| 代码 | 874308 | 简称 | 科马材料 | | --- | --- | --- | --- | | 公司全称 | 浙江科马摩擦材料股份有限公司 | 受理日期 | 2024-06-27 | | 审核状态 | 提交注册 | 更新日期 | 2025-08-26 | | 保存机构 | 国投证券股份有限公司 | 保存代表人 | 王琰,杨肖璇 | | 会计师事务所 | 中汇会计师事务所(特殊普通合伙) | 签字会计师 | 黄蝉娟,马银杰 | | 律师事务所 | 北京市康达律师事务所 | 签字律师 | 曹子圆,楼建锋,张新明 | | 评估机构 | | 签字评估师 | | 瑞财经 王敏 8月26日，据北交所披露，浙江科马摩擦材料股份有限公司（以下简称"科马材料"）IPO提交注册，保荐机构为国投证券。从 过会到提交注册，耗时15天。 招股书显示，科马材料主营业务为干式摩擦片及湿式纸基摩擦片的研发、生产及销售，并致力于新型摩擦材料的开发应用。 | 项目 | 2024年12月31日 | 2023年12月3日 | 2022年12月31日 | | --- | --- | --- | --- | | | /2024年度 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 168% in H1 2025, with a gross profit margin increase of 6.6 percentage points to 49% [2] - The growth is attributed to the domestic substitution of wet paper-based friction plates and the dual benefits from the automotive industry's expansion, alongside successful overseas market penetration [2][3] - The company is expanding into new fields such as electronic control limited-slip differentials (ELSD), which are expected to drive substantial growth due to their application in electric vehicles [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 205 million yuan, net profit attributable to shareholders of 75 million yuan, and a non-recurring net profit of 69 million yuan, representing year-on-year increases of 68%, 168%, and 147% respectively [2] - In Q2 2025, revenue was 104 million yuan, with a net profit of 37 million yuan, showing year-on-year growth of 42% and 103% respectively [2] - The company’s revenue from the new energy vehicle sector reached 53.34 million yuan in H1 2025, a 113% increase year-on-year, contributing to 28% of total revenue [3] Growth Opportunities - The global market for electronic differentials is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, indicating a significant opportunity for the company's products [4] - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market position and growth potential [4] Earnings Forecast - The forecasted net profit for the company is 150 million yuan for 2025, 215 million yuan for 2026, and 323 million yuan for 2027, with corresponding P/E ratios of 37.99, 26.59, and 17.65 [4]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company maintains a leading position in the domestic market for wet paper-based friction plates, with significant growth potential in the ELSD (Electronic Limited Slip Differential) segment, which is expected to open up a market space worth billions [1][3] - In the first half of 2025, the company achieved a revenue of 205 million yuan, representing a year-on-year increase of 67.72%, and a net profit attributable to shareholders of 75.16 million yuan, up 167.81% year-on-year [1][2] - The company is expected to benefit from the acceleration of domestic substitution in the wet paper-based friction plate market and the introduction of new products in the ELSD segment, which could serve as a second growth curve [1][3] Financial Summary - For the first half of 2025, the company reported a gross margin of 49.01%, an increase of 6.60 percentage points compared to the first half of 2024 [1] - The company’s net profit forecasts for 2025-2027 are 141 million yuan, 201 million yuan, and 295 million yuan respectively, with corresponding EPS of 2.53 yuan, 3.61 yuan, and 5.28 yuan [1][4] - The projected P/E ratios for 2025, 2026, and 2027 are 40.5, 28.3, and 19.4 respectively, indicating a favorable valuation trend [1][4] Market Position and Growth Drivers - The company is the only domestic brand providing wet paper-based friction plates for passenger vehicles in bulk, benefiting from the growth in sales and market share of domestic brands [2] - The collaboration with Dong'an Qifa has led to significant increases in production and sales in the commercial vehicle sector, with year-on-year growth of 119.62% and 166.52% respectively in the first half of 2025 [2] - The global electronic differential market is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, with the company already securing positions in the supply chains of major domestic and international automotive manufacturers [3]

Group 1: Company Insights - The report initiates coverage on Mai Fushi (2556.HK) with a "Buy" rating, projecting a target market value of 18.65 billion RMB, indicating a 50% upside potential from current levels [2] - Mai Fushi's revenue is expected to grow significantly, with forecasts of 2.31 billion, 2.97 billion, and 3.82 billion RMB for 2025-2027, reflecting year-on-year growth rates of 48%, 29%, and 29% respectively [13] - The company has a strong execution capability, with an average revenue per employee of 997,000 RMB in 2024, indicating effective operational management [13] Group 2: Industry Trends - The report discusses the ongoing trend of "residential deposit migration," which is expected to accelerate as the equity market's fundamentals improve, with A-shares currently positioned favorably [12] - The report highlights that the equity market is likely to become the next destination for residential asset allocation, as the previous "stock-property seesaw" effect is no longer a constraint [15] - The report notes that by Q4 2025, the real risk-free interest rate for residents is expected to decline significantly, which will further drive the migration of deposits into the equity market [15] Group 3: Competitive Landscape - The competitive landscape for Mai Fushi is characterized by a focus on mid-to-large enterprises, which enhances customer retention and bargaining power [13] - The report emphasizes the differentiation of Mai Fushi's products compared to competitors like Weimeng and Youzan, particularly in terms of comprehensive service offerings and a full-link marketing approach [13] - The report indicates that the AI commercialization acceleration is a key catalyst for growth, with a notable increase in KA customer numbers and order sizes [13] Group 4: Market Performance - The report notes that the A-share market has shown signs of recovery, with a significant increase in the Shanghai Composite Index by 5.46% over the past month [1] - The report identifies sectors such as black home appliances and animal health as having strong recent performance, with respective increases of 12.36% and 47.87% over the past month [4] - Conversely, sectors like medical services and aviation equipment have underperformed, with declines of 10.77% and 21.91% over the same period [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 168% in the first half of 2025, driven by the trend of self-control and expansion into fields such as flying cars [5][8] - The demand growth in the motorcycle and all-terrain vehicle sectors is a key driver, with the motorcycle industry in China surpassing 10 million units in production and sales, achieving 10.61 million units (yoy +11.83%) [6] - The company is the only domestic enterprise capable of full-process self-production of wet paper-based friction plates for passenger car automatic transmissions, positioning itself as a core player in the import substitution of this field [5][6] Summary by Sections Market Performance - Closing price as of August 18, 2025, is 108.91 yuan, with a total market value of 6,080.28 million yuan and a circulating market value of 3,188.35 million yuan [3] Financial Performance - In the first half of 2025, the company achieved revenue of 205 million yuan (yoy +68%) and a net profit of 75.16 million yuan (yoy +168%) [7] - The company's operating cash flow net amount reached 84.49 million yuan (yoy +198%) [7] - The revenue from wet paper-based friction plates and dual plates reached 95.90 million yuan (yoy +66%) and 67.22 million yuan (yoy +71%), respectively [7] Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is 160 million, 225 million, and 323 million yuan, corresponding to P/E ratios of 38.1, 27.0, and 18.8 times [5][10] - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 63.26% for 2025 and 40.22% for 2026 [10][11] Business Strategy - The company has established deep ties with leading domestic brands such as BYD, SAIC Group, and Geely, continuously enhancing its core business capacity through fundraising projects [8]

2025 年 08 月 19 日 林泰新材 (920106) ——业绩符合预期，混动翻番，ELSD 有望实现纯电突破 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 18 日 | | | --- | --- | | 收盘价（元） | 108.91 | | 一年内最高/最低（元） | 153.30/52.70 | | 市净率 | 12.0 | | 股息率%（分红/股价） | 0.55 | | 流通 A 股市值（百万元） | 3,188 | | 上证指数/深证成指 3,728.03/11,835.57 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.10 | | 资产负债率% | 16.72 | | 总股本/流通 A 股（百万） | 56/29 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 林泰新材 沪深300指数 (收益率) 相关研究 《林泰新材（920106）深度：湿式 ...

Core Insights - The IPO market this week highlighted the acceptance of unprofitable companies, with Xi'an Yicai being the first unprofitable firm to pass the review for the Sci-Tech Innovation Board [2][4] - Various companies, including Wanjing Technology and Junsheng Electronics, are planning to list in Hong Kong, indicating a trend of seeking international capital to expand their businesses [2][3] Group 1: Approval Status - Zhejiang Kema Materials Co., Ltd. received approval for its IPO on the Beijing Stock Exchange, focusing on the development and production of friction materials [4] - Xi'an Yicai successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking a significant step for unprofitable companies in the capital market [4][5] - Dapeng Industrial's IPO was approved despite its net profit being below the commonly accepted threshold of 40 million yuan [6] Group 2: Newly Listed Companies - Jiangsu Zhonghui Biotechnology Co., Ltd. debuted on the Hong Kong Stock Exchange with a share price of 12.9 HKD, achieving a remarkable opening increase of 155.81% [7][8] - Guangdong Construction Science Research Institute Group Co., Ltd. successfully listed on the Growth Enterprise Market, raising approximately 6.87 billion yuan with a first-day closing price reflecting a 418.45% increase [10] - Zhejiang Zhigao Machinery Co., Ltd. listed on the Beijing Stock Exchange, with a closing price of 57.66 yuan per share, marking a 231.19% increase [11] - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. listed on the Hong Kong Stock Exchange, raising 6.35 billion HKD, with a first-day peak increase of 296.15% [12] Group 3: Companies Filing for IPO - Wanjing Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international business footprint [13] - Junsheng Electronics submitted its application for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed [14] - Hunan Junxin Environmental Protection Co., Ltd. aims to expand its financing channels through an IPO, focusing on sustainable development in the environmental sector [15] - Shenzhen Yuntianlfei Technology Co., Ltd. filed for an IPO, targeting the AI sector with a focus on computer vision and algorithm development [16] - Leshushi Ltd. is seeking to capitalize on the home comfort system market by filing for an IPO, aiming to integrate resources in the smart home sector [17] - Xinnengda submitted its IPO application, focusing on lithium battery solutions for consumer electronics and automotive sectors [18] Group 4: Market Dynamics - Wendo Li Sunshade Materials Co., Ltd. withdrew its IPO application after a lengthy review process, highlighting challenges in the market despite its accolades [20][21]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. has successfully passed the IPO review and will soon be listed on the Beijing Stock Exchange, aiming to raise 206 million RMB through the issuance of up to 20.92 million shares to fund technological upgrades and R&D projects [1] Group 1: Company Overview - Founded in 2002, Kema Material specializes in the research, production, and sales of friction materials, becoming a recognized "little giant" enterprise by the Ministry of Industry and Information Technology [3] - The company’s core product, dry clutch friction plates, holds a significant position in the domestic commercial vehicle market, with stable partnerships established with major manufacturers like FAW Jiefang and Dongfeng Motor [3] Group 2: Technological Strength - Kema Material has accumulated 75 authorized patents, including 12 invention patents, and has actively participated in drafting industry and national standards, showcasing its leading technological innovation capabilities [3] - The company’s technological advancements create a solid competitive barrier in the friction materials industry [3] Group 3: Business Diversification - In addition to its strengths in dry friction plates, Kema Material is expanding into wet paper-based friction plates, which are essential for automatic transmissions and have a low domestic supply ratio [4] - The shift towards domestic production in this sector presents significant growth opportunities for Kema Material, positioning the company favorably in future market competition [4] Group 4: Financial Performance - Kema Material has demonstrated steady revenue growth, with revenues of 202 million RMB, 199 million RMB, and 249 million RMB from 2022 to 2024, alongside net profits of approximately 36.95 million RMB, 44.27 million RMB, and 68.72 million RMB [5] - For the first half of 2025, the company expects revenues between 136 million RMB and 141 million RMB, reflecting a year-on-year growth of approximately 8.66% to 12.65%, with net profits projected to increase by 23.49% to 34.98% [5]

科马材料本次北交所IPO于2024年6月27日获交易所受理，反馈问询期间完成三轮审核问询答复，业绩合理性及真实性被连续追问。此外，公司创新性特 征、募投项目必要性及合理性问题在前两轮问询中受到重点关注。其中收入真实性及经营业绩稳定性问题在审议会议现场同样受到上市委关注。 汉鼎咨询在本篇结合申报材料、反馈问询期间监管科马材料的基本情况及监管重点关注事项进行梳理分析。 据北交所官网审核动态信息，8月11日，浙江科马摩擦材料股份有限公司（简称"科马材料"）IPO上会获审核通过，拟募资2.06亿元。 | 上会日期 教量 申报板块 公司简称 注册地 审核结果 在会时长 所属行业 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025-8-11 1 北交所 科马材料 浙江 通过 410 | 汽车制造业 | 20,616.80 | 7,103.41 | ■ 国投证券 | 上一中汇 康达 | 科马材料本次北交所IPO于2024年6月27日获交易所受理，反馈问询期间完成三轮审核问询答复，业绩合理性及真实性被连续追问。此外，公司创新性特 征、募投项目必要性及合理性问题在前 ...

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's growth and market potential [2]. Group 1: Company Overview - The company specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [4]. - Founded in November 2009 and transformed into a joint-stock company in March 2011, Kema has a total share capital of 62.76 million shares before the issuance [4]. - As of the end of 2024, the company employs a total of 474 people [4]. Group 2: Shareholding Structure - Kema Industrial holds 65.87% of the company's shares, making it the controlling shareholder [5]. - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who collectively control 84.40% of the total share capital [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 202.16 million yuan, 198.96 million yuan, and 249.03 million yuan, with net profits of 36.95 million yuan, 44.27 million yuan, and 68.72 million yuan respectively [6]. - As of December 31, 2024, total assets amounted to 628.07 million yuan, with total equity of 559.18 million yuan [7]. - The company achieved a gross profit margin of 47.39% in 2024, up from 41.48% in 2023 and 34.91% in 2022 [7]. Group 4: Key Inquiries from Review Meeting - Questions raised during the review meeting included the authenticity of revenue, the stability of operating performance, and the nature of financial transactions with related parties [8][9]. - The company was asked to clarify the reasons for its higher gross profit margin compared to industry peers and to provide insights into market demand and potential risks of performance decline [8].