10万吨改性项目！巴斯夫、金发供应商，尼龙材料龙头，即将上市

Core Viewpoint - Haiyang Technology is set to launch its IPO on June 3, with a focus on producing nylon 6 products, which are essential in various industries including automotive and textiles [2]. Company Overview - Haiyang Technology, originally part of Nanhua Group, has undergone restructuring since 2006 and has key shareholders including Linglong Tire and Hengshen Group, with the latter being the largest supplier of caprolactam, which constitutes over 80% of the company's main business costs [2]. - The company produces nylon 6 chips, nylon 6 yarn, and tire fabric, with significant market presence in multiple downstream sectors [2]. Production Capacity - The production capacities are as follows: nylon 6 chips at 321,000 tons, tire fabric at 40,000 tons, polyester tire fabric at 36,000 tons, and nylon 6 yarn at 62,000 tons, indicating full production and sales [2]. Fundraising and Project Investment - The company aims to raise CNY 61,230.20 million for projects including a 100,000-ton modified polymer new materials project and a 45,000-ton intelligent upgrade project for polyester tire fabric [3]. - The total investment for these projects is CNY 74,830.20 million, with additional funds allocated for working capital [3]. Client Base and Revenue - Haiyang Technology has established a supply chain with major domestic and international chemical and tire companies, including BASF, Enka, and Linglong Tire [3]. - The company reported revenues of CNY 4.067 billion, CNY 4.113 billion, and CNY 5.542 billion for the years 2022 to 2024, with net profits of CNY 154 million, CNY 125 million, and CNY 166 million respectively [4]. Profit Margins - The gross profit margins for the main products from 2022 to 2024 were as follows: nylon 6 chips at 5.67%, 5.52%, and 4.61%; tire fabric at 20.90%, 14.72%, and 13.98%; and nylon 6 yarn at 12.42%, 3.36%, and 4.09% [5][6]. Market Position and Future Outlook - China is the largest producer and consumer of nylon 6 globally, accounting for over half of the market, with significant production capacity expected to reach 9.28 million tons by 2028 [7]. - The demand for differentiated and high-end nylon 6 products is anticipated to grow, particularly in non-fiber applications, although competition is expected to intensify, leading to potential profit margin declines [7].