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国风新材: 中水致远资产评估有限公司关于深圳证券交易所《关于安徽国风新材料股份有限公司发行股份购买资产并募集配套资金申请的审核问询函》中评估相关问题的回复(修订稿)
Zheng Quan Zhi Xing· 2025-08-21 17:00
Core Viewpoint - Anhui Guofeng New Materials Co., Ltd. is undergoing a significant asset acquisition and fundraising process, with a focus on functional coating composite materials, particularly in the electronic display sector, which is expected to see substantial revenue growth in the coming years [1][2]. Group 1: Transaction Evaluation - The valuation of the target assets is based on the income approach, with a total equity value of 1.213 billion yuan and an appreciation rate of 128.11% as of the evaluation base date [1]. - Revenue growth for the target assets is projected to be driven primarily by precision functional film materials, with expected revenues from 2025 to 2029 of 92 million yuan, 224 million yuan, 350 million yuan, 427 million yuan, and 463 million yuan, reflecting growth rates of 144.08%, 56.28%, and a continuous increase in gross margin [1][2]. - The optical protection film materials for electronic screens are expected to generate revenues of 770 million yuan, 774 million yuan, 776 million yuan, 778 million yuan, and 780 million yuan from 2025 to 2029, with a year-on-year growth of 22.66% in 2025 [1][2]. Group 2: Market Potential and Trends - The downstream application fields for functional coating composite materials include consumer electronics and new displays, characterized by rapid technological innovation and product launches [1]. - The global LCD panel market is projected to grow, with China's share expected to increase significantly, indicating a strong domestic demand for related materials [11][13]. - The OLED display market is also expanding rapidly, driven by increasing demand for high-end display technologies in smartphones and televisions, with a projected compound annual growth rate of 40.6% from 2023 to 2028 [15][19]. Group 3: Competitive Advantages - The company has established itself as a key supplier for major manufacturers like Samsung, indicating its products meet high-quality standards and have significant market acceptance [21][22]. - The company has developed a comprehensive supply chain and production capabilities, allowing for cost control and rapid response to market demands, which enhances its competitive position against both imported and domestic products [23][24]. - The company’s focus on R&D and technological advancements has enabled it to achieve performance levels that meet or exceed international standards, providing a strong foundation for future growth [21][24].