有研复材闯关科创板，聚焦金属复合材料及制品，毛利率逐年下滑

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. has submitted its prospectus for an initial public offering (IPO) on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor [1] Group 1: Business Overview - Youyan Composite Materials specializes in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products, which are applied in aerospace, military electronics, and smart terminals [1] - The revenue share of metal composite materials and products is projected to increase from 59.19% in 2022 to 72.80% in 2024, indicating a strong upward trend [2] - The company has become a major supplier for globally recognized water heater companies such as Rheem and A.O. Smith [1] Group 2: Financial Performance - The company's revenue for the reporting period is approximately 414 million yuan, 498 million yuan, and 610 million yuan for 2022, 2023, and 2024 respectively [2] - The net profit attributable to the parent company is approximately 58 million yuan, 54 million yuan, and 66 million yuan for the same years, showing fluctuations despite revenue growth [2] - The comprehensive gross profit margin has shown a declining trend, recorded at 29.81%, 28.50%, and 27.74% over the reporting period due to various market factors [5] Group 3: IPO and Fund Utilization - The company aims to raise 900 million yuan through the IPO, which will be allocated to the second phase of the advanced metal matrix composite materials industrialization project, a research and development center project, and to supplement working capital [4][7] - The total investment for the advanced metal matrix composite materials industrialization project phase II is approximately 644.5 million yuan [7]