根据市场公开信息及7月25日披露的机构调研信息，知名私募正圆投资近期对1家上市公司进行了调研， 相关名单如下： 1）斯瑞新材 （广东正圆投资参与公司特定对象调研&现场参观&现场） 调研纪要：斯瑞新材在中高压电接触材料、盾构机配套产品、液体火箭发动机推力室、医疗CT领域及 光模块芯片基座等多个领域展开布局。中高压电接触材料主要用于电力行业中高压开关领域，公司研发 高电压等级真空开关用触头材料，产品国内市场占有率超过60%。盾构机配套产品方面，公司为超大直 径盾构机主轴承研制高强度全铜保持架，但该业务收入占比较低。液体火箭发动机推力室项目预计年产 200吨锻件等，已提交证监会注册，正稳步推进。医疗CT领域，公司与西门子医疗、万睿视、联影医疗 等合作。光模块芯片基座领域，公司启动年产2,000万套光模块芯片基座/壳体材料项目，研发低成本批 量生产金刚石铜工艺。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优质产 ...

Core Viewpoint - Srey New Materials (688102.SH) announced that it received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Fundraising Details - The total amount to be raised from the issuance of A-shares is not to exceed 60 million yuan, which will be allocated to projects including liquid rocket engine thrust chamber materials, the construction of Srey New Materials Technology Industrial Park, and to supplement working capital [1][5] - The breakdown of the investment includes 23 million yuan for the first phase of the liquid rocket engine thrust chamber materials project, 40 million yuan for the construction of the technology industrial park, and 6 million yuan for working capital [2] Issuance Structure - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors [2] - The shares will be ordinary A-shares with a par value of 1 yuan each, and the issuance will be conducted through a pricing inquiry method [3] - The number of shares issued will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 218,201,367 shares [3][5] Shareholder Structure - Following the issuance, the company's total share capital will increase, leading to changes in the shareholder structure, but the actual control of the company will remain unchanged with Wang Wenbin as the controlling shareholder [4][5] - As of the date of the fundraising prospectus, Wang Wenbin holds 40.38% of the company's total shares [4]

Core Viewpoint - The report outlines the continuous sponsorship and supervision activities conducted by Guotai Junan Securities for Shaanxi Sry New Materials Co., Ltd. following its IPO, emphasizing compliance with regulations and the company's operational performance. Group 1: Continuous Supervision Activities - The company issued 40.01 million shares at a price of RMB 10.48 per share, raising a total of RMB 419.30 million, with a net amount of RMB 356.91 million after deducting issuance costs [1]. - Guotai Junan Securities has been appointed as the continuous sponsor from March 16, 2022, to December 31, 2025, conducting regular communications, site inspections, and due diligence [1][2]. - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [1][2]. Group 2: Information Disclosure and Compliance - The sponsor reviewed the company's information disclosure documents, ensuring compliance with relevant regulations and confirming that disclosures were accurate and timely [9]. - During the supervision period, the company and its major stakeholders did not fail to fulfill any commitments [2][6]. - The company has been advised to maintain transparency and avoid concealing important information [1][2]. Group 3: Financial Performance and Key Indicators - The company's revenue for 2024 is reported at approximately RMB 1.33 billion, reflecting a 12.73% increase from the previous year [20]. - The net profit attributable to shareholders increased by 26.88%, driven by revenue growth and improved sales structure [22]. - The company's total assets reached approximately RMB 2.13 billion, marking a 24.39% increase compared to the previous year [20]. Group 4: Research and Development - The company invested RMB 68.83 million in R&D, representing 5.18% of its revenue, which is an increase from 5.04% in the previous year [22]. - The company has developed new products and technologies, including high-performance copper alloys for liquid rocket engines and components [22][24]. - The R&D team, led by nine core technical personnel, has established partnerships with aerospace institutions to enhance technological capabilities [11][22]. Group 5: Market Risks and Challenges - The company faces risks related to technological advancements in the new materials industry, which require continuous R&D investment to maintain competitive advantages [10][17]. - Potential market disruptions may arise from the introduction of new materials and technologies that could replace existing products [17][18]. - The company is also exposed to risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs [14][16].

Core Viewpoint - Shaanxi Sray New Materials Co., Ltd. is undergoing a stock issuance to specific targets, with a total fundraising amount not exceeding 600 million yuan, aimed at financing various projects including the construction of a technology industrial park and the development of materials for liquid rocket engines [1][2]. Group 1: Fundraising and Project Details - The total amount to be raised is capped at 600 million yuan, with net proceeds allocated to projects such as the construction of a technology industrial park and the development of medical imaging equipment [2][3]. - The fundraising will cover both capital and non-capital expenditures, with 27.23% of the total funds earmarked for non-capital expenses, including working capital and contingency funds [3][4]. - The liquid rocket engine thrust chamber materials project is set to receive an investment of 510 million yuan, while the technology industrial park project will receive 820 million yuan [1][2]. Group 2: Project Investment Breakdown - The investment for the liquid rocket engine thrust chamber materials project is 230 million yuan, with 200 million yuan sourced from the fundraising [3][4]. - The project will involve the acquisition of 102 pieces of equipment, including precision machining and welding equipment, with a total estimated cost of approximately 199.27 million yuan [3][5]. - The construction of the factory will include modifications such as wall partitions and insulation, with total construction costs estimated at 4.45 million yuan [4][6]. Group 3: Cost Estimation and Fairness - The cost estimates for equipment purchases and construction are based on multiple supplier quotes and historical procurement prices, ensuring fairness in the financial assessments [5][6]. - Specific equipment costs include a high-precision CNC lathe priced at 240,000 yuan and an automatic processing line at 1.2 million yuan, reflecting the current market conditions and historical pricing trends [5][6]. - The company emphasizes that the equipment specifications for the new projects exceed those of existing equipment, justifying the higher costs associated with the new investments [8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].