锦华新材IPO：拳头产品毛利率“上蹿下跳”，关联采购价格低于市场价有失公允

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") is facing scrutiny regarding its financial performance and operational independence as it prepares for its IPO on the Beijing Stock Exchange, with concerns about the sustainability of its earnings and the nature of its related party transactions [2][12]. Financial Performance - Jinhua New Materials reported fluctuating revenues from 2021 to 2024, with revenues of 11.53 billion, 9.94 billion, 11.15 billion, and 12.39 billion respectively, and net profits of 2.45 billion, 0.78 billion, 1.73 billion, and 2.06 billion, indicating a significant drop in 2022 [3][4]. - The company's core products, silane crosslinking agents and hydroxylamine salts, accounted for over 80% of its main business revenue during this period, with silane crosslinking agents alone contributing more than 50% each year [3][4]. - In 2022, the sales price of silane crosslinking agents dropped by 35.41% to 19,700 yuan per ton, leading to a 32.47% decline in sales revenue despite a 4.29% increase in sales volume [6][7]. Market Dynamics - The silane crosslinking agent market is characterized by cyclical demand, heavily influenced by the construction and building materials sector, which is currently experiencing low demand [11]. - The gross profit margin for silane crosslinking agents has shown significant volatility, with margins of 16.21%, 28.45%, and 22.77% from 2022 to 2024, raising concerns about the company's future profitability [7][11]. Related Party Transactions - Jinhua New Materials' largest supplier is Juhua Group, which holds 82.49% of its shares, leading to significant related party transactions that raise questions about the fairness and independence of these dealings [14][15]. - The company has been criticized for purchasing raw materials at prices significantly lower than market rates, suggesting potential preferential treatment that could distort financial performance [15][16]. - The largest customer, Qizhou Silica Chemical Co., Ltd., is also linked to the company's shareholders, further complicating the independence of Jinhua New Materials' operations and raising concerns about the authenticity of its financial results [19][20].