同宇新材上市在即，张驰团队千万赠金背后故事引关注

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. has officially registered, marking its entry into the capital market, despite facing challenges with declining profits and reliance on a limited customer base [1][2][4]. Company Overview - Established in 2015, Tongyu New Materials focuses on the research, production, and sales of electronic resins, primarily used in the manufacturing of copper-clad laminates [1]. - The company is led by Zhang Chi, a polymer PhD graduate from Sichuan University, who has received significant support from his mentor, Ji Zhonglin, who provided 12.4 million yuan to the founding team [1]. Financial Performance - The company has experienced two consecutive years of profit decline, attributed to falling product prices, capacity constraints, and losses from its wholly-owned subsidiary, Jiangxi Tongyu [2]. - In 2024, the company plans to raise 1.3 billion yuan through an IPO, with 1.2 billion yuan allocated for expanding production capacity to 200,000 tons of electronic resin [4]. Production and Inventory Management - In 2024, Tongyu New Materials reported a production capacity of 37,000 tons, with an actual output of 43,058.47 tons, resulting in a capacity utilization rate of 116.37% [5]. - The company's inventory surged to 95.3 million yuan in 2024, reflecting a 90% year-on-year increase, indicating challenges in inventory management alongside capacity expansion [5][6]. Market Position and Challenges - The company faces a significant market gap for high-performance electronic resins in China, which presents growth opportunities, but also raises concerns about market volatility and competition [4]. - The reliance on a network of familiar customers and suppliers poses risks to the company's bargaining power and risk management capabilities [2].