中策橡胶IPO：父女为实控人、短债压力大、还分红28亿元

Core Viewpoint - Zhongce Rubber Group Co., Ltd. (Zhongce Rubber) successfully passed its IPO review on February 13, with the registration approval granted on February 28, and the subscription date set for May 23. The company is one of the largest tire manufacturers in China and abroad, with a diverse range of well-known brands [1][3]. Company Overview - Zhongce Rubber primarily engages in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, and bias tires. The company holds multiple domestic and international brands such as "Chaoyang," "Haoyun," and "Westlake" [1]. - The actual controllers of Zhongce Rubber, Qiu Jianping and Qiu Fei, hold a combined shareholding of approximately 47%, raising concerns about potential improper control [1][6]. Shareholding Structure - The company was established in June 1992 as a joint venture and transitioned to a joint-stock company in October 2021. The top four shareholders are Zhongce Haichao, Hangzhou Shiji, Hangzhou Jintou, and Tongcheng New Materials, with shareholding ratios of 41.08%, 25%, 15%, and 8.92%, respectively [3][6]. - The actual controllers, Qiu Jianping and Qiu Fei, control 46.95% of the shares, with Qiu Jianping also holding significant positions in other companies [3][6]. Financial Performance - Zhongce Rubber's revenue has shown steady growth, with figures of 318.89 billion, 352.52 billion, and 392.55 billion from 2022 to 2024. The net profit for the same period was 12.25 billion, 26.38 billion, and 37.87 billion, respectively [18]. - The company has maintained a high level of accounts receivable and inventory, with accounts receivable reaching 60.35 billion by 2024, reflecting a growth rate of 28.78%, which outpaces revenue growth [19][21]. IPO Fundraising and Project Allocation - The IPO aims to raise 48.5 billion, with funds allocated for several projects, including a high-performance tire digital factory and production line upgrades. The largest allocation is 17 billion for the digital factory project [9][10]. - The company has canceled a previously planned 28.5 billion for supplementary working capital, indicating a shift in financial strategy [9][13]. Dividend Policy - Zhongce Rubber has distributed a total of 28 billion in dividends over four years, with the actual controllers benefiting significantly from this distribution [14][16]. - Despite the substantial dividends, the company faces short-term debt pressures, with short-term borrowings and non-current liabilities totaling 85.2 billion, exceeding its cash reserves [15][16]. Research and Development - The company's R&D expenses have shown a declining trend, with rates of 3.94%, 3.97%, and 3.75% over the past three years, although still above the industry average [23][24]. - In contrast, sales expenses have been higher than the industry average, indicating a significant investment in marketing and sales efforts [23][24].