China Research Corporation breaks through the customs and innovation boards: PEEK Materials Last Borrowing A -share company Better Breakthrough in the market space

The 21st Century Business Herald reporter Han Yi Beijing report Recently, Jilin Provincial China Research Polymer Materials Co., Ltd. (referred to as Zhongyan Co., Ltd.) submitted the listing materials of the Shanghai Stock Exchange's Science and Technology Board of the Stock Exchange. , The company once again sprint the science and technology board market.

According to public information, China Research Co., Ltd. is a high -tech enterprise focusing on the R & D, production and sales of polyether etherone (PEEK). At present, there is no high -end new material listed company in the A -share market. As of the date of signing of the company's prospectus, only Wigges in the United Kingdom has been listed on the London Stock Exchange with PEEK materials.

This means that if the China -Stock Shares can be successfully listed, the company will become the first share of the A -share market special engineering plastic Peek industry. Whether the company has eliminated the obstacles of the previous listing of the halberds, whether it can meet the requirements of the science and technology board listing, it will be reviewed again.

The industry's first again breakthrough

According to the information disclosed by the Shanghai Stock Exchange Science and Technology Board, in September 2020, China Research Co., Ltd. had delivered a table science and technology board for the first time. The sponsor was Anxin Securities. Deep processing series of product comprehensive plant (Phase II) projects and innovation and technology research and development center projects.

However, because the financial information recorded in the listing application documents has passed the validity period, it needs to be supplemented. The company's listing review was suspended by the Shanghai Stock Exchange. In March 2021, China Research Co., Ltd. took the initiative to withdraw the listing application. Essence

The company did not give a detailed explanation for the reason for the first proactive withdrawal of the China Research Corporation for the first time of listing.

At that time, some media and market analysts speculated that it may be caused by the tightness of the science and technology board review, and the amount of China Research Co., Ltd. was small; some analysts believed that it may be related to the regulatory issue of its listed service intermediary agencies.

The specific reasons for the first listing of the Science and Technology Board of China Research Co., Ltd. have not yet accurate answers. The 21st Century Economic Herald has called the company interviews many times, and as of the time, the release has not received a reply. However, in terms of the industry status where China Research Co., Ltd. is, the company does have the strength to land on the Create Board.

The 21st Century Business Herald reporters learned from the technical personnel of a fine chemical company in Yantai that PEEK materials are the "pyramid" industry with high -performance engineering plastics. In the context of "plastic steel" and "lightweight" materials, the industry It is expected to replace high -end new materials products for metal materials.

Data show that PEEK was first successfully developed in 1978 and officially opened in the 1990s. It is one of the latest special engineering plastics invented and commercialized. my country has successively listed PEEK's research and development in the "Seventh Five -Year Plan", "Eighth Five -Year Plan", "Ninth Five -Year Plan", "Fifteenth" national key science and technology research plan and the "863" plan. At present, Peek is still one of the largest imported materials in my country. In 2020, my country's major special engineering plastic import dependence shows that Peek is still as high as 75%.

In order to promote the development of the industry, the state continues to introduce support policies to support industry research and development and industrialization, and in 2017, the Ministry of Science and Technology issued the "Special Plan for Science and Technology Innovation in the Thirteenth Five -Year Plan" material field in 2017 clearly proposed that it is necessary to focus on the development of "special engineering plastics". Structural material technology ". In December 2021, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, and the Ministry of Natural Resources jointly formulated the "Fourteenth Five -Year Plan" raw material industry development plan "again pointed out that it is necessary to enhance comprehensive competitiveness such as new materials such as plastic fiber and composite materials.

Since its establishment in 2006, China Research Co., Ltd. has been committed to PEEK's research and development. It is one of the earliest companies in China to engage in PEEK production, and finally achieved large -scale industrialized production in 2014.

As of the end of the reporting period, China Research Co., Ltd. is the 4th company in the world after Wigs, Belgium and Solvid, Belgium, and Germany. The reaction kettle is the company that PEEK aggregate production is also the largest Chinese company in PEEK.

The market data disclosed by the company shows that the PEEK global market share of the China Research Co., Ltd. in 2019 is 6%, ranking fourth in the world. In 2021, the company's Peek resin sales were 622.74 tons, and the domestic market share was 31.45%. It ranked among Chinese companies. One.

According to reports, China Research Co., Ltd. is drafted by the first national standard as the first grass unit to participate in the first national standard. At present, the standard has entered the approval stage.

As the number one high -end material company in the domestic industry, China Research Co., Ltd. continued to develop investment in 16 years, forming an independent intellectual property rights around PEEK aggregation production. At present (All invention patents), 9 international certifications.

"At the level of science and technology attributes and core technical levels, China Research Co., Ltd., as the leader of the high -end engineering plastic PEEK industry, meets the positioning requirements of the science and technology board listing." CITIC Securities Industry Analysts told reporters to the 21st Century Business Herald that the company's listing may not be smooth. Cause of other factors.

The 21st Century Economic Herald reporter noticed that the biggest change of the application materials of China Research Co., Ltd. was to change the listed service agency. In the case, the accounting firm changed from Xinyong Zhonghe to Dahua. In addition, the company's fundraising project has increased the two items of Shanghai carbon fiber polyethyl ether ketone composite materials and supplementary mobile funds. The scale of fundraising has increased significantly to 455 million yuan. CCCC's return to the intermediary service institution has returned again. Has the company's breakthrough in the science and innovation board market has cleared the obstacles?

The product line to be rich

The latest prospectus of China Research Corporation shows that the company's operating income was 112 million yuan, 158 million yuan, 203 million yuan and 50.3945 million yuan from 2019 to the first quarter report period of the first quarter of 2019 to 2022. They were 13.6721 million yuan, 24.6653 million yuan, 50.295 million yuan, and 10.753 million yuan.

At the end of each period of the reporting period, the asset -liability ratio under the merger of the China Research Corporation was 15.58%, 15.35%, 25.73%, and 24.68%, respectively, and the asset -liability ratio of the parent company was 15.42%, 15.40%, 26.19%, and 24.90%.

In the past three years, the business development of China Research Co., Ltd. has a good business. The compound growth rate of operating income has reached 34.70%, and the compound growth rate of net profit reached 91.48%, which reflects good profitability and growth. Strong capabilities, business indicators are significantly better than most plastic material industries in the A -share market.

However, on the other hand, according to the disclosure of its prospectus, China Research Co., Ltd. focuses on the development and industrialization of Peek materials, and the company is also constrained by the development of Peek materials.

During the reporting period, the main products of China Research Co., Ltd. are PEEK pure resin and composite enhanced resin. Among them, the PEEK pure resin series products include three categories: pure resin particles, pure resin powder and pure resin crude powder. In addition, some Peek products are also included.

From 2019 to 2021, the revenue of the pure resin series of the pure resin series of China Research Co., Ltd. was 94.596 million yuan, 133 million yuan, and 158 million yuan, respectively, accounting for 84.62%, 84.17%, and 77.79%of the company's main business income; The income was 17.16 million yuan, 24.9059 million yuan, and 44.8238 million yuan, respectively, accounting for 15.35%, 15.75%and 22.08%of the main business income. From the perspective of the product, during the reporting period, the company's pure resin series products are mainly pure resin particles, accounting for about 70%of the company's main business income ratio.

China Research Co., Ltd. said that the company is facing the risk of a single product structure.

Its main product PEEK accounted for more than 95%during the reporting period. If the demand for various applications in the short term and slowing market expansion occur in the short term, it will bring a significant adverse effect on the company's operating income and profitability. Essence

Because of its dependence on a single product, China Research Co., Ltd. is also easily affected by the upstream supplier market.

Fluorone is the core raw material for PEEK resin synthesis. At present, there are relatively few fluorone suppliers in the domestic market. During the reporting period, the fluorone raw materials of China Research Co., Ltd. were mainly supplied by two supply by Yingkou Xingfu and Xinhan New Materials. 50.15%and 57.54%.

China Research Co., Ltd. is also worried about the relative concentration of fluorone procurement, and stated that if the main suppliers cannot provide raw materials in time due to inadequate reasons, it will adversely affect the company's production and operation.

In the prospectus, China Research Co., Ltd. is frank. At present, the company's products are still mainly PEEK resin. It has not yet extended the processing field of downstream profile processing. The capabilities of different profiles such as pipes, rods, and sheets have limited capabilities. Limited. At the forefront of the benchmarking PEEK industry, the industry is developing in the direction of PEEK medical -grade resin and CF/Peek research and development. The company has a certain gap with foreign levels in the field of medical -grade PEEK resin, especially in the field of implantation.

The fundraising plan shows that the innovation and technology research and development center of China Research Co., Ltd. and the research and development center of Shanghai carbon fiber polyether etherone ketone composite material research and development center project is the company's exploration layout of the industry chain extension and the industry's cutting -edge research. The company is expected to continue to lead the domestic PEEK industry R & D and development, but the company's fundraising plan also includes a significant expansion of the project. Under the current market space, after the project is implemented, China Research Co., Ltd. still needs to solve the operation of small operating volume and market development operations. surroundings.

How to break through the market space

According to the layout of the fundraising project of China Research Corporation, the annual output of 5,000 tons of polyether ether (PEEK) deep -processing series product comprehensive plant (Phase II) project was completed and put into production, China Research Co., Ltd. can form a PEEK pure resin fine powder series of 300 tons/year, and PEEK pure resin particles 200 tons/year, PEEK composite enhanced particle series products 300 tons/year, 200 tons/year Peek products, and form an important raw material (solvent) distillation and recycling capacity for PEEK production. At the year/year, the company's total production capacity/recycling capacity will reach 5,000 tons/year. At present, the production and sales data of the main products of China Research Corporation shows that the company's multiple product lines have a large amount of production capacity idle and production and sales. From the perspective of the product, among the PEEK resin products in China Research, the current annual production capacity of pure resin crude powder (P series) is 1,000 tons, and the utilization rate of each period of the reporting period is 34.29%, 54.14%, 55%, and 48.71%; The company's production capacity of the company's pure resin particles (G series) products is 300 tons, 500 tons, 700 tons, and 175 tons, and the capacity utilization rate is 90.60%, 79.12%, 58.81%, and 53.51%; pure resin fine powder (PF series (PF series ) The annual production capacity of the product is 300 tons, and the capacity utilization rates of each period are 8.23%, 9.24%, 12.89%, and 14.03%, and the production and sales rates are 98.96%, 83.70%, 86.84%, and 107.30%.

China Research Co., Ltd. Compound enhanced resin (GL/CA/FC series) products have an annual production capacity of 350 tons, and the capacity utilization rate of each period is 17.87%, 26.75%, 37.87%, and 53.15%.

In terms of comparison, China Research Co., Ltd. is currently facing a large number of existing production capacity idle. If the successful implementation of the fundraising plan means that the company's production capacity will expand again, the company will face the digestive pressure of production capacity. How to develop a wide range of product application space has become the key to the development of the company's large -scale revenue.

In the prospectus, China Research Co., Ltd. also realized that there is a bottleneck in the PEEK industry supporting facilities, which is not conducive to the healthy and orderly development of the industry. The upstream and downstream facilities of the Peek industry need to be coordinated.

Its analysis believes that in the upstream of the PEEK industry chain, the domestic PEEK production has grown rapidly in recent years, which has led to its upstream raw material fluorone supply. Although the current major domestic fluorone manufacturers are expanded, it is still available to actual production. For a period of time, raw materials in the industry still face the risk of insufficient supply. At the same time, some raw materials, such as benzhenol and carbon fiber, have insufficient production capacity in domestic high -quality products in China, and domestic PEEK manufacturers still need to import products.

In terms of the downstream of the industrial chain, the domestic PEEK profile processing capabilities are insufficient, and the production capacity of different profiles such as production pipes, rods, and sheets has limited production development. Performance materials are applied to wider fields and will also miss the opportunity to enter the international market.

In terms of collaborative innovation, there is still a lot of room for improvement in PEEK's production and research in my country. As my country really formed PEEK's large -scale industrialized independent production capacity, there is still a considerable gap in material application, testing and evaluation compared with developed countries.

However, China Research Co., Ltd. said that if the downstream market is gradually recognizing Peek, the future development prospects of the industry can still be expected.

"A new material application scope and the increase in penetration requires a certain period of cycle." China Research Co., Ltd. believes that benefiting from PEEK's excellent performance, more and more industries have gradually understood and began to accept Peek materials for industrial upgrading for industrial upgrading. effect.

With the market's understanding of material characteristics and processing methods, PEEK's market space will gradually be opened. Among them, China, as one of the important production bases in the world, is expected to benefit from Peek materials in the future. The further deepening and expansion of the application has better development prospects.

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