打破国外技术垄断 绝缘纤维材料“小巨人”今日申购丨打新早知道

Core Viewpoint - The company Guangxin Technology (920037.BJ) is set to launch an IPO on June 17, focusing on the manufacturing of insulation fiber materials and related products, with significant growth potential in various sectors including power transmission and new energy [1][7]. Company Overview - Guangxin Technology specializes in insulation fiber materials and their molded products, primarily used in power transmission systems, electrified railways, and military equipment [7]. - The company is one of the few in China capable of producing insulation fiber materials for ultra/high voltage levels (750kV and above) and has broken foreign technology monopolies in this field since 2009 [7]. - It is recognized as a "national-level specialized and innovative small giant" enterprise, with several provincial research and technology platforms [7]. Financial Performance - The company reported revenues of 304 million yuan, 420 million yuan, and 578 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 14.72 million yuan, 49.4 million yuan, and 116 million yuan [8]. - Research and development expenditures were 12.06 million yuan, 15.18 million yuan, and 15.47 million yuan for the same years, representing 3.97%, 3.62%, and 2.68% of total revenues [8]. Market Position - Guangxin Technology has established long-term partnerships with leading transformer manufacturers, becoming a core supplier of insulation materials [8]. - The company faces challenges regarding raw material costs, which constitute approximately 60% of production costs, and has limited bargaining power due to its customer base [9]. Fundraising and Investment Plans - The IPO aims to raise funds for expanding production capacity in electrical insulation materials (1.3 billion yuan), building a research center (400 million yuan), and supplementing working capital (300 million yuan) [6].