SHIHUA(SH:688093) Mei Ri Jing Ji Xin Wen·2025-05-08 18:09Core Viewpoint - Shihua Technology plans to raise 600 million yuan through a directed issuance to expand its optical display film materials production, with a total project investment of 740 million yuan, aiming for significant revenue growth in a rapidly expanding market [1][2]. Group 1: Fundraising and Project Details - The "Optical Display Film Material Expansion Project" will add production capacity for high-performance optical materials, including polarizer protective films and OLED process protective films [2]. - The project is expected to generate an average annual revenue of 1.392 billion yuan, with a post-tax internal rate of return of 15.13% and a payback period of 8.79 years [1]. - The company anticipates a funding gap of 1.457 billion yuan over the next three years, justifying the necessity of the 600 million yuan fundraising [2][3]. Group 2: Financial Performance and Market Position - From 2022 to 2024, revenue from high-performance optical materials surged from 19.46 million yuan to 218 million yuan, with a revenue share increase from 4.21% to 27.48% [4]. - Despite rapid revenue growth, the overall gross margin has declined from 60.20% in 2022 to 56.26% in 2024, primarily due to changes in revenue structure as high-margin functional electronic materials' share decreased [4][5]. - The company maintains a competitive gross margin compared to peers, with functional electronic materials gross margin significantly higher than competitors, although the shift towards lower-margin optical materials may pressure overall margins [5].