新股覆盖研究：信凯科技

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [26]. Core Insights - The company, Xinkai Technology, primarily engages in the development, sales, and service of organic pigments and other coloring agents, boasting over 450 specifications of pigment products [6][11]. - The company has established itself as a core supplier in the global organic pigment market, maintaining the top position in China's organic pigment export industry for several consecutive years [16][18]. - The company has a well-developed global sales and service network, with subsidiaries in countries such as the Netherlands, the USA, Australia, Canada, Turkey, India, and the UK, covering over 70 countries and regions [6][16]. - The company has completed 89 REACH registrations for organic pigments and related chemicals, making it a leader in this regard within the domestic industry [6][18]. - The company anticipates a significant increase in revenue and net profit for the first quarter of 2025, with projected growth rates of 6.94% and 13.26%, respectively [7][22]. Financial Performance - The company achieved revenues of 1.192 billion yuan, 1.068 billion yuan, and 1.417 billion yuan for the years 2022, 2023, and 2024, with year-over-year growth rates of -1.10%, -10.37%, and 32.55% respectively [4][7]. - The net profit attributable to the parent company for the same years was 88 million yuan, 88 million yuan, and 111 million yuan, with year-over-year growth rates of -1.54%, 0.47%, and 26.31% respectively [4][7]. - The company’s revenue structure is stable, with azo pigments accounting for 65.78% of total revenue in the first half of 2024 [7]. Industry Overview - The global organic pigment industry has maintained stable development, with annual demand and production levels around 400,000 to 500,000 tons [12]. - In China, the organic pigment market has shown steady growth, with production levels remaining between 210,000 to 250,000 tons from 2013 to 2020 [12]. - The main applications for organic pigments include inks, coatings, and plastics, with inks being the largest segment, accounting for approximately 40%-50% of total consumption [14]. Competitive Positioning - Compared to peer companies, Xinkai Technology's revenue and gross margin are below the industry average, with peer companies showing an average revenue of 1.341 billion yuan and an average PE-TTM of 42.48X for 2023 [22][23]. - The company is expected to benefit from new production capacities coming online in 2024, which will enhance supply stability and reduce reliance on external sourcing [19]. Investment Projects - The company plans to invest in a research and development center and headquarters construction project, aimed at enhancing its competitive edge in the organic pigment industry [20][21].