吉和昌IPO：中期营收净利双降，产能利用率持续下滑

Core Viewpoint - Hubei's capital market is accelerating, with five companies, including Jihachang, applying for IPOs and receiving inquiries from the Beijing Stock Exchange [1] Company Overview - Jihachang, established on August 25, 2005, focuses on the R&D, production, and sales of specialty functional materials related to surface and interface treatment [5] - The company is recognized as a vice-chairman unit of the China Surface Engineering Association and has received multiple awards and patents [5] Financial Performance - Jihachang's revenue and net profit from 2022 to 2024 are projected to be 427 million, 438 million, and 517 million CNY, and 56.09 million, 56.21 million, and 56.35 million CNY respectively [9] - The revenue growth rates for 2023 and 2024 are 2.66% and 18.05%, while net profit growth rates are 0.22% and 0.24%, indicating stable revenue but stagnant profit [9] Market Position and Comparison - Jihachang's performance diverges from comparable companies, many of which are experiencing declining profits or losses [11] - In 2024, Jihachang's net profit margin is projected at 10.89%, significantly higher than the industry average of -63.15% [13] Investment Plans - The company plans to raise 290 million CNY through its IPO for various projects, including a 12,000-ton photovoltaic materials project and a 2,000-ton integrated circuit plating chemicals project [20] - The total investment for these projects is estimated at 296.34 million CNY, with a significant portion allocated to expanding production capacity [7] Capacity Utilization Concerns - Jihachang's capacity utilization rates are declining, with overall rates projected at 72.02%, 73.51%, and 69.03% from 2022 to 2024 [22] - The company is facing questions regarding the logic of expanding production amid declining capacity utilization and potential industry overcapacity [23] Related Party Transactions - Jihachang has a close relationship with its second-largest shareholder, Aoke Co., which holds a 37.71% stake [25] - The two companies have collaborated on projects, raising concerns about the independence and integrity of Jihachang's operations [26]