Venture(US:VEMLY) 3 6 Ke·2025-10-10 07:10Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has received approval for its IPO on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics, with applications in various industries including consumer electronics, energy storage, automotive, and home appliances [1][2]. Financial Performance - In 2024, Zhongsu Co. achieved a revenue of 700 million yuan and a net profit of 92.57 million yuan after deducting non-recurring gains and losses [1][2]. - The company's revenue for the years 2022 to 2024 was 493 million yuan, 537 million yuan, and 700 million yuan, with a compound annual growth rate (CAGR) of 19.11% and 37.79% for net profit during the same period [2]. Gross Margin - Zhongsu Co.'s gross margin for its main business was 31.03% in 2024, significantly higher than the industry average of 21.42%, representing a difference of 9.61 percentage points [1][2][3]. - The gross margins for the years 2022 to 2024 were 26%, 31.97%, and 31.03%, respectively, compared to industry averages of 21.15%, 24.31%, and 21.42% [2]. Research and Development - The R&D expense ratios for Zhongsu Co. from 2022 to 2024 were 3.12%, 2.93%, and 3.62%, which were below the industry averages of 4.40%, 4.71%, and 3.92% for the same periods [4]. - As of March 31, 2025, the company had 66 R&D personnel, with 56.06% holding a diploma or lower [4]. Funding and Projects - Zhongsu Co. plans to raise approximately 645.49 million yuan through its IPO to fund projects including the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1].