IPO雷达｜上会在即，新广益头顶“以价换量”双刃剑，毛利率“温水煮青蛙”

Core Viewpoint - The company, Suzhou Xinguangyi Electronics Co., Ltd., is set to undergo a significant review by the Shenzhen Stock Exchange after being in the inquiry phase for over two years, with a focus on its financial performance and market position in the high-performance specialty materials sector [1][4]. Group 1: Company Overview - Xinguangyi specializes in the research, production, and sales of high-performance specialty functional materials, with key products including anti-bleeding specialty films and strong resistance specialty films [4]. - The company claims to be the domestic leader in the anti-bleeding specialty film segment, holding the largest market share in China [4]. Group 2: Financial Performance - The company’s main business revenues for 2022, 2023, and 2024 are projected to be 455 million yuan, 516 million yuan, and 657 million yuan, respectively, with net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [5]. - For the first half of 2025, the company reported revenues of 313 million yuan, reflecting a year-on-year increase of 10.24% [5]. Group 3: Profitability and Margin Concerns - Despite revenue and profit growth, the company's gross margin has declined from 38.74% in 2020 to 31.76% in 2022, a drop of about 7 percentage points due to rising raw material costs [6][7]. - The gross margin has remained stable between 31% and 32% during the reporting period, indicating that it has not yet recovered to the 2020 levels [7]. Group 4: Market Dynamics and Risks - The company’s performance is closely tied to the health of downstream industries such as flexible printed circuit boards (FPC), consumer electronics, and new energy lithium batteries, which may face demand fluctuations due to macroeconomic changes [8]. - Xinguangyi has a high customer concentration, with significant sales to major clients like Pengding Holdings and Weixin Electronics, which accounted for 69.64%, 57.22%, and 52.89% of its revenue in recent periods [8]. Group 5: Pricing Trends - The average selling prices of the company's key products, including anti-bleeding specialty films and strong resistance specialty films, have shown a downward trend, particularly with significant price reductions for major clients [10]. - The average selling price for strong resistance specialty films decreased from 3.50 yuan/m² in 2022 to 3.06 yuan/m² in 2024, reflecting a decline of approximately 5% year-on-year [10][11].