Recently, the Shenzhen Stock Exchange Listing Committee received an application for review of the application draft by Runtai New Materials Co., Ltd. (hereinafter referred to as "Runtai Shares"), and Haitong Securities is its sponsor. Runtai Co., Ltd. plans to raise 550 million yuan this time, with the number of shares to be issued no more than 61,666,700, accounting for no less than 25% of the total share capital after issuance.
According to the prospectus, Runrun Enterprise Management holds a total of 25.22% of the company's shares and is the company's controlling shareholder. Zhang Shiyuan and Song Wenjuan and his wife directly and indirectly hold a total of 58.19% of the company's shares and are the actual controllers of the company.
Company equity structure, picture source, prospectus
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Comprehensive gross profit margin fluctuates greatly
Company is mainly engaged in the research, development, production and sales of fine chemical products such as film forming additives, plasticizing agents, and its main products include dodecanol esters, hexadecanol esters (also known as "hexadecanol diesters"), dimethyl phthalate , etc. Among them, dodecanol esters are used as film-forming additives in water-based coating additives, mainly used in architectural coatings and industrial coatings; hexadecanol esters (hexadecanol esters) can be used as film-forming additives for water-based coatings , and are used in the polyvinyl chloride (PVC) industry; dimethyl phthalate is used as plasticizer, and is used in downstream fields such as solvent-based coatings , methyl ethyl ketone peroxide (a curing agent for fiberglass), acetate fiber, etc.
From 2018 to January-September 2021, Runtai Co., Ltd.'s operating income was RMB 454 million, RMB 567 million, RMB 649 million and RMB 896 million, respectively, and the net profit attributable to shareholders after deducting non-operating items was RMB -37.9034 million, RMB 24.1117 million, RMB 51.5569 million and RMB 80.4368 million, respectively. The main reasons for the growth of operating income are the expansion of production capacity, the increase in sales volume and the increase in raw material prices, which lead to the growth of sales prices and the increase in operating income.
It is worth noting that the company's operating income mainly comes from dodecanol esters as water-based coating film forming additives, and the main product types are relatively single. If the company fails to expand the production and sales of products other than dodecyl alcohol esters in the future, and the dominant position of existing dodecyl alcohol esters is replaced by other materials, it may have an adverse impact on the company's production and operation.
From 2018 to January-September 2021, the company's main core finance, picture source, prospectus
During the reporting period, the company's comprehensive gross profit margin was 15.72%, 27.62%, 26.47% and 21.22%, respectively. The gross profit margin fluctuated greatly. The main reason was the changes in the price of main raw materials, product price adjustments and different production scales, which had certain differences in different years, so that the gross profit margin was different in different years.
2018 to January-September 2021, the company's comprehensive gross profit margin, picture source, prospectus
During the reporting period, the comprehensive gross profit margins of comparable companies in the same industry were 18.03%, 16.07%, 12.92% and 17.63%, respectively. Specifically, in 2018, the company's comprehensive gross profit margin was lower than that of comparable companies in the same industry; from 2019 to January-September 2021, the company's comprehensive gross profit margin was higher than that of comparable companies in the same industry.
2018 to January-September 2021 Comparison of the comprehensive gross profit margin between the company and comparable companies in the same industry, picture source, prospectus
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relies on the top five suppliers
During the reporting period, the company's main suppliers include Zibo Fangyi Industry and Trade Co., Ltd./Zibo Wohang Industry and Trade Co., Ltd., Saudi Basic Industry (China) Investment Co., Ltd./Saudi Basic Industry Asia Pacific Private Co., Ltd., Nanjing Chengzhi Clean Energy Co., Ltd., Taiwan Plastic Industry Co., Ltd. , etc. The total amount of procurement of the company's top five suppliers was RMB 248 million, RMB 240 million, RMB 265 million and RMB 544 million, respectively, accounting for 68.07%, 58.43%, 70.82% and 78.45% of the total procurement, respectively. The concentration is on the rise, mainly because the company's main products are more prominent and the concentration of the main raw materials required is high. If the cooperation between the company and the major suppliers terminates, it may have an adverse impact on the company's raw material supply and normal production and operation.
0 Procurement status of the company's top five suppliers from 2018 to January to September 2021, Source, Prospectus,
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Net accounts receivable showed a fluctuation and upward trend at the end of each period of the reporting period, the company's net accounts receivable were RMB 104 million, RMB 90.2578 million, RMB 112 million and RMB 179 million, respectively, accounting for 26.35%, 24.56%, 34.51% and 35.70% of current assets, respectively, and the net accounts receivable showed a fluctuation and upward trend. If there are adverse changes in the macroeconomic environment, customer operating conditions, etc., and bad debts cannot be recovered on time or cannot be recovered, the company will face the risk of shortage of working capital and decline in profitability.
Net accounts receivable from 2018 to January-September 2021, picture source, prospectus
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summary
With the transformation of the national economic growth model and the full implementation of Sustainable Development Strategy , higher production requirements are put forward for chemical production enterprises. Runtai Co., Ltd. is in the chemical reagent and additive manufacturing industry. After years of development, it has had some experience, but the problems of supplier concentration have plagued the company for a long time. It is necessary to strengthen cooperation with other related manufacturers and expand new supply channels to enhance its market position in the chemical industry segment.
