Core Viewpoint - Hunan Hengxing New Materials Technology Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, with significant control held by its chairman and general manager, Li Haodan, who controls 82.81% of the voting rights [1][3]. Company Overview - Established in March 1996, Hengxing specializes in the R&D, production, and sales of UV curing coatings and PUR hot melt adhesives, with applications in various industries including PVC flooring and automotive components [3][4]. - The company has three production bases in Hunan and plans to establish overseas R&D and production bases in Vietnam and Thailand [3][4]. Financial Performance - Revenue for 2022-2024 is projected to be CNY 6.52 billion, CNY 7.59 billion, and CNY 8.79 billion, with net profits of CNY 479 million, CNY 1.13 billion, and CNY 1.134 billion respectively [6][7]. - The gross profit margin is expected to increase from 24.79% in 2022 to 36.84% in 2024, primarily due to a decrease in raw material costs [6][14]. Product Revenue Breakdown - Revenue from UV coatings for 2022-2024 is projected at CNY 5.972 billion, CNY 6.721 billion, and CNY 7.800 billion, while PUR hot melt adhesive revenue is expected to be CNY 463 million, CNY 753 million, and CNY 850 million [9][10]. - The sales price of UV coatings has slightly decreased from CNY 44,664.55 per ton in 2022 to CNY 43,593.72 per ton in 2024 due to raw material price fluctuations [12][15]. R&D and Innovation - The company has established several R&D platforms and has filed for 15 patents, with 4 more pending [4]. - Ongoing R&D projects include environmentally friendly coatings and specialized products for various applications, such as wind turbine blade repair and food packaging [4][10]. Market Expansion - The company has seen rapid growth in overseas sales, with foreign revenue increasing from CNY 72.83 million in 2022 to CNY 228.09 million in 2024, driven by the establishment of production bases in Southeast Asia [20][21]. - The company aims to expand its market share in the automotive coatings sector and enhance its product offerings through new manufacturing projects [22][24]. Fundraising and Future Plans - The company plans to raise CNY 493 million through its IPO to fund various projects, including new manufacturing bases and R&D centers [22][23]. - The new projects are expected to significantly increase production capacity and annual revenue, enhancing the company's competitive position in the market [24][28].