业绩三连降，山西“焦炭大王”再闯IPO

Core Viewpoint - Shanxi Sunshine Coking Group Co., Ltd. (hereinafter referred to as "Sunshine Coking") is seeking to raise 4 billion yuan through an IPO on the Shanghai Stock Exchange, focusing on projects related to coking and liquefied natural gas [3][4] Company Overview - Sunshine Coking has been attempting to go public for nearly twenty years, facing numerous challenges including the 2008 global financial crisis and subsequent market conditions [3][4] - The company has undergone significant changes in its shareholder structure, with strategic investors being introduced to stabilize ownership before its IPO attempt [3] Financial Performance - Sunshine Coking's financial performance has been highly volatile, with net profit peaking at 2.137 billion yuan in 2021 but plummeting to 1.175 billion yuan in 2022 and projected to drop further to 379 million yuan in 2024 [4][5] - Revenue has also declined significantly, from 20.438 billion yuan in 2022 to an expected 15.830 billion yuan in 2024, indicating a cumulative profit drop of over 80% in three years [4][5] Industry Context - The coking industry is characterized by high sensitivity to market cycles, with Sunshine Coking's profitability heavily impacted by fluctuating coal and coke prices [5][6] - The company has experienced a drastic decline in gross profit margins, with comprehensive gross margin dropping from 20.91% in 2021 to an expected 6.36% in 2024 [5][6] Governance Structure - Sunshine Coking has a concentrated ownership structure, with the actual controller holding 81.28% of the shares, raising concerns about governance and potential conflicts of interest [7] - The family-controlled nature of the company may pose challenges for modern corporate governance, especially after its IPO [7] Fundraising and Strategic Focus - The company has reduced its fundraising target from 6 billion yuan to 4 billion yuan, with a shift in focus towards upgrading its core business and environmental transformation [8] - Sunshine Coking aims to establish a "green coking" image and has been recognized as a key player in the carbon-based new materials industry chain by the Shanxi provincial government [8] Environmental Compliance - Sunshine Coking has faced multiple environmental violations, with 19 administrative penalties totaling approximately 4.91 million yuan since 2018 [9] - The company must improve its environmental compliance and performance to fulfill its commitment to becoming a clean and environmentally friendly coking enterprise [9]