2025年4月16日，肯特催化材料股份有限公司（简称：肯特催化，证券代码：603120）正式登陆上交所主板。毅达资本收获2025年度第三家IPO企业。 肯特催化自成立以来一直专注于季铵（鏻）化合物产品研发、生产和销售。公司始终以技术创新为驱动，深耕精细化工、分子筛、高分子材料、电池电解 液、油田化学品等核心领域，构建了涵盖季铵盐、季铵碱、季鏻盐、冠醚四大系列产品的完整矩阵，致力于为客户提供高效、安全、定制化的解决方案， 是国内相转移催化剂和分子筛模板剂领域的标杆企业。 作为一家国家高新技术企业，肯特催化始终坚持"自主研发+协同创新"双轮战略，与浙江大学、浙江工业大学、浙江理工大学、台州学院等高校深度合 作，攻克了季铵盐合成、冠醚合成、离子膜有机电解等多项关键技术壁垒。凭借优异、稳定的产品质量和良好的市场信誉，公司的产品在市场上被广泛认 可，市场占有率和品牌影响力持续提升。 作为相转移催化剂及分子筛模板剂领域的"隐形冠军"，肯特催化此次上市募集资金将用于"年产8860吨功能性催化新材料项目"。募投项目的建设，将进一 步帮助公司打通"季铵盐→季铵碱→模板剂→分子筛"的上下游产业链，可充分发挥完整产业链的效益优势， ...

Core Insights - The company reported a revenue of 975 million yuan for Q1 2025, representing a year-on-year growth of 17.94%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 1.8% [1] Business Analysis - The electronic materials business is operating steadily, with ongoing customer collaboration in catalytic materials. Despite the impact of the Spring Festival, the company maintained stable operations, continuing to develop new products to meet high-end market demands [2] - In the catalytic sector, the company is advancing customer collaborations, particularly in the honeycomb ceramic field, where major overseas players like Corning and NGK dominate the market. The company leverages its stable domestic supply and cost-performance advantages to develop commercial and passenger vehicle clients, gradually entering a volume growth phase [2] - The biocompatible materials segment is taking shape overseas, with the precision ceramics business continuing to expand, becoming a future growth driver. The company is expanding its product range and upgrading existing products, with overseas sales channels improving and increasing overseas sales proportion [2] - The precision ceramics sector is seen as a sunrise industry, with ceramic balls gradually gaining traction alongside the 800V fast charging applications in new energy. The company has established a full industry chain layout for ceramic substrates, which will enhance product profitability and serve as a key support for mid-term business growth [2] Market Impact - The real estate sector has negatively impacted the company's building ceramics, with a 14.3% year-on-year decline in completed real estate area in China as of March. The company is expanding overseas markets and textile dyeing businesses but faces certain constraints [3] - The new energy sector remains highly competitive, with the company's alumina and other materials experiencing pressure from industry dynamics, leading to a Q1 overall gross margin of approximately 36.77%, down about three percentage points quarter-on-quarter [3] Profit Forecast - The company has lowered its 2025 revenue forecast by 15%, projecting revenues of 4.631 billion, 5.557 billion, and 6.391 billion yuan for 2025-2027, with net profits of 699 million, 870 million, and 1.03 billion yuan respectively. The corresponding EPS is expected to be 0.70, 0.87, and 1.03 yuan, with current price-to-earnings ratios of 24, 19, and 16 times [4]