博韬合纤闯关北交所IPO 产能利用率不高仍募资扩产

Core Viewpoint - Hubei Botao Fiber Co., Ltd. is currently seeking to go public on the Beijing Stock Exchange (BSE) for an IPO, aiming to raise approximately 345 million yuan for capacity expansion and working capital [1][6]. Financial Performance - The company's revenue during the reporting period was 655 million yuan, 741 million yuan, and 836 million yuan, with net profit attributable to the parent company being 62.19 million yuan, 60.26 million yuan, and 61.04 million yuan respectively [2][6]. - The overseas revenue has been a significant contributor, with figures of 167 million yuan, 253 million yuan, and 314 million yuan, accounting for 26.59%, 34.59%, and 38.57% of total revenue during the same period [2]. Client and Supplier Dynamics - The largest client in 2022, Johann Borgers GmbH, went bankrupt, leading to a write-off of 1.6083 million yuan in accounts receivable by the end of 2024 [1][3]. - The company’s largest clients for 2023 and 2024 are Confidence Infrastructure Ltd. and Western Superior Jute Industries Ltd., both from Bangladesh [2]. - The largest accounts receivable by the end of 2024 is from Debonair Padding And Quilting Solution Ltd., amounting to 13.7088 million yuan, which was not among the top five clients during the reporting period [3]. IPO Fund Utilization - The IPO proceeds will be allocated as follows: 45 million yuan for working capital and 1.21 billion yuan for projects to produce 20,000 tons of polypropylene short fibers and 18,000 tons of polyester fibers [6]. - The planned projects are expected to increase the production capacity of polypropylene short fibers and polyester short fibers by approximately 26.85% and 128.57% respectively [6]. Capacity Utilization - The capacity utilization rates for polypropylene short fibers were approximately 72.96%, 74.20%, and 70.37% during the reporting period, while polyester short fibers had lower rates of 46.38%, 50.72%, and 44.18% [6][7]. - Despite the low utilization rates, the company plans to significantly increase production capacity through the IPO projects, raising questions about the necessity and rationale behind this decision [7].