Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, aiming to raise 300 million yuan for production line construction, R&D center development, and working capital [2] Company Overview - Founded in 2003, Chuangda New Materials specializes in the R&D, production, and sales of high-performance thermosetting composite materials, primarily used in semiconductor packaging, automotive electronics, and other electronic devices [4] - The company also provides epoxy engineering materials and services for cleanroom projects in the electronics industry [4] Financial Performance - Revenue for Chuangda New Materials from 2022 to 2024 is projected to be 311 million yuan, 345 million yuan, and 419 million yuan, respectively [4] - Net profit for the same period is expected to be 23 million yuan, 51 million yuan, and 61 million yuan, with a net profit growth rate of 19.15% in 2024, a significant decline of 108.68 percentage points compared to previous years [4] - Tax incentives have been a crucial source of profit, with amounts of 12.54 million yuan, 16.36 million yuan, and 17.52 million yuan during the reporting period, accounting for 55.88%, 28.49%, and 25.00% of total profit, respectively [4] Production Capacity and Utilization - The company has experienced long-term underutilization of production capacity, with solid molding plastic utilization rates of 72.81%, 83.73%, and 86.32%, and liquid packaging material utilization rates of 66.06%, 64.80%, and 73.24% during the reporting period [4] - Both core products have a sales-to-production ratio below 100%, with a declining trend [5] IPO Fundraising and Financial Position - The IPO aims to increase production capacity by nearly 50%, raising questions about the rationale behind the fundraising [5] - In 2024, the company's debt-to-asset ratio is projected to be 14.79%, with no long-term or short-term debt, and cash reserves of 133 million yuan [5] - The company has distributed nearly 40 million yuan in dividends during the reporting period, raising concerns about the necessity of raising 63 million yuan for working capital given its strong financial position [5]