新股分析 2025 年 12 月 08 日 锡华科技:风电齿轮铸件优 绑定龙头客户二十余载 注册制新股纵览 20251208 本期投资提示: 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 陈榕杰 (8621)23297818× chenrj@swsresearch.com 由万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 剔除流动性溢价因素后，锡华科技 2.34 分，位于总分的 31.8%分位。锡华科技于 2025 年 12 月 4 日招股,将在主板上市。剔除、考虑流动性溢价因素后,我们测算锡华科技 AHP 得分分别为 2.34 分、2.13 分，分别位于非科创体系 AHP 模型总分的 31.8%、38.0%分位, 分别处于上游偏下、中游偏上水平。假设以 95%入围率计，中性预期情形下，锡华科技网 下 A、B 两类配售对象的配售比例分别是：0.0170%、0.0147%。 ...

策 略 研 究 2025 年 12 月 08 日 天溯计量：计量校准为基，电池检测打开增长极 ——注册制新股纵览 20251208 投资提示： - 证 券 研 究 报 告 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 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 申 购 策 略 相关研究 ⚫ AHP 得分：剔除流动性溢价因素后，天溯计量 2.09 分，位于总分的 28.2%分位。天溯计量 于 2025 年 12 月 4 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测算天 溯计量 AHP 得分分别为 2.09 分、2.71 分，分别位于非科创体系 AHP 模型总分的 28.2 ...

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.57, which places it in the 21.1% percentile of the non-innovation system AHP model [2][5][6]. Core Insights - The company, Aifenda, is a leading ODM manufacturer of bathroom towel racks, with over 90% of its revenue coming from exports. It has a significant production capacity of over 2 million towel racks annually and is a major supplier in the European heating market [2][7]. - Aifenda has been expanding its sales channels in North America and Eastern Europe since the second half of 2021, successfully partnering with major retailers like Costco and Walmart, which positions it well for future growth [2][8]. - The company is focusing on high-end product innovation, including smart towel racks and energy-efficient designs, to capture the growing domestic market, which is still in its early stages of development [2][14]. Summary by Sections AHP Score and Expected Allocation Ratio - Aifenda's AHP score, adjusted for liquidity premium factors, is 1.57, indicating a position in the lower midstream level of the market. The expected allocation ratios for offline investors are 0.0247% for Class A and 0.0220% for Class B under neutral conditions [5][6]. Fundamental Highlights and Features - Aifenda's primary business includes ODM products for heating and home appliances, with a strong focus on exports. The company has established long-term relationships with notable European clients, ensuring a solid foundation for growth [2][7]. - The company plans to increase its production capacity through new projects, adding 1 million towel racks and 3 million temperature control valves, which will help alleviate current capacity constraints and drive revenue growth [8][26]. Comparable Company Financial Metrics - Aifenda's revenue for 2022-2024 is projected to grow from 7.62 billion to 10.50 billion CNY, with a CAGR of 17.36%. The net profit is also on an upward trend, with a CAGR of 12.55% during the same period [16][18]. - The gross margin is expected to improve, reaching 27.34% in 2024, aligning with comparable companies due to lower raw material costs and increased production efficiency [18][19]. Fundraising Projects and Development Vision - The company plans to raise funds through an IPO to support the construction of automated production lines and enhance its operational capabilities. The expected internal rate of return for these projects is between 16.26% and 17.82% [26][27].

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].