科马材料募2.4亿首日涨371% 过会被问毛利率高合理性

Core Viewpoint - Zhejiang Kema Material Co., Ltd. (stock abbreviation: Kema Material, stock code: 920086.BJ) has been listed on the Beijing Stock Exchange, with a closing price of 54.95 yuan, a rise of 371.27%, and a total market capitalization of 4.598 billion yuan [1] Group 1: Company Overview - Kema Material specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [1] - The controlling shareholder is Songyang Kema Industrial Co., Ltd., which holds 41.339 million shares, accounting for 65.87% of the total share capital [1][2] Group 2: Shareholding Structure - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who have signed a "Joint Action Agreement" to ensure unified decision-making in major operational matters [3] - After the issuance, the controlling shareholder Kema Industrial will hold 49.40% of the shares, while Xu Changcheng and Wang Tingting will hold 2.55% and 2.69%, respectively, with the four actual controllers collectively controlling 63.31% of the shares [4] Group 3: Financial Performance - The company reported operating revenues of 202.158 million yuan, 198.964 million yuan, and 249.028 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 41.650 million yuan, 49.047 million yuan, and 71.034 million yuan for the same years [8] - For the first half of 2025, the company expects operating revenue between 25 million yuan and 28 million yuan, with a projected net profit for shareholders of 82 million yuan to 96 million yuan, indicating a year-on-year growth of 14.63% to 34.21% [11] Group 4: Fundraising and Use of Proceeds - The company plans to raise a total of 243.9272 million yuan, with a net amount of 206.168 million yuan after deducting issuance costs of 37.7592 million yuan, to be used for upgrading projects related to dry environmental-friendly clutch friction materials and research center [6][5]