新股前瞻|中鑫家居：利润过山车、毛利连年跌，“越南产能”能否成为解药？

Core Viewpoint - The company, Zhongxin Home, a leading player in the PVC flooring manufacturing sector, has submitted its listing application to the Hong Kong Stock Exchange, highlighting its international business layout and the challenges it faces, including profit volatility and declining gross margins [1][8]. Group 1: Company Overview - Zhongxin Home specializes in the design, development, production, and sales of PVC flooring products, ranking eighth among Chinese exporters with a market share of approximately 0.61% in the global PVC flooring market [2]. - The company leads in the SPC (Stone Plastic Composite) flooring segment, achieving a market share of 1.02%, establishing itself as a "niche leader" in this high-growth category [2][8]. - The company has a strong international presence, with significant experience in product development and production, serving clients globally, particularly in North America and Europe [2]. Group 2: Financial Performance - The company's net profit has shown significant fluctuations, with a reported profit of approximately 125 million RMB in 2023, dropping to 52.7 million RMB in 2024, a decline of 57.9%, before recovering to 74.1 million RMB in the first three quarters of 2025 [3][4]. - Gross margin has been on a downward trend, decreasing from 26.0% in 2023 to 22.3% in 2024, and further to 21.3% in the first three quarters of 2025, reflecting a cumulative decline of 4.7 percentage points over three years [3][4]. Group 3: Market Strategy - The company has adopted a "China + Vietnam" dual production base strategy to mitigate trade risks and optimize costs, with a new facility in Vietnam expected to produce 24.1 million square meters annually [5]. - The revenue structure is highly internationalized, with overseas revenue increasing from 96.0% in 2023 to 99.4% in the first three quarters of 2025, heavily reliant on the U.S. market, which contributed 79.6% of revenue in 2023 [5][6]. Group 4: Customer Concentration Risks - The company faces significant risks due to high customer concentration, with the top five customers accounting for 80.5% of revenue in 2023, and the largest customer, MSI, contributing 63.3% of total revenue in 2023 [7][8]. - The management recognizes the need to diversify its customer base to reduce dependency on a few major clients, which poses a challenge requiring time and resources [7].