Venture(US:VEMLY) Sou Hu Cai Jing·2025-07-24 12:14Core Viewpoint - Suzhou Beteli High Polymer Materials Co., Ltd. has initiated its IPO process on the ChiNext board, with a focus on new materials, particularly conductive materials, silicone materials, and coating materials, targeting various sectors including photovoltaics and 3C electronics [1][3]. Financial Performance - The company projects a net profit attributable to shareholders of 97.5 million yuan in 2024, representing a growth of 4.9 times over two years [1][3]. - Revenue for the years 2022, 2023, and 2024 is expected to be 635 million yuan, 2.273 billion yuan, and 2.521 billion yuan respectively, indicating significant growth driven by new product launches [3][4]. - The gross profit margins for the same years are reported as 20.32%, 10.28%, and 10.92% [3]. Funding and Investment Projects - The company aims to raise 792.66 million yuan through its IPO, with allocations including 210 million yuan for a special conductive materials project, 299 million yuan for the expansion of its Dongguan facility, 183 million yuan for a R&D and marketing center in Wuxi, and 100 million yuan for working capital [1][2]. Market Position and Product Applications - The company holds a market share of approximately 4.17% in silver powder and 5% in HJT paste globally for 2024, with a leading position in the domestic market for electronic paste used in flexible circuit boards [5][6]. - Key clients include major companies in the photovoltaic sector such as Shanghai Silver Paste and DiKe Co., and in the 3C electronics sector, clients include Lenovo, Huawei, and Xiaomi [5][6]. Research and Development - Cumulative R&D investment from 2022 to 2024 amounts to 93.83 million yuan, with a total of 111 patents filed [7][8]. - The company has achieved significant technological advancements, with several products recognized as high-tech and reaching international standards [8]. Ownership Structure - The actual controller of the company is Wang Quan, who, along with Ouyang Xufei, holds a combined 61.8% of the shares [9][10].