国亮新材IPO：巨额应收账款压顶 业绩增速遭遇“过山车行情”

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. is facing significant challenges in its IPO process, including volatile performance, high accounts receivable, and declining gross margins, which have drawn market attention [1][3]. Company Overview - Hebei Guoliang New Materials Co., Ltd. was established in 2002 and specializes in high-temperature industrial refractory materials, providing comprehensive solutions and products [3]. - The company aims to raise 301 million yuan through its IPO to fund technology upgrades, capacity expansion, research center construction, and working capital [3]. Financial Performance - From 2021 to 2023, the company's revenue increased from 853 million yuan to 984 million yuan, while the net profit rose from 13 million yuan to 80 million yuan due to favorable policies in the steel industry and customer inventory replenishment [3]. - However, in 2024, the company experienced a significant downturn, with revenue declining by 8.09% to 905 million yuan and net profit decreasing by 15.31% to 71 million yuan [3][4]. Market Conditions - The decline in demand from the downstream steel industry and the ongoing adjustment in the real estate sector have led to a shrinking market for refractory materials [4]. - Some customers of Guoliang New Materials have ceased operations due to capacity replacement or contract expirations, resulting in a sharp drop in revenue and profit [4]. Financial Risks - The company's gross margin fell from 24.15% in 2023 to 18.99%, a decrease of 6.06 percentage points, indicating ongoing pressure on profitability [4]. - Accounts receivable have remained high, with balances of 477 million yuan, 515 million yuan, and 516 million yuan from 2022 to 2024, each accounting for over 50% of revenue [4]. - The company is also facing issues such as declining capacity utilization, long customer payment terms leading to insufficient bad debt provisions, and multiple administrative penalties revealing internal control flaws [4].