IPO周报：业绩周期波动大，福建德尔撤单后何去何从

Core Viewpoint - Fujian Del Technology Co., Ltd. has terminated its IPO review, marking the second withdrawal in two months, with significant challenges in its financial performance and a strategic shift in its product offerings [1][2]. Financial Performance - Fujian Del's revenue from 2020 to 2024 was reported as 443.82 million, 1.26 billion, 1.70 billion, 1.42 billion, and 1.69 billion respectively, with a 16.52% decline in 2023 compared to the previous year [1]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, showed a continuous decline from -10.33 million in 2020 to 86.18 million in 2023, with a significant drop of 79.72% in 2023 [1][2]. Product Dependency and Structural Changes - In 2022, lithium hexafluorophosphate, a key product, accounted for 39.73% of the company's main business revenue and 59.88% of its gross profit, indicating a high dependency on this segment [2]. - The company plans to reduce the revenue share of lithium hexafluorophosphate to 17.01% in 2023 and 12.28% in 2024, while increasing the share of fluorochemical basic materials from 34.02% in 2022 to 42.96% in 2024 [2]. Fundraising and Project Adjustments - The initial fundraising target was set at 3 billion, which was later reduced to 1.945 billion, with a significant cut in the number of projects from seven to three, focusing on semiconductor materials [3]. - The revised projects include the production line for electronic-grade chlorine trifluoride and other semiconductor-related initiatives, while dropping the new energy materials projects [3]. Financial Metrics - The company's operating income for 2024 is projected at 1.69 billion, with a net profit of 86.18 million, showing a recovery from 35.73 million in 2023 [4]. - The total assets increased from 5.36 billion in 2022 to 6.07 billion in 2023, reflecting growth despite the challenges faced [5].