“材料组装厂”金戈新材IPO来了：核心技术是用5万块买来的，核心原材料竟也是从“友商”买来的！

Group 1 - The core focus of Guangdong Jinge New Materials Co., Ltd. is on thermal interface materials, specifically in the field of thermal conductive fillers, which are essential for improving heat transfer efficiency in electronic devices [3][4] - The company is preparing for an IPO on the Beijing Stock Exchange, with CICC as the sponsor [3][4] - Jinge New Materials' product range includes thermal conductive powders, flame retardant powders, and wave-absorbing powders, with thermal conductive powders being the most significant contributor to revenue [4][6] Group 2 - In 2024, the company expects to achieve revenue of 320 million yuan from thermal conductive powders, accounting for 68.4% of total revenue, with a gross profit margin of 83.5% [6][40] - The revenue from flame retardant powders is projected at 129 million yuan, representing 27.7% of total revenue, but with a low gross margin of 6.8% [6][40] - The revenue from wave-absorbing powders is limited, expected to be only 17.81 million yuan in 2024 [6][41] Group 3 - The company primarily focuses on aluminum oxide as its thermal conductive filler, which, while not as effective as advanced materials like aluminum nitride or silicon carbide, is favored for its cost-effectiveness [10][45] - The main application areas for Jinge's products include consumer electronics, new energy vehicles, and 5G communication bases, which collectively contribute over 80% of revenue [12][46] Group 4 - In 2024, Jinge New Materials achieved a revenue of 467 million yuan, a year-on-year increase of 21.6%, with a net profit of 47.39 million yuan, up 14.8% [13][48] - The company has been facing a decline in product prices across all categories, particularly thermal conductive powders, which saw a price drop from 15,600 yuan per ton in 2022 to 12,900 yuan in the first half of 2025 [14][50] - To counteract declining prices, the company has increased its production capacity from 28,600 tons per year to 56,400 tons, effectively doubling its output [17][51] Group 5 - The IPO plans to raise 205 million yuan, primarily for expanding production capacity, with an expected addition of 30,000 tons [18][53] - Jinge's strategy contrasts with competitors like Lianrui New Materials, which focuses on high-end products and has maintained higher gross margins [20][55] - Jinge's R&D expenditure has been low, with a rate below 5%, and a further decline to 3.6% in the first three quarters of 2025, indicating a lack of investment in innovation [21][58] Group 6 - The company relies heavily on external suppliers for key raw materials, particularly spherical aluminum oxide, with 90% of its procurement coming from competitors [29][32] - This dependency on suppliers poses a significant risk to Jinge's business model, as it may affect the company's ability to maintain competitive pricing and profitability [32][34] - The company's workforce includes a significant number of employees without relevant academic backgrounds in materials science, raising concerns about its R&D capabilities [61][62]