Semir(SZ:002563) Zhi Tong Cai Jing·2025-05-18 22:45Core Viewpoint - Guki Down Material (001390.SZ) has initiated its subscription with an issue price of 12.08 CNY per share and a price-to-earnings ratio of 14.65 times, focusing on high-end down products for clothing and bedding applications [1] Business Overview - The company specializes in the research, production, and sales of high-specification down products, primarily goose and duck down, targeting the mid-to-high-end market [1] - Guki Down Material has established partnerships with notable clients such as Hailan Home, Semir Apparel, and Luolai Life [1] Production Capacity and Utilization - The company's production capacity for 2022 was 1,144 million units, with a production volume of 757.15 million units and a sales volume of 743.90 million units, resulting in a capacity utilization rate of 66.18% [2] - The capacity utilization rates for previous years were 76.70% in 2021, 87.09% in 2020, and 87.39% in 2019, indicating a downward trend in utilization [2] Financial Performance - The company reported revenues of approximately 4.59 billion CNY in 2019, 4.44 billion CNY in 2020, and 5.96 billion CNY in 2021, with net profits of 358.15 million CNY, 539.93 million CNY, and 768.12 million CNY respectively [2] - For the first half of 2022, the company achieved a revenue of 25.88 million CNY and a net profit of 2.77 million CNY [5] Cash Flow Analysis - The net cash flow from operating activities was negative in several periods, with figures of -25.86 million CNY, -47.75 million CNY, 29.91 million CNY, and -47.73 million CNY [6] - The company faces challenges with long accounts receivable cycles from downstream customers, which has led to significant working capital constraints [7]