IPO雷达丨艾克姆闯关IPO，北交所：业绩增长合理？境外收入真实？公司回应了

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. has submitted a response to the Beijing Stock Exchange regarding its listing application, addressing concerns about product technology, R&D capabilities, market competition, and financial data [1] Product Technology and Market Position - Aikem's main product, pre-dispersed rubber additives, is a significant upgrade over traditional rubber additives, offering advantages such as high dispersion, uniformity, and stability [3] - The company claims that traditional rubber additives have issues like high dust, poor dispersion, and weak environmental performance, which pre-dispersed rubber additives effectively resolve [3] - Aikem holds 37 patents, including 31 invention patents, and emphasizes that its technology is not reliant on externally purchased equipment [3] Market Growth and Competitive Landscape - The total output value of China's rubber additive industry is projected to reach 31.6 billion yuan in 2024, with the non-tire rubber additive market estimated at approximately 14.97 billion yuan and the pre-dispersed rubber additive market at about 8.1 billion yuan [4] - Aikem expects to capture a 5.3% market share in the pre-dispersed rubber additive sector in 2024, positioning itself as the industry leader [4] - The company anticipates that the pre-dispersed rubber additive market will grow to 11.44 billion yuan by 2031, with a compound annual growth rate of 5.37% [4] - Aikem is recognized as a "National Manufacturing Single Champion Demonstration Enterprise" in the automotive non-tire pre-dispersed rubber additive sector, with products already integrated into the supply chains of major automotive manufacturers like Tesla and BYD [4] Financial Performance - Aikem's revenue for the reporting period was 375 million yuan, 429 million yuan, and 516 million yuan, with net profit attributable to the parent company of 36.52 million yuan, 65.35 million yuan, and 79.99 million yuan, reflecting growth rates of 78.92% and 22.41% [5] - The increase in performance in 2023 is attributed to a decline in raw material prices, which improved gross margins, with unit costs for pre-dispersed rubber additives decreasing by 9.83% [5] - Despite a projected decline in net profit of 8.78% in Q1 2025 due to rising raw material prices and customer price reductions, Aikem reports a recovery in overall performance in the first half of 2025 [5] International Sales and Verification - Aikem's international sales amounted to 75.60 million yuan, 83.06 million yuan, and 90.20 million yuan during the reporting period, accounting for approximately 18% of total revenue [6] - The company primarily sells to traders, with about 70% of international customers acquired through trade shows and referrals [6] - To validate the authenticity of international sales, Aikem has provided customs data, export tax refund data, and logistics records, showing a minimal discrepancy in reported figures [6]