申报两年后福建德尔撤回IPO申请 估值170亿主营半导体新材料

Company Overview - Fujian Del Technology Co., Ltd. (referred to as "Fujian Del") has withdrawn its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange [1] - The company specializes in fluorochemical basic materials, new energy lithium battery materials, specialty gases, and semiconductor wet electronic chemicals [1] - Fujian Del aims to align its development with national strategic emerging industries, focusing on high-end fluorochemical value chains and expanding into semiconductor wet electronic chemicals [1] Financial Performance - Fujian Del's revenue has fluctuated significantly due to market factors, particularly the sharp decline in lithium hexafluorophosphate prices [2] - The company's revenues for 2022, 2023, and 2024 are reported as 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively [2] - The net profit attributable to the parent company for the same years is 184.41 million yuan, 35.74 million yuan, and 86.18 million yuan, respectively [2] Business Segmentation - The revenue contribution from fluorochemical basic materials has increased from 32.81% in 2021 to 50.33% in the first half of 2024, while the contribution from new energy battery materials has decreased significantly [2] - The combined revenue from these two segments has consistently accounted for over 50% of the company's total revenue during the reporting period [2] Industry Context - The fluorochemical industry is experiencing capacity expansion, leading to increased competition [3] - If the growth rate of new capacity exceeds that of downstream market demand, there may be an oversupply of products like anhydrous hydrogen fluoride and lithium hexafluorophosphate, potentially resulting in price declines [3] - Fujian Del's latest prospectus indicates a fundraising target of 1.945 billion yuan, reduced by nearly 1 billion yuan from the previous version, with funds allocated for various semiconductor material projects [3]