未来材料三闯IPO：去年利润缩水 拟募资24亿补血

Core Viewpoint - Future Materials, known for producing core components of hydrogen fuel cells and referred to as the "first membrane in hydrogen energy," has submitted its IPO application after three rounds of guidance over five years, with the Shanghai Stock Exchange accepting the application on June 27 [2]. Company Overview - Future Materials specializes in high-performance fluorinated functional membranes, which are used in flow energy storage, green hydrogen production, and hydrogen fuel cells. The company claims it will lead the domestic market in flow battery membrane shipments in 2024 [3][5]. IPO and Fundraising - The company plans to raise 2.446 billion yuan through its IPO, with approximately 80% of the funds allocated for expansion projects [4][8]. - The expansion includes a 5,000 tons per annum melt-processable polytetrafluoroethylene (PFA) project and a 3 million square meters per annum perfluorosulfonic acid membrane and supporting chemicals project [8]. Financial Performance - In the previous year, the company experienced a decline in both revenue and net profit, with a projected revenue of 640 million yuan in 2024, down 11% year-on-year, and a net profit of 165 million yuan, down 28% [10]. - The company is facing challenges in cash flow due to industry fluctuations and ongoing expansion investments [11]. Inventory and Operational Challenges - As of the end of 2024, the company's inventory value was 230 million yuan, accounting for 42.35% of current assets, with a significant portion being inventory goods [12]. - The inventory write-down provision was set at 16.12%, higher than the industry average, indicating potential issues with inventory management [12]. - The company's inventory turnover rate was 1.74 times in 2024, continuing a downward trend since 2022, which is lower than that of comparable listed companies [13]. Market Position and Industry Context - Future Materials is the first domestic company and one of the few globally capable of mass-producing both perfluorinated proton exchange membranes and their raw materials, perfluorinated ion exchange resins [5]. - The company has established significant relationships with major clients in the flow battery and hydrogen production sectors, including Dalian Rongke and Wuhan University of Technology [6]. Corporate Structure and History - Future Materials was established in 2017 and underwent a significant transformation in 2020, applying for its first IPO guidance that year. However, the process was delayed due to the financial issues of its former controlling shareholder [15][16]. - The company is currently under the control of Zhang Jianhong, founder of Dongyue Group, which is a leading player in the fluorosilicon industry [18].