山东父子冲IPO，年收入超16亿｜专精快报

Core Viewpoint - Changyu Group has been accepted for IPO, becoming the first company on the Shanghai Stock Exchange main board this year, focusing on zirconium products, specialty nylon, and fine chemicals [4]. Financial Performance - Revenue for 2022, 2023, and 2024 is projected at 1.669 billion, 1.607 billion, and 1.637 billion CNY, respectively, with net profits of 257 million, 188 million, and 205 million CNY [4]. - The revenue from zirconium products accounts for over 70% of total revenue, but the unit price has decreased by nearly 25% during the same period [5]. - Specialty nylon products are expected to grow significantly, with revenues of 235 million, 285 million, and 300 million CNY from 2022 to 2024, driven by domestic demand and breakthroughs in key raw materials [6]. Product Segmentation - Zirconium products generated 70.85% of revenue in 2024, while specialty nylon products contributed 18.37% [7]. - The gross margin for zirconium products has decreased from 30.65% in 2022 to 22.41% in 2024, below the industry average of 30.48% [7]. Market Position and Competition - Changyu Group is the largest global producer of zirconium oxychloride, with a domestic market share of approximately 30% in 2024 [8]. - The company faces competition from international firms in high-end materials, while domestic companies are gradually transitioning to high-end production [8]. Research and Development - The company's R&D expense ratio is lower than the industry average, at 3.39%, 3.19%, and 3.3% from 2022 to 2024 [9]. Sales and Customer Base - The company employs a direct sales model, with the top five customers accounting for 26.49%, 20.35%, and 22.91% of total revenue from 2022 to 2024, indicating no single customer dependency [9]. International Sales and Geopolitical Impact - The proportion of overseas sales has decreased from 42.33% in 2022 to 34.52% in 2024, influenced by geopolitical factors [9]. - Sales of zirconium products to the U.S. dropped by 51.27% in 2023 due to geopolitical tensions [9]. Raw Material Sourcing - The company relies on overseas suppliers for zircon sand and key raw materials for specialty nylon, although domestic production has improved recently [10]. IPO Fund Utilization - The company plans to raise 700 million CNY through the IPO to enhance product processing capabilities and extend the industrial chain [11].