CATL(SZ:300750) Quan Jing Wang·2025-06-12 06:02Core Viewpoint - Zhejiang Xinhengtai New Materials Co., Ltd. has received IPO acceptance from the Beijing Stock Exchange, focusing on the research, manufacturing, and sales of functional polymer foam materials [1] Company Overview - Xinhengtai specializes in functional polymer foam materials, with main products including PEFoam, IXPE, and MPP, and has established itself as a strong supplier in China with good product quality and brand reputation [1] - The company has developed efficient preparation technologies for a range of foam materials and has set up production lines in Vietnam and Thailand to expand its production capacity [2] Product Applications - Xinhengtai's products are utilized by well-known flooring manufacturers such as Aili Home, Haixiang New Materials, and Cainafu [2] - In the MPP sector, the company holds a leading market share in the new energy battery cushioning market and 5G microwave antenna market, with applications in products from major brands like CATL, BYD, and Huawei [2] Recognition and Achievements - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise and has received multiple honors, including the Zhejiang Province Manufacturing Single Champion Cultivation Enterprise for 2024 [3] - Xinhengtai has established several research and development centers and has participated in drafting industry standards, holding 53 patents, including 21 invention patents [3] Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported as 530.01 million yuan, 679.27 million yuan, and 774.22 million yuan, respectively, with net profits of 45.00 million yuan, 100.96 million yuan, and 91.76 million yuan [4] - The company aims to expand its applications into aerospace, semiconductors, biomedicine, and high-end equipment through its fundraising projects [4] Market Outlook - The Chinese polyethylene foam market is projected to grow from 1.976 billion USD in 2023 to 3.4 billion USD by 2028, with a compound annual growth rate of 9.04% from 2018 to 2023 [4] - The upcoming projects will address existing capacity bottlenecks, enhance market competitiveness, and promote green development [5]