Core Viewpoint - Tianfulong (603406.SH) is set to be publicly offered on the Shanghai Main Board, focusing on differentiated polyester staple fiber production, with a product range expanding from recycled colored polyester staple fiber to differentiated composite fibers and polyester new materials [1][2]. Company Overview - Tianfulong's main business is centered on "green low-carbon" recycled colored polyester staple fibers and "environmental function" differentiated composite fibers, which accounted for 39.64%, 32.72%, and 31.06% of the company's main revenue from 2022 to 2024, indicating a stable business structure [8]. - The company ranks ninth in the native polyester staple fiber production and second in the recycled polyester staple fiber sector, with its sales of colored polyester staple fibers for automotive interiors and low-melting-point staple fibers leading the domestic market from 2021 to 2023 [8]. Financial Metrics - The offering price is set at 23.6 yuan per share, with an institutional quotation of 25.71 yuan per share, resulting in a market capitalization of 8.496 billion yuan. The company's price-to-earnings ratio is 20.93, compared to the industry average of 32.30 [5]. - Tianfulong's gross margin for recycled colored polyester staple fibers is expected to remain above 30% from 2022 to 2024, benefiting from its focus on high-margin applications in the automotive interior sector [9]. Fundraising and Investment Plans - The company plans to invest 73.42% of the raised funds into a high-elasticity low-melting-point fiber project, which aims to produce 170,000 tons of low-melting-point polyester fiber annually [7]. - Additional investments include 12.83% for a recycled staple fiber research center and 13.75% for construction projects related to low-melting-point fiber research [7]. Industry Context - The main raw materials for Tianfulong's differentiated composite fibers include PTA, IPA, and MEG, which are subject to price fluctuations due to oil prices and market supply-demand dynamics [9]. - The supply of recycled colored polyester staple fiber relies heavily on the availability of waste PET polyester, which is sourced from various recycling processes. The lack of a structured recycling system in China poses a risk to the supply of raw materials [10].
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