IPO专题：新股精要：抗溢胶特种膜国内细分龙头厂商新广益

Company Overview - New Guangyi (301687.SZ) is a leading domestic manufacturer of anti-overflow adhesive special films, with a projected market share of 30% in 2024[3] - The company expects to achieve revenue and net profit of CNY 657 million and CNY 116 million, respectively, in 2024[3] Market and Industry Analysis - The functional film materials market in China is expected to reach CNY 162.3 billion by 2024, growing at a rate of 8.9%[23] - The domestic market for anti-overflow adhesive films is estimated to be around CNY 900 million to CNY 1 billion, while the market for strong resistance special films is approximately CNY 1.8 billion[24] Financial Performance - Revenue from 2022 to 2024 is projected to grow at a compound annual growth rate (CAGR) of 20.15%, with revenues of CNY 455 million, CNY 516 million, and CNY 657 million for the respective years[10] - The company's gross margin has remained stable above 30%, with figures of 31.76%, 32.02%, 32.28%, and 31.41% for 2022, 2023, 2024, and the first half of 2025, respectively[12] Investment and IPO Details - The company plans to issue 36.72 million shares, representing 25% of the total post-IPO share capital of 146.86 million shares[28] - The total amount to be raised through the IPO is CNY 638 million, aimed at expanding production capacity for functional film materials[28] Competitive Landscape - The company has successfully broken the technological monopoly of Japanese and European firms in the anti-overflow adhesive film sector, achieving the highest market share in China[27] - Competitors include major international chemical companies such as 3M, Mitsui, and Sumitomo, which dominate the high-end functional materials market[26] Risk Factors - High customer concentration risk, with the top five customers accounting for 52.77% of total revenue in the first half of 2025[32] - Potential risks of declining product prices due to market competition and changes in customer requirements[32]