美股新股前瞻|尼龙长丝制造商佳美新材：业绩稳健增长，锚定行业转型升级机遇

Core Viewpoint - The recent IPO application by Fujian Jiayi Chemical Fiber Co., Ltd. (referred to as "Jia Mei New Material") highlights the ongoing trend of Chinese companies seeking to list in the U.S. despite global market volatility, aiming to enhance their corporate value through capital markets [1]. Company Overview - Jia Mei New Material, established in 1999, specializes in the production of customized nylon filament products, focusing on multifunctional, eco-friendly, and non-standard customized elastic nylon materials [1]. - The company has expanded its sales network internationally, exporting products to various textile markets including the U.S., Italy, Canada, and several others since 2016 [2]. Financial Performance - As of March 31, 2025, Jia Mei New Material reported revenues of 94 million yuan and 115 million yuan for the fiscal years ending March 31, 2023, and March 31, 2025, respectively, reflecting a year-on-year growth of 22.34% [3]. - The net profit for the same periods was 5.876 million yuan and 8.379 million yuan, showing a year-on-year increase of 42.6% [3]. - The revenue from functional and customized DTY products, primary POY products, and lace and other categories all demonstrated significant growth, contributing to the overall revenue increase [3]. Industry Context - The nylon filament industry in China is experiencing a "volatile recovery," with downstream consumption primarily concentrated in the textile sector [4]. - The physical consumption of nylon filament was approximately 3.16 million tons in 2023, with a compound annual growth rate of 3.3% from 2019 to 2023 [4]. - The industry faces challenges such as overcapacity and intense competition, with projections indicating that nylon consumption will reach 3.43 million tons by 2024 and nearly 4.7 million tons by 2028 [4]. Competitive Landscape - Jia Mei New Material faces competition from larger, vertically integrated textile manufacturers and other small manufacturers, which may possess greater resources [7]. - The company is focusing on high-end, differentiated, and green nylon filament products to enhance its competitive position in a challenging market [8]. - The demand for specialized nylon products, driven by advancements in spinning and modification technologies, is expected to support the company's transition towards higher value-added products [8].