皇冠新材IPO：业绩增长全靠“赊”？现金流向暗藏盈利质量“黑洞”

Core Viewpoint - Crown New Materials Technology Co., Ltd. (Crown New Materials) faces significant structural risks despite its impressive client list and market presence, including issues related to raw material dependency, governance risks from its actual controller's cross-border identity, and contradictions between fundraising needs and substantial dividend payouts [1][2][25]. Group 1: Structural Risks - The company claims to be a high-tech enterprise with a focus on functional composite materials, serving major clients like Huawei and Apple, but it harbors structural risks in its core business [2][4]. - Crown New Materials has a high dependency on raw materials, with direct materials accounting for over 80% of its main business costs, linking its profitability closely to international oil prices [4][5]. - The company faces intense competition in the market, with major players like 3M and Nitto dominating the high-end segment, while its product structure remains heavily weighted towards industrial-grade adhesive materials, which have seen declining sales prices [5]. Group 2: IPO and Sponsorship Concerns - The IPO application marks Crown New Materials' first attempt to list on the A-share main board, with China International Capital Corporation (CICC) as the sponsor [7][9]. - The sponsor must prepare for potential inquiries regarding the actual controller's overseas identity and the compliance of fund flows, as well as the alignment of financial data with industry trends [9]. Group 3: Governance and Control Risks - The company's ownership structure is characterized by absolute family control, with the actual controllers holding 87.17% of the shares, raising concerns about governance effectiveness and potential decision-making imbalances [10][12]. - The actual controller's dual nationality (Australian and Hong Kong permanent resident) poses regulatory scrutiny regarding cross-border fund flows and compliance risks [12][13]. Group 4: Financial Data and Quality Concerns - Despite revenue and net profit growth from 2022 to 2024, discrepancies in financial data raise concerns about operational quality, particularly a significant decline in cash flow despite revenue growth [14][16]. - Anomalies in prepaid accounts, which grew by 28.44% in 2024 while operating costs increased by only 7.95%, warrant scrutiny regarding the nature of these transactions [14][16]. - The company's asset efficiency has declined, with revenue per fixed asset decreasing from 4.62 in 2022 to 3.87 in 2024, while capital expenditures surged by 82.05% [14][17]. Group 5: Fundraising Logic and Dividend Conflicts - Crown New Materials plans to raise approximately 919 million yuan, with 100 million yuan earmarked for working capital, despite having distributed significant cash dividends of 75.24 million yuan and 82.54 million yuan in 2023 and 2024, respectively [24][25]. - The juxtaposition of large dividend payouts and the need for fundraising raises questions about the company's liquidity and the rationale behind its dividend policy [24][25].