创达新材IPO：1800万元坏账损失或无法避免，业绩增长异于同行引发监管关注

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to undergo a listing review on December 18, 2025, after experiencing significant scrutiny regarding its performance and gross margin changes compared to peers in the electronic packaging materials industry [2][3]. Financial Performance - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 22.55 million yuan, 51.37 million yuan, 61.20 million yuan, and 33.32 million yuan [3][4]. - In 2023, the company achieved a revenue growth rate of 10.76% and a net profit growth rate of 127.83%, indicating a significant divergence in growth compared to its peers [3][4]. Gross Margin Analysis - Chuangda's gross margin increased from 24.80% in 2022 to 31.47% in 2023, surpassing the average gross margins of comparable companies [4][10]. - The company attributed its gross margin improvement to product structure optimization and a decrease in raw material prices, with a notable 25.53% drop in average procurement prices for epoxy resin in 2023 [12][13]. Accounts Receivable Concerns - The company's accounts receivable balance has been substantial, reaching 1.72 billion yuan at the end of 2022, which constituted approximately 55.13% of its revenue, although this ratio decreased to 49.98% by 2024 [6][9]. - As of July 31, 2025, over 18 million yuan was set aside as bad debt provisions, raising concerns about the collectability of these receivables [9][10]. Competitive Landscape - Chuangda's gross margin performance in 2023 was in stark contrast to its peers, with competitors like Huahai Chengke and Kaihua Materials experiencing negative revenue and profit growth [4][5]. - The company operates in a competitive market where domestic epoxy packaging materials account for only about 30% of the market, with high-end products largely dominated by foreign brands [14]. IPO Plans - Chuangda plans to raise 300 million yuan through its IPO, with 200 million yuan allocated for production line construction and 37 million yuan for R&D center development [15].