打破海外垄断，精细化工龙头恒兴新材开启申购 | 专精快报

Group 1 - The company, Hengxing New Materials, has initiated its IPO process, planning to issue no more than 40 million shares and aims to list on the main board [1] - Hengxing New Materials specializes in the research, production, and sales of fine chemical products such as organic ketones, acids, and esters, and was recognized as a "specialized, refined, and innovative" small and medium-sized enterprise by Jiangsu Province in 2022 [2] - The company's revenue over the past three years has been 420 million yuan, 510 million yuan, and 670 million yuan, while net profits were 120 million yuan, 89 million yuan, and 93 million yuan [3] Group 2 - The fine chemical industry, where the company operates, is characterized by a monopolistic or oligopolistic competition structure, with Hengxing New Materials being one of the few domestic manufacturers using the acid synthesis method for organic ketones [4] - In the organic ketone segment, Hengxing New Materials faces competition from the U.S. company Eastman, which generated 10.5 billion USD in revenue in 2021 [4] - The company is one of the largest producers of isobutyric acid in China, holding significant pricing power in the organic acid market [5] Group 3 - The company is the only domestic enterprise that has mastered the one-step synthesis technology for organic esters, significantly reducing production costs and eliminating pollution compared to traditional methods [5] - The production capacity utilization rates have been declining over the past three years, recorded at 84.71%, 45.9%, and 22.63%, primarily due to the resumption of production and the transfer of production lines [6] - The gross margin for organic ketones has been decreasing, influenced by rising raw material costs, particularly for the methyl isopropyl ketone product [7] Group 4 - The company previously withdrew its IPO application in February 2021 due to concerns over the quality of the application materials, particularly regarding undisclosed related-party transactions [9] - After changing underwriters, the company has resumed its IPO efforts with Guotai Junan Securities as the new sponsor [9] - The fine chemical industry in China is still developing, with only about 20% of global varieties available domestically, indicating a strategic focus on enhancing the industry’s technological capabilities [9]