Company Overview - Guchi Down Material Co., Ltd. (stock code: 001390.SZ) was listed on the Shenzhen Stock Exchange on May 29, 2023, with an opening price of 30.00 yuan and a closing price of 32.00 yuan, resulting in a price increase of 164.90% and a total market capitalization of 6.4 billion yuan [1] Business Focus - The company specializes in the research, production, and sales of high-specification down products, primarily focusing on goose down and duck down, which are used in clothing and bedding products [2] Shareholding Structure - The controlling shareholder, Xie Yucheng, holds 70.374 million shares, accounting for 46.92% of the total shares. His daughter, Xie Wei, holds 1 million shares, representing 0.67%. Together, they control 47.58% of the company [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 667.16 million yuan, 830.38 million yuan, and 966.73 million yuan, respectively. The net profit attributable to shareholders for the same years is expected to be 97.01 million yuan, 121.78 million yuan, and 168.19 million yuan [8][9] - The company reported a significant increase in net cash flow from operating activities in 2024, with a net cash flow of 13.24 million yuan, compared to a negative cash flow of 554.95 thousand yuan in 2023 [9] Gross Margin Analysis - The gross margins for the company's main products during the reporting period were 18.05%, 19.83%, and 23.03%. The gross margin for white goose down was 34.27%, 22.91%, and 32.49%, while the margins for white duck down and gray duck down showed significant fluctuations, including negative margins in 2020 [3] Fundraising and Investment Plans - The company issued 50 million shares at a price of 12.08 yuan per share, raising a total of 604 million yuan, with a net amount of approximately 534.78 million yuan after expenses. The funds will be used for a functional down production project, upgrading the technology and R&D center, and supplementing working capital [5][7] Future Projections - For the first half of 2025, the company expects revenue between 520 million yuan and 580 million yuan, with net profit projections ranging from 98 million yuan to 107 million yuan [11][13]
古麒绒材上市募6亿首日涨165% 现金流走势不同步净利