中塑股份再闯IPO，实控人家族持股超79%，客户集中度较高存隐忧

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has submitted an IPO application to list on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics [2] Group 1: Company Overview - Zhongsu's main business includes the development of modified engineering plastics, with core products such as modified PC, PC/ABS, PA, PPA, PBT, and PET [2] - The company has developed specialized functional materials like laser direct structuring (LDS) materials and nano-injection molding (NMT) materials to meet specific downstream industry needs [2] - Products are widely used in consumer electronics, energy storage, automotive, and home appliances, covering end products like smartphones, wearable devices, new energy vehicles, and energy storage power supplies [2] Group 2: Financial Performance - From 2022 to 2024, the company achieved operating revenues of CNY 493 million, CNY 537 million, and CNY 700 million, with net profits attributable to shareholders of CNY 48.76 million, CNY 80.84 million, and CNY 92.57 million, respectively [3] - The compound annual growth rates for revenue and net profit (excluding non-recurring gains and losses) over the last three years were 19.11% and 37.79% [3] - The gross profit margins for the main business from 2022 to 2024 were 26%, 31.97%, and 31.03%, consistently higher than the industry average [3] Group 3: Shareholding Structure - The shareholding concentration is high, with Zhu Huaicai and Deng Lianfang controlling 73.26% of the shares [3] - Zhu Huaicai serves as the chairman and general manager, while Zhu Huaiyu, his brother, holds 6.09% of the shares and is also a director [3] Group 4: IPO Details - The company plans to publicly issue no more than 12.33 million shares, aiming to raise CNY 645.49 million, with all proceeds allocated to projects including the construction of a smart production base for high-performance engineering materials [4] - The funding will also support the expansion of the Jiangxi Zhongsu production base and the establishment of a new materials engineering technology research center, with CNY 103 million allocated for working capital [4] - The company intends to enhance production scale, improve intelligent production levels, and strengthen R&D capabilities through the raised funds [4]