Company Overview - Tianfulong (603406) was listed on the Shanghai Stock Exchange on August 8, with an issue price of 23.6 yuan per share and a P/E ratio of 20.93, lower than the industry average of 32.3 [1] - The company was established in 2009 and is headquartered in Yangzhou, Jiangsu [2] - The actual controllers, Zhu Daqing and Chen Hui, hold 79.3% of the shares, maintaining control post-IPO [2] Business Model - Tianfulong specializes in the R&D, production, and sales of differentiated polyester short fibers, expanding from recycled colored polyester to differentiated composite fibers and polyester new materials [2] - The company's products cater to various sectors, including business, travel, home, healthcare, and clothing [2] - The low-melting-point short fiber business contributed approximately 50% of revenue during the reporting period, while recycled colored polyester accounted for over 30% [2] Financial Performance - Revenue for the years 2022, 2023, and 2024 was approximately 2.576 billion, 3.336 billion, and 3.841 billion yuan, respectively, with corresponding net profits of about 358 million, 431 million, and 454 million yuan [3] - The overall gross margin has been declining, with rates of 18.86%, 18.31%, and 16.50% during the same period [3] - In Q1 2025, revenue was approximately 818 million yuan, a year-on-year decline of 1.39%, while net profit was about 121 million yuan, a year-on-year increase of 2.51% [3] Tax Benefits - Tianfulong benefited from VAT refunds amounting to 62.54 million, 54.43 million, and 86.70 million yuan over the reporting period, representing 16.05%, 11.68%, and 17.77% of total profits [3] - Income tax benefits were 51.79 million, 61.33 million, and 67.49 million yuan, accounting for 13.29%, 13.21%, and 13.83% of total profits [3] Market Position - China is the largest producer of chemical fibers and polyester globally, with a 72% share of the world's chemical fiber production in 2022 [8] - The domestic polyester short fiber industry is highly concentrated, with the top four companies accounting for approximately 43% of total capacity as of the end of 2023 [8] - Tianfulong ranks ninth in the primary polyester short fiber sector and second in the recycled polyester short fiber sector [8] Future Plans - The company plans to raise approximately 790 million yuan through its IPO, with total expected fundraising of about 944 million yuan to fund projects including the annual production of 170,000 tons of low-melting-point polyester fibers and 10,000 tons of high-elastic low-melting-point fibers [9]
股价涨超182%！涤纶纤维厂商天富龙沪主板上市，市值超266亿元