20251115-开源证券-精创电气-920035.BJ-北交所新股申购报告_精创电气_冷链智能控制隐形冠军_乘物联东风拓全球蓝海_36页_2mb

The report analyzes 精创电气 (920035.BJ), a leader in cold chain intelligent control and monitoring solutions. Key highlights include steady financial performance with revenue growing from RMB 39,633.69 million in 2022 to RMB 49,879.96 million in 2024, and net profit from RMB 4,874.10 million to RMB 5,891.21 million. Core products (e.g., cold chain controllers) drive over 90% of revenue, with high gross margins (avg 45.48%). International presence is expanding, with overseas revenue占比 rising to 54.34% in 2024. The company benefits from a growing market, such as cold chain monitoring reaching US$36.03 billion by 2030, supported by policies and technology adoption. As a国家级专精特新“小巨人”, it holds market leadership in China, with strong R&D (6.58% R&D expense in 2024) and over 200 patents. Valuation shows an average PE (TTM) of 53.8x, reflecting growth potential but higher than peers. Risks include currency fluctuations, raw material price changes, and potential margin pressure.