IPO雷达｜族兴新材下周上会！盈利预测被问询，同名“族兴”客户逾期

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. (referred to as "Zuxing New Materials") is scheduled for a listing committee meeting on December 3, following the announcement by the Beijing Stock Exchange on November 26 [1]. Group 1: Company Overview - Zuxing New Materials has been dedicated to the research and development of aluminum pigments and fine spherical aluminum powder since its establishment in 2007, focusing on colored metal functional powder materials within the new materials industry [4]. - The aluminum pigment products produced by the company are widely used in coatings, printing inks, and plastic materials, with downstream applications in various manufacturing sectors including automotive, 3C products, home appliances, aircraft, ships, engineering machinery, and construction materials [4]. Group 2: Financial Projections and Inquiries - The company was questioned about its projected sales expenses for 2025, estimated at 27.2365 million yuan, which represents an increase of 567,800 yuan compared to 2024. The sales expenses for 2022 to 2024 were 19.8355 million yuan, 22.7689 million yuan, and 26.6687 million yuan respectively [6]. - The Beijing Stock Exchange requested clarification on the reasonableness of the projected sales expenses for 2025, given the increasing trend in sales expenses from 2022 to 2024 [6]. - Zuxing New Materials responded that the sales expense ratio for 2022 to 2024 was 3.15%, 3.30%, and 3.77%, indicating a growth trend. The increase in sales expenses for 2024 was primarily due to rising salaries and business expenses for sales personnel [6]. Group 3: Profitability and Revenue Forecast - The inquiry also highlighted that the company's quarterly sales revenue distribution from 2022 to 2024 was relatively stable, with no significant fluctuations. The projected net profit attributable to the parent company for 2025 is 72.1443 million yuan, while the net profit for the first half of 2025 is expected to be 30.2971 million yuan [7]. - Zuxing New Materials stated that despite the first half's net profit being less than half of the annual forecast, the growth factors from the third quarter would continue, and the fourth quarter is expected to maintain a good momentum, making the annual profit forecast reasonable [8]. - The latest prospectus indicates that Zuxing New Materials forecasts its operating revenue, net profit attributable to the parent company, and net profit after deducting non-recurring gains and losses for 2025 to be 788 million yuan, 82.1715 million yuan, and 74.7179 million yuan respectively, representing increases of 11.42%, 39.94%, and 33.75% year-on-year [8]. Group 4: Customer Credit and Bad Debt Provisions - Notably, among the customers for which Zuxing New Materials has made provisions for bad debts, several include companies with the "Zuxing" name, such as Huizhou Zuxingda Industrial Co., Ltd. and Wenzhou Zuxing Pigment Co., Ltd. [10]. - The company reported overdue balances with several customers, with a total overdue amount of 383.40 million yuan, and highlighted that some of these debts were long-standing and had been fully provisioned for losses [11][12]. - Zuxing New Materials clarified that the use of the "Zuxing" name by its customers is to facilitate recognition of their business as distributors of Zuxing-branded aluminum pigment products, and there are no identified relationships or potential relationships with these customers [13].