾芬达 ○ 于 2025 年 8 月 21 日招股,将在创业板上市。剔除、考虑流动性溢价因素后,我们测算艾 芬达 AHP 得分分别为 1.57 分、1.88 分，分别位于非科创体系 AHP 模型总分的 21.1%、35.5% 分位,分别处于下游偏上、中游偏下水平。假设以 95%入围率计,中性预期情形下,艾芬 达网下 A、B 两类配售对象的配售比例分别是：0.0247%、0.02 ...

Investment Rating - The investment rating for the company is positioned in the middle to lower range of the AHP model, with scores of 1.70 and 1.92, corresponding to the 22.8% and 36.0% percentiles respectively [4][8]. Core Insights - The company, Tianfulong, is engaged in the production of differentiated and recycled polyester staple fibers, establishing a comprehensive product system that complements functionality [4][10]. - The company ranks among the top ten in domestic production capacity, with an annual capacity of 612,400 tons, and focuses on differentiated competition strategies in niche markets [4][18]. - Revenue and net profit are expected to grow rapidly from 2022 to 2024, with projected revenues of 2.576 billion, 3.336 billion, and 3.841 billion yuan, and net profits of 358 million, 431 million, and 454 million yuan respectively [4][23]. Summary by Sections AHP Score and Expected Allocation Ratio - Tianfulong's AHP score, after excluding liquidity premium factors, is 1.70, placing it in the 22.8% percentile of the non-innovation system AHP model [4][8]. Company Fundamentals Highlights - **Dual Fiber Drive and Full Chain Layout**: The company develops both recycled colored polyester staple fibers and differentiated composite fibers, creating a complementary product system [4][10]. - **Focus on Differentiated Competition in Niche Markets**: The company has a strong presence in the automotive interior sector, with significant sales contributions from this area [4][16]. - **Core Product Expansion and Continuous R&D**: The company is expanding its production of low-melting-point fibers and has initiated small-scale trials for high-elasticity low-melting-point fibers, targeting various applications [4][19][20]. Comparable Company Financial Metrics - **Revenue and Net Profit Growth**: The company is expected to achieve a compound annual growth rate of 22.12% and 12.57% for revenue and net profit respectively from 2022 to 2024, outperforming comparable companies [4][23]. - **Leading Gross and Net Margins**: The company maintains higher gross and net profit margins compared to peers, attributed to its unique production technology and product mix [4][27]. - **Cash Collection Ratio and Debt Levels**: The cash collection ratio is lower than the average of comparable companies, while the asset-liability ratio has been decreasing, indicating improved financial stability [4][30]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of 170,000 tons of low-melting-point polyester fibers and 10,000 tons of high-elasticity low-melting-point fibers, which will enhance its product offerings [4][34].