募资9亿扩产！功能性涂层龙头IPO闯关成功

Core Viewpoint - Guangzhou Huigu New Materials Technology Co., Ltd. has received approval for its initial public offering (IPO) on the ChiNext board, marking a significant milestone in its journey to enhance domestic high-end materials and compete in the global market [1] Company Overview - Established in 1999, the company has focused on functional coating materials for 26 years, specializing in polymer materials and building two core technology platforms for functional resins and coatings [4] - The company aims to become a global leader in functional material technology innovation, with a diversified industrial layout targeting four downstream application scenarios: home appliances, packaging, new energy, and electronics [4] Technological Strength - The company has developed a dual-core technology platform that enables the independent synthesis of various resin systems, ensuring control over key raw materials and breaking material functionality boundaries [7] - As of June 2025, the company holds 84 authorized patents, including 79 invention patents, and has a research team of 206 members, with nearly 30% holding advanced degrees [7] - The company has achieved significant breakthroughs in core product areas, capturing over 60% market share in domestic energy-saving coating materials for heat exchangers and over 30% in aluminum cap coatings [7] Financial Performance - The company's revenue has shown consistent growth from 66.36 million yuan in 2022 to 81.69 million yuan in 2024, with gross profit margins increasing from 29.56% to 40.68% during the same period [8] - In the first half of 2025, the company reported a revenue of 49.60 million yuan and a net profit of 10.71 million yuan, reflecting year-on-year growth of 30.42% and 48.48%, respectively [8] Market Position - The company has established itself as a core supplier for major brands in various sectors, including home appliances, packaging, new energy, and electronics, maintaining a stable revenue contribution of over 92% from these four areas [8] IPO and Fundraising - The company plans to issue up to 15.78 million shares in its IPO, aiming to raise 900 million yuan to focus on its main business development [10] - The funds will be allocated to projects including the expansion of an environmentally friendly coating and resin production facility, a research center, and production line upgrades [10][11] Future Development - The company intends to leverage capital market resources to strengthen its research and development capabilities, focusing on the dual-core product line strategy of functional resins and coatings [14] - The company aims to enhance the localization and green development of key materials, responding to differentiated, localized demands from downstream customers [14]