聚石化学突发监管立案，上市后营收翻倍净利持续下滑，或可索赔

Core Viewpoint - 聚石化学 is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, which may impact its financial performance and investor confidence [2][3] Company Overview - 聚石化学's main business before listing was modified plastics, but it has since expanded into upstream petrochemical materials and fine chemicals, as well as downstream application products [2] - The company has made significant acquisitions, including a 59.06% stake in 龙华化工 for 75.22 million and a 55% stake in 冠臻科技 for 132 million, which have contributed to its current financial struggles [2] Financial Performance - Since 2021, 聚石化学 has spent over 2.5 billion on fixed assets and construction projects, leading to increased debt levels [2] - The company's gross margin has declined from 24.54% before listing to 10.44% in 2024, despite revenue doubling, resulting in a situation of increasing revenue but decreasing profit [2] - In 2024, the company reported a loss of 236 million due to asset impairment and increased depreciation costs [2] Acquisition Issues - The acquisition of 冠臻科技 at a tenfold premium during the COVID-19 pandemic has led to significant goodwill and asset impairments, with a performance compensation of 60 million that is unlikely to be fully recoverable [4][6] - The performance commitment completion rate for 冠臻科技 in 2023 was -124.82%, indicating severe underperformance [6] Regulatory and Compliance Concerns - The company received a warning letter regarding its 2022 annual report audit, highlighting issues with the audit process [6] - There are concerns about the timing of asset impairment evaluations and whether they comply with accounting standards [6] Market Conditions - The market for protective clothing and related materials has become oversaturated post-pandemic, leading to intensified competition and reduced business for 冠臻科技 [6] - Despite the current challenges, the chemical industry is capital-intensive, and the company may still have a solid fundamental outlook with future capacity expansions [8]