20240218-开源证券-戈碧迦-835438.NQ-北交所新股申购报告_光学玻璃_小巨人_国内市场占有率排名第三_22页_1mb

Company Overview

GoBiCa (835438BJ) is a国家级专精特新 "小巨人" enterprise specializing in optical glass and special function glass R&D. It holds market leadership in optical glass in China, ranking third domestically, and operates in key areas such as surveillance, automotive, and consumer electronics.

Key Products and Applications

Products include optical glass and special function glass, categorized into types like冕牌, 火石, and纳米微晶 glass for various uses, including high-demand applications in smartphones, VR/AR devices, and industrial sectors.

Financial Highlights

For 2022, revenues reached 4.29 billion yuan and net profits 459.8 million yuan, with a gross margin of over 25%. The company shows strong profitability and growth in specialty glass revenue.

Industry and Market Analysis

The optical glass market in China is the largest globally, valued at over 36 billion yuan in 2022. Downstream demand is driven by applications in surveillance (expected 8 billion units by 2025), smartphones (family growth up to 2027), projection, and emerging fields like autonomous driving.

Technological Innovation and Investment

The company has developed over 100 optical glass grades and 66 patents. Its 6-line expansion project aims to increase annual capacity by 1632 tons, expected to boost net profit. R&D focus includes advanced glass materials and R&D centers.

Valuation and Risks

Based on peer comparison, the enterprise valuation suggests high PE ratios (median ~65x). Notable risks include raw material price volatility and potential markets, though the company's technological edge offers growth potential.