A股申购 | 锦华新材(920015.BJ)开启申购 专注于酮肟系列精细化学品产研销

Core Viewpoint - Jinhua New Materials (920015.BJ) has initiated its subscription on September 16, with an issue price of 18.15 CNY per share and a maximum subscription limit of 1.5516 million shares, reflecting a price-to-earnings ratio of 11.52 times. The company specializes in the research, production, and sales of ketoxime series fine chemicals, with applications across various industries including construction materials, energy, electronics, new energy vehicles, pesticides, pharmaceuticals, metal extraction agents, ion exchange resins, and environmentally friendly dyes [1]. Company Overview - Jinhua New Materials focuses on the development of silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are essential for producing organic silicon sealants and adhesives, widely used in strategic emerging industries [1][2]. - The company has established stable partnerships with multinational corporations such as Bayer and Braskem, as well as listed companies like Wanhua Chemical and Xin'an Chemical [2]. Market Position - The domestic market share of Jinhua New Materials for silane crosslinking agents is projected to increase from 27.85% in 2022 to 38.16% in 2024. For hydroxylamine salts, the market share is expected to shift from 34.86% in 2022 to 42.37% in 2024 [2]. Financial Performance - The company reported revenues of approximately 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 79.59 million CNY, 173 million CNY, and 211 million CNY [3][4]. - Total assets are projected to grow from approximately 859.68 million CNY in 2022 to 1.322 billion CNY in 2024, with total equity increasing from approximately 477.59 million CNY to 842.66 million CNY over the same period [4]. Investment Projects - The net proceeds from the current issuance will be allocated to several projects, including a high-end coupling agent project with an investment of approximately 50.69 million CNY, a pilot project with an investment of approximately 2.3 million CNY, and an intelligent factory construction project for the ketoxime industry chain with an investment of approximately 6.31 million CNY [3]. Profitability Metrics - The gross profit margin is expected to improve from 17.72% in 2022 to 27.94% in 2024. The net profit margin is projected to increase from 8.01% in 2022 to 17.00% in 2024 [5]. - The company’s basic earnings per share are forecasted to rise from 0.8291 CNY in 2022 to 2.1525 CNY in 2024 [5].