华为、宁德时代、比亚迪供应商，又一高分子材料小巨人，冲IPO！

Core Viewpoint - Zhejiang Xinhengtai New Materials Co., Ltd. has received approval for its IPO application on the Beijing Stock Exchange, aiming to raise 380 million yuan for various projects including the production of micro-porous foamed materials and technological upgrades [1][2]. Funding and Projects - The company plans to use the raised funds for a project with an annual production capacity of 50,000 cubic meters of micro-porous foamed materials, a technological upgrade of the IXPE production line, the establishment of a research and development center, and to supplement working capital [2][6]. - The total investment for the micro-porous foamed materials project is 242.32 million yuan, with a construction period of 24 months [2][6]. Market Potential and Applications - The micro-porous foamed materials, particularly MPP (foamed polypropylene), have gained significant attention since 2022 due to their innovative applications in various industries, including new energy battery cells, 5G communication, and more [2][3]. - The company has established a strong market presence, with its products widely used by renowned brands such as CATL, BYD, and Huawei [3][10]. Financial Performance - The company's revenue from 2022 to 2024 is projected to grow from 530 million yuan to 774 million yuan, with net profits of 45 million yuan, 101 million yuan, and 91.76 million yuan respectively [10]. - The gross profit margins for MPP products are expected to decline from 53.27% in 2022 to 37.64% in 2024 [3][10]. Product Segmentation - The sales revenue composition shows a declining trend for PE Foam, while IXPE and MPP sales are on the rise, indicating a shift in product focus [11]. - The production capacity utilization rates for MPP products are projected to reach 100.89% in 2024, reflecting strong demand [12][14]. Competitive Landscape - The company competes with notable global players in the foamed materials market, including Sealed Air, Armacell, and BASF, which highlights the competitive nature of the industry [3][7]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise, indicating its strong position in the market [6].