KINGLAI MATERIALS(SZ:300260) 中国基金报·2025-10-23 13:09Core Viewpoint - New Lai Ying Material plans to invest 2 billion yuan in a semiconductor core component project, while its debt ratio has been rising in recent years [2][6]. Investment Project Summary - The project will focus on the research, production, and sales of gas distribution plates and semiconductor aluminum chambers, providing precision cleaning services for semiconductor, TFT, and OLED equipment. It is considered a crucial part of the national semiconductor industry chain's domestic substitution strategy. The total investment is expected to be 2 billion yuan, with an anticipated annual output value exceeding 1.5 billion yuan upon reaching full production [5][6]. Financial Overview - As of mid-2025, the company's total assets are approximately 5.3 billion yuan, and net assets are about 2.064 billion yuan. The planned investment amount is roughly equivalent to the company's latest net assets. In the first half of this year, the company's operating revenue was 1.409 billion yuan, compared to 2.849 billion yuan for the entire previous year [5][6]. Funding and Debt Concerns - The funding for this investment project will come from self-owned or self-raised funds, but the company has not disclosed the timeline for completion. As of the first half of this year, the company's cash reserves were less than 500 million yuan, insufficient to cover short-term debts, including short-term loans and non-current liabilities due within one year. The company's debt ratio has been on the rise, raising concerns about the impact of this new project on its financial stability [6][7]. Financial Risk Indicators - The company's financial risk indicators show a rising debt ratio, which was 61.53% as of December 31, 2024, up from 52.05% in 2020. The current ratio has decreased from 1.446 in 2020 to 1.321 in 2024, and the quick ratio has also declined from 0.706 to 0.655 during the same period [7]. Growth Performance - From 2016 to 2022, the company experienced rapid growth in both operating revenue and net profit. However, in 2023, it faced a bottleneck, with operating revenue showing only slight increases and net profit declining. By the first half of 2025, operating revenue had turned negative, and net profit continued to decrease [8][9]. Stock Performance - Since the "9.24" market event last year, the company's stock price has performed well, rising from around 16 yuan to a recent high of approximately 78 yuan, representing an increase of nearly four times. Despite a recent pullback, the stock has still gained over 200% since the "9.24" event. As of October 23, the company's total market capitalization was 23.38 billion yuan [9][10].