Core Viewpoint - The company Nengzhiguang (920056.BJ) is set to be publicly offered on the Beijing Stock Exchange, focusing on the research, production, and sales of polymer additives and functional polymer materials, and is recognized as a national-level specialized and innovative "little giant" enterprise [1][2]. Company Overview - Nengzhiguang specializes in high polymer additives and functional polymer materials, providing solutions for compatibility and adhesion between different types of materials [1][3]. - The company operates primarily in the other plastic products manufacturing sector, with a market capitalization of 4.66 billion yuan and an offering price of 7.21 yuan per share [2]. Financial Performance - The company's earnings structure shows that polymer additives account for 94.21% of its revenue, with projected revenues of 5.75 billion yuan from polymer additives and 0.28 billion yuan from functional polymer materials in 2024 [3]. - The net profit figures from 2020 to 2024 indicate fluctuations, with net profits of 21.46 million yuan, 17.80 million yuan, 15.80 million yuan, 43.18 million yuan, and 50.80 million yuan respectively, reflecting a significant recovery in 2023 and 2024 [4]. Investment and Growth Strategy - The company plans to allocate 0.81 billion yuan (76.16%) of the raised funds to expand its functional polymer materials production and 0.25 billion yuan (23.84%) for the construction of a research and development center [2][3]. - Nengzhiguang's customer base includes well-known domestic companies and global leaders such as LG, BASF, and Sabic, with a relatively low customer concentration risk, as the top five customers account for about 20% of total sales [3]. Market Dynamics - The company’s production model is based on sales orders, allowing for batch production tailored to customer needs, with a direct sales approach primarily targeting production clients [3]. - The company acknowledges the significant impact of raw material price fluctuations on its performance, with past increases in raw material costs affecting profit margins, but anticipates improved margins due to cost optimization strategies in the coming years [4].
高分子助剂“小巨人” LG供应商今日申购丨打新早知道