创达新材：盈利质量走低，每年千万现金分红，却依旧大举募资补流｜IPO观察

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to go public on the Beijing Stock Exchange, planning to issue no more than 12.3293 million shares, with concerns raised about the quality of its earnings and high reliance on tax incentives for profitability [2][5]. Financial Performance - The company has shown continuous revenue and net profit growth driven by its electronic packaging materials business, with revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan over the reporting period, and net profits of 22.55 million yuan, 51.37 million yuan, 61.20 million yuan, and 33.32 million yuan respectively [3][4]. - The sales revenue from electronic packaging materials accounted for 99.42%, 98.44%, 94.86%, and 95.62% of the total revenue during the same periods [4]. Profit Quality and Tax Incentives - The quality of the company's earnings has been declining, with the ratio of net cash flow from operating activities to net profit decreasing from 3.26 to 0.68 over the reporting period, indicating a concerning trend [4][8]. - The company has a significant dependence on tax incentives, with tax benefits contributing to 55.88%, 28.49%, 25.00%, and 23.46% of total profits during the reporting period, raising concerns about sustainability if tax policies change [5]. Fundraising and Investment Projects - The company plans to raise 300 million yuan for projects including a production line for semiconductor packaging materials and a research center, with the rationale for these investments being questioned due to declining production capacity and utilization rates [6][7]. - The planned expansion of 6,000 tons of epoxy molding materials comes despite a decrease in both capacity and production in the core category, with utilization rates consistently below 90% [8]. Cash Reserves and Dividend Policy - The company has substantial cash reserves, with balances of 93.86 million yuan, 89.98 million yuan, 133.23 million yuan, and 134.93 million yuan at the end of the respective years, and no short-term debt, raising questions about the necessity of raising additional funds for working capital [9]. - The company has maintained a high dividend payout, distributing over 14 million yuan annually, which further complicates the justification for seeking additional capital through an IPO [9].