半导体封装材料企业IPO上会：创达新材或存诸多挑战

Core Viewpoint - The IPO journey of Wuxi Chuangda New Materials Co., Ltd. is facing uncertainties due to questions surrounding its prospectus, despite being positioned in the strategically supported semiconductor industry [1][3]. Industry Context - Chuangda New Materials specializes in epoxy molding compounds, essential for semiconductor packaging, benefiting from domestic substitution trends and policy support, yet faces intense competition, particularly in the high-end market dominated by international firms [3]. - The chemical new materials industry is undergoing cyclical adjustments, with previous capacity expansions leading to increased competition and pressure on overall profit margins [3]. Supply Chain Dependencies - The company exhibits dual dependencies in its supply chain, being vulnerable to fluctuations in raw material prices, which significantly impact production costs [4]. - The increase in gross margin in 2023 was largely attributed to a decrease in raw material prices, indicating a reliance on external factors for profitability [4]. - There are concerns regarding related-party transactions with Wuxi Shaohui, which have raised questions about the commercial substance and fairness of pricing, potentially affecting the credibility of the company's business independence [4]. Financial Health and Risks - Chuangda New Materials has a high level of accounts receivable, which consistently accounts for about half of its revenue, indicating weak cash conversion and raising concerns about revenue quality [5]. - The company has significant bad debt provisions related to clients facing operational difficulties, which could impact net profit substantially if realized [5]. - The fluctuation in gross margin from 24.75% in 2022 to 33.05% in mid-2025 raises questions about the sustainability of its growth, especially given the divergence from industry trends [6]. Growth Sustainability - The company's net profit growth rate has slowed from 127.83% in 2023 to 19.15% in 2024, with projections indicating further deceleration into single digits for 2025 [7]. - Chuangda's R&D expenditure has been consistently below industry averages, which may hinder its long-term competitiveness in the rapidly evolving semiconductor materials sector [7]. Governance and Financing Concerns - The company faces governance risks due to concentrated ownership, which may lead to management issues [8]. - There are concerns regarding its financing strategy, as the company has distributed significant cash dividends while planning to raise funds for working capital, raising questions about the necessity and rationale of such actions [8].