证券研究报告·北交所公司点评报告·其他塑料制品制 太湖远大（920118） 2025 中报点评：Q2 业绩环比高增 252%，募 投超高压线缆料逐步量产 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,524 | 1,594 | 1,725 | 1,909 | 2,139 | | 同比 | 9.43 | 4.64 | 8.23 | 10.64 | 12.05 | | 归母净利润（百万元） | 77.46 | 70.51 | 73.71 | 83.63 | 96.75 | | 同比 | 26.79 | (8.97) | 4.53 | 13.46 | 15.69 | | EPS-最新摊薄（元/股） | 1.52 | 1.39 | 1.45 | 1.64 | 1.90 | | P/E（现价&最新摊薄） | 18.00 | 19.77 | 18.91 | 16.67 | 14.41 | [Table_Tag] [Ta ...

8月13日，可申购北交所的能之光（920056.BJ）。该公司是一家从事高分子助剂及功能高分子材料的研 发、生产和销售，为客户提供不同性质材料间相容或粘合所需的高分子材料及解决方案的高新技术企 业，同时也是国家级专精特新"小巨人"企业。 | 今日申购 | | | | | --- | --- | --- | --- | | 920056.BJ 能之光 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 7.21 | | 4.66 | 其他塑料制品制造 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 11.28 | 23.01 | 鹿山新材 | 484.68 | | 业绩情况 | | | | | 7.0 | | | 150% | | 6.0 5.0 | | | 100% | | 4.0 | | | 50% | | 3.0 | | | 0% | | 2.0 1.0 | | | -50% | | 0.0 | | | -100% | | 2021年 | 2022年 | 2023年 | 2024年 | | 归母浄利润（亿元） | | ** ...

Core Viewpoint - The company Nengzhiguang (920056.BJ) is set to be publicly offered on the Beijing Stock Exchange, focusing on the research, production, and sales of polymer additives and functional polymer materials, and is recognized as a national-level specialized and innovative "little giant" enterprise [1][2]. Group 1: Company Overview - Nengzhiguang specializes in high polymer additives and functional polymer materials, providing solutions for compatibility and adhesion between different types of materials [1][2]. - The company operates primarily in the other plastic products manufacturing industry, with a market capitalization of 4.66 billion yuan and an issuance price of 7.21 yuan per share [2]. - The company’s main revenue source is polymer additives, which accounted for 94.21% of its total revenue in 2024, with projected revenues of 5.75 billion yuan from polymer additives and 0.28 billion yuan from functional polymer materials [3]. Group 2: Financial Performance - Nengzhiguang's net profit for the years 2020 to 2024 (in million yuan) is projected to be 21.46, 17.80, 15.80, 43.18, and 50.80 respectively, indicating significant fluctuations in performance [4]. - The company experienced a decline in net profit in 2021 and 2022 due to rising raw material prices and increased manufacturing costs, but anticipates recovery in 2023 and 2024 as raw material prices decrease and operational efficiencies improve [4]. Group 3: Client Base and Market Position - Nengzhiguang has a diverse client base, including well-known domestic companies such as Jinfakeji and Pulite, as well as global leaders like LG and BASF, with the top five clients contributing approximately 20% to total sales [3]. - The company employs a direct sales model, primarily serving production clients, and maintains a certain level of inventory based on sales forecasts and historical data [3].