专精特新 “小巨人” 中塑股份IPO最新进展！

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) is advancing its IPO process on the ChiNext board, marking a significant step in its listing journey as it enters the inquiry stage with the exchange [1] Group 1: Company Performance and Market Position - Zhongsu Co. has demonstrated impressive performance, with projected revenue growth rates of 52.63% and 26.27% for 2023 and 2024, respectively, driven by strong domestic demand and global market expansion in the modified plastics industry [1] - The production of modified plastics in China has increased from 15.63 million tons in 2016 to 27.35 million tons in 2023, reflecting a compound annual growth rate (CAGR) of 8.32%, positioning China as the largest consumer market for plastic materials [1] - The company specializes in the research, production, and sales of modified engineering plastics, with core products including modified PC, PC/ABS, and PA, which are widely used in consumer electronics, energy storage, automotive, and home appliances [2] Group 2: Technological and Competitive Landscape - Zhongsu Co. has entered the supply chains of major industry leaders such as Samsung, Huawei, Xiaomi, and BYD, indicating its strong market presence and technological capabilities [2][6] - The company is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, and it was included in the first batch of key "little giant" enterprises supported by the central government in 2025, highlighting its technical strength and industry status [2] Group 3: Financial and Operational Challenges - Zhongsu Co. plans to raise 645 million yuan through its IPO to expand production capacity and enhance technological capabilities, addressing competitive pressures and cash flow challenges [4] - The company faces a long sales collection cycle, with accounts receivable exceeding 160 million yuan at the end of each reporting period, representing up to 40.40% of total assets, which may necessitate financing to alleviate cash flow pressures [4] - The company’s R&D expense ratio from 2022 to 2024 is below the industry average, indicating a gap in funding and customer coverage compared to leading competitors [4] Group 4: Future Development and R&D Initiatives - Post-IPO, Zhongsu Co. aims to undertake innovative R&D projects, including bio-based long-chain nylon, halogen-free flame-retardant high-temperature nylon, and high-performance transparent silicone copolymer materials [5] - The company was established in September 2009 and is located in Dongguan, Guangdong, focusing on modified engineering plastics, with a significant portion of its revenue derived from the consumer electronics sector [5]