比亚迪供应商，万华化学客户！又一高分子“小巨人”，冲IPO

Core Viewpoint - The capital market is experiencing a revival, with numerous companies in the high-end chemical new materials sector, such as DT New Materials, actively pursuing IPOs, indicating renewed investor confidence and funding availability in the new materials sector [1]. Group 1: Company Developments - DT New Materials has reported multiple companies in the high-end chemical new materials field initiating IPO processes, including major players like Caike Technology and Xinhengtai [1]. - Tianjian New Materials has successfully transitioned from the New Third Board to the Beijing Stock Exchange, with an IPO application officially accepted, aiming to raise approximately 397 million yuan [2]. - The company plans to issue up to 14.2786 million shares to fund various projects, including a manufacturing center and a research and development center [2][3]. Group 2: Financial Performance - Tianjian New Materials has shown a consistent increase in revenue, with projected revenues of approximately 830 million yuan, 930 million yuan, and 1.12 billion yuan for 2022, 2023, and 2024 respectively, alongside net profits of 61.59 million yuan, 82.85 million yuan, and 63.52 million yuan [5]. - The company's gross profit margins are projected to be 20.34%, 22.25%, and 16.09% for the same years, indicating fluctuations in profitability [5]. - The production capacity utilization rates are expected to rise from 83.43% in 2022 to 114.13% in 2024, reflecting efficient production management [5][6]. Group 3: Product and Market Insights - Tianjian New Materials specializes in high-performance modified engineering plastics, with a significant focus on modified PC products, which accounted for 53.09%, 58.89%, and 55.93% of sales revenue in the last three years [4][6]. - The company serves various industries, including new energy vehicles, 3C electronics, and smart home applications, with major clients like BYD and Xiaomi [5]. - The global PC resin market is dominated by major producers such as Covestro and SABIC, while domestic production capacity is nearing stability, with a total capacity of 3.81 million tons and a production volume of 2.3 million tons expected by the end of 2024 [7][8].