九目化学IPO：营收净利双降，库存压力日益增长

Core Viewpoint - The IPO journey of Jiuyou Chemical faces significant challenges due to declining performance and concerns over sustainability of growth, despite its strong background as a subsidiary of Wanrun Co., Ltd. [1] Company Overview - Company Name: Jiuyou Chemical Co., Ltd. - Established: September 8, 2005 - Major Shareholder: Wanrun Co., Ltd. holds 45.33% of shares, with China Energy Conservation and Environmental Protection Group as the actual controller [1][6] - Main Business: Research, production, and sales of OLED front-end materials, including sublimation materials and intermediates [1] Financial Performance - Jiuyou Chemical's revenue and net profit have declined in 2023, with Q3 revenue at 611 million, down 17.36% year-on-year, and net profit at 154 million, down 23.47% [10][11] - In contrast, the company had shown growth from 2022 to 2024, with revenues of 706 million, 878 million, and 962 million, and net profits of 204 million, 210 million, and 254 million respectively [7][8] Customer Concentration - Jiuyou Chemical has a high customer concentration, with sales to the top five customers accounting for 72.93%, 71.40%, and 77.45% from 2022 to 2024 [12][13] - The company relies heavily on exports, with overseas sales constituting over 80% of total revenue, raising concerns about trade policy impacts [13][14] Production Capacity and Inventory Issues - The company plans to raise 1.15 billion for capacity expansion, but faces challenges with low capacity utilization rates, which were 108.54%, 68.08%, 76.58%, and 74.24% from 2022 to Q1 2025 [18][20] - Inventory levels have increased significantly, with book value rising from 314 million in 2022 to 477 million in 2025, leading to a declining inventory turnover rate [20][21] Fundraising and Investment Plans - The planned investment includes 1 billion for the OLED display materials project and 150 million for a research center, totaling 1.7 billion [5][18] - The company must address concerns regarding the rationality of continued investment in new capacity amid low utilization and rising inventory [19][21]