两度变更拟上市板块、实控人手握超七成股权 中塑股份IPO胜算几何

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (referred to as "Zhongsu Co.") has made progress in its IPO application, entering the inquiry stage on the Shenzhen Stock Exchange, backed by strong performance metrics, but shows uncertainty in its future strategic direction [1][4]. Financial Performance - Zhongsu Co. has demonstrated consistent growth in annual revenue and net profit from 2022 to 2024, with revenues of approximately 493 million yuan, 537 million yuan, and 700 million yuan, and corresponding net profits of about 51.92 million yuan, 79.24 million yuan, and 100 million yuan [4][5]. - In Q1 of the current year, the company reported revenue of approximately 152 million yuan and a net profit of about 25.81 million yuan [4]. Product Performance - The company's main revenue source is high-performance engineering materials, contributing over 70% to its main business income during the reporting periods, with sales revenues of 430 million yuan, 452 million yuan, 540 million yuan, and 110 million yuan [5]. - However, the unit price of this key product has been declining, recorded at 25,400 yuan/ton in 2022, 20,800 yuan/ton in 2023, and 17,800 yuan/ton in 2024, with a slight recovery to 18,700 yuan/ton in Q1 of the current year [5]. IPO Application and Strategic Direction - Zhongsu Co. has shown indecision regarding its IPO listing, having changed its intended listing board twice within the year, initially applying for the Growth Enterprise Market and later switching to the Beijing Stock Exchange before returning to the Shenzhen Stock Exchange [6]. - The company plans to raise approximately 645 million yuan through the IPO, which will be allocated to projects including the construction of an intelligent production base for high-performance engineering materials and the expansion of its production base in Jiangxi [4][6]. Client Relationships - Zhongsu Co. has established significant relationships with major clients, including BYD and Wentai Technology, with sales to the top five clients accounting for 26.2%, 22.6%, 18.43%, and 21.43% of total sales during the reporting periods [5].