天富龙冲击沪主板，来自涤纶纤维行业，毛利率逐年下滑

Core Viewpoint - Tianfulong Group is set to undergo its IPO review on April 23, 2025, with a focus on differentiated composite fibers and recycled colored polyester short fibers, catering to various sectors including automotive interiors and home textiles [1][4]. Company Overview - Tianfulong Group, headquartered in Yangzhou, Jiangsu, specializes in the production of raw materials for the textile industry, particularly in differentiated polyester short fibers [4]. - The company was established in 2009 and underwent a significant acquisition in 2020, leading to its transformation into a joint-stock company in 2021 [4]. - As of the end of 2024, Tianfulong employs 2,231 individuals, with nearly 80% in production roles [4]. Shareholding Structure - The actual controllers, Zhu Daqing and Chen Hui, hold 79.3% of the shares, with a combined voting power of 93.9% through an agreement with Zhu Xingrong [4][3]. Product Focus and Revenue Composition - Tianfulong's main products include differentiated composite fibers, with low melting point short fibers contributing 60.76% of revenue in 2024, followed by recycled colored polyester short fibers at 31.06% [9][10]. - The automotive interior sector is a significant market for Tianfulong, with sales in this area accounting for 31.47% to 36.55% of total revenue from 2022 to 2024 [11]. Financial Performance - The company's revenue has shown growth, with figures of approximately 2.576 billion, 3.336 billion, and 3.841 billion yuan for 2022, 2023, and 2024 respectively [19]. - Tianfulong's net profit for the same years was approximately 358 million, 431 million, and 454 million yuan [19]. - The company anticipates a revenue of approximately 820 million to 906 million yuan for Q1 2025, reflecting a year-on-year growth of 2.25% to 13.01% [19]. Market Position and Competition - Tianfulong ranks second in the domestic market for recycled polyester short fibers and ninth in the primary polyester short fiber sector [25]. - The company has maintained a leading position in the automotive interior market for its colored polyester short fibers and low melting point short fibers from 2021 to 2023 [25]. Production and Capacity Expansion - Tianfulong plans to raise approximately 790 million yuan through its IPO to expand production capacity, including projects for low melting point polyester fibers and a research center [26][27]. - The new projects are expected to add 180,000 tons per year of differentiated polyester short fiber capacity [26]. Industry Context - The polyester fiber industry in China is highly concentrated, with the top four companies accounting for about 43% of the market as of the end of 2023 [25]. - The demand for polyester short fibers is increasing, leading to intensified competition among major manufacturers [25].