Green Bamboo Painting Materials Declaration of GEM IPO is planned to raise 411 million for expanding production

Art painting materials belong to the stationery industry. There are many comprehensive stationery listed companies in the A -share market, but the field of art painting materials has not been successfully listed in A shares in the field of art painting materials. At present, Hebei Qingzhu Painting Materials Technology Co., Ltd. (hereinafter referred to as Qingzhu Painting Materials) is applying for the GEM IPO, and it is planned to raise 411 million yuan. It is still unknown whether it can be listed in the segmentation field.

Qingzhu painting materials are mainly domestic sales. During the reporting period (2019 ~ 2021), domestic revenue accounts for 89.89%, 80.19%, and 89.32%, respectively. However, in 2019 and 2020, the company's largest customers are ARTEZA overseas ODM customers, with sales of 14.087 million yuan and 30.0237 million yuan, respectively.

"Daily Economic News" reporter noticed that in 2021, when the company's operating income increased obvious, Arteza's sales amount dropped sharply and disappeared into the top five customers.

Hebei Qingzhu Painting Materials is a company that produces art paintings. It was established in 1987. The picture shows the color research and development center of Qingzhu painting materials.

Company -based sales

Prior to the IPO of Qingzhu Painting Materials, the company in the field of art painting materials had initiated sprints to the capital market. In December 2020, Jiangsu Phoenix Painting Materials Technology Co., Ltd. (hereinafter referred to as Phoenix Painting Materials), which disclosed the IPO application materials of the GEM IPO in the Shenzhen Stock Exchange, However, it has been withdrawn the listing application in February 2021; and the Ningbo Kangda Art Painting Materials Group Co., Ltd. (hereinafter referred to as Kangda Art), which has received IPO counseling, is currently listed on the Ningbo Kangda Art Painting Materials Group Co., Ltd.

The reporter noticed that according to the division of sales areas, there is a big difference between Qingzhu painting materials and two peer companies. Qingzhu painting materials are mainly domestic sales, and overseas sales account for relatively small, while Phoenix painting materials and Kangda fine arts are mainly exported, and domestic sales account for relatively small. From 2017 to January to June 2020, the export revenue of Phoenix painting materials accounted for more than 90%of the main business revenue; in 2020 and 2021, the overseas revenue of Kangda Fine Arts accounted for more than 80%.

Regarding the high export revenue, Phoenix Painting Materials and Kangda Fine Arts have stated in the application materials that the popularity of art education in Europe and the United States is high, and the demand for art painting materials markets is relatively stable. It is the main consumer market for painting materials.

Qingzhu Painting Materials also has a similar description in the prospectus (declaration draft): Compared with the domestic market, the proportion of art creation markets in the overseas art painting materials market is relatively high. Research reports released by QiResearch, a Qingzhu painting material, showed that in 2019, the global art painting material market size was approximately US $ 6.859 billion, and the Chinese art painting market size accounted for 10.71%of the world's.

In fact, in recent years, Qingzhu painting materials are also actively developing the international art painting market. From 2019 to 2021, the company's overseas sales were 37.1959 million yuan, 72.4728 million yuan, and 44.2929 million yuan. The export revenue fluctuated greatly.

Qingzhu Painting Materials said that the increase in overseas income overseas in 2020 is mainly because the epidemic affects the increase in online sales of overseas e -commerce art painting materials, and ODM customers such as Arteza have increased; while the overseas revenue declined sharply in 2021, mainly due to the weak European and American economy and shipping costs. Affected by factors such as rising prices, the scale of overseas customers' sales declined, reducing procurement.

Export -invested income fluctuations are more obvious in representing client ARTEZA. In 2019 and 2020, the company's sales of ARTEZA were 14.087 million yuan and 30.237 million yuan, respectively. It was the company's largest customer. However, in 2021, it disappeared in the top five customers. Obviously, sales declined significantly.

The overseas market is still a sales area that Qingzhu's painting is more important. The company introduces its marketing strategy. Relying on the foundation of existing foreign -selling customers, it will promote the rapid expansion of the company ODM business, strengthen cooperation with world -class art painting brands, choose the opportunity to set up the company's own overseas overseas Brands, expand the influence of national brands in overseas markets.

However, Qingzhu's painting materials also admitted that the overseas market environment is relatively more complicated, and higher requirements have been put forward on the company's sales team, management level, law compliance, and communication ability. Compared with excellent international art painting materials brands, the company is in the enterprise in the enterprise in the enterprise. There is still a large gap in scale and international influence.

The main product unit price declines

The prospectus (declaration draft) shows that from 2019 to 2021, the real estate revenue of Qingzhu painting materials was 368 million yuan, 366 million yuan, and 415 million yuan, respectively, and the net profit attributable to mothers was 40.917 million yuan, 59.434 million yuan, and 53.16 million yuan. Yuan, the fluctuation trend of net profit rises first and then falls. Regarding the growth of income in 2021 and the decline in net profit attributable to mother, Qingzhu painting materials stated that the main reason is that the increase in raw materials and other factors affects the slight decline in gross margin, and the increase in marketing promotion has caused sales expenses to increase.

In 2021, 6 of the 7 main raw materials purchased by Qingzhu painting materials rose. Among them, the main raw materials with large purchases include three types of color powder, auxiliary, and emulsion. 8.40%, 16.69%.

However, the reporter noticed that in 2021, while the prices of major raw materials increased, the sales unit price of the two main products of Qingzhu painting materials declined. The main products of Qingzhu painting materials are art painting pigments and other painting materials. Among the pigment categories, the proportion of gouache painting pigments and acrylic painting pigments is relatively high. From 2019 to 2021, the proportion of gouache painting pigment revenue accounted for 60.37%, 54.20%, and 61.22%, respectively, and the income of acrylic painting pigments accounted for 21.33%, 25.60%, and 18.94%. Contribute to about 90 % of the main business income to Qingzhu painting materials.

In 2021, the average unit price of water -painting paintings of Qingzhu painted materials was 16.21 yuan/kg, a decrease of 3.60%year -on -year; the average unit price of acrylic paint pigments was 25.33 yuan/kg, a year -on -year decrease of 11.73%.

Regarding whether the decline in overseas sales will continue and whether the upstream and downstream bargaining ability is weak, on July 27, Qingzhu painting materials responded to the reporter of "Daily Economic News" by email that related issues were in the prospectus (declaration draft) all in the prospectus (declaration draft) Involved.

However, the reporter noticed that the prospectus (declaration draft) did not analyze the reasons for the average unit price of water -painting pigments. As for acrylic painting pigments, the average unit price was reduced due to the decline in the proportion of higher unit price products abroad.

It is worth mentioning that Qingzhu painting materials have taken measures to increase the unit price of the product in 2019, but also increased marketing promotion accordingly. In 2019, the sales cost of Qingzhu painting materials was 12.83%, which is higher than the comparable listed companies in the same industry. It is mainly to properly increase the unit price of the product in accordance with the market situation in 2019. In order Force, further increase online and offline marketing promotion.

In addition, in 2020, the price of raw materials with large procurement amounts such as color powder, lotion, and filling fell, but the average unit price of green bamboo painting materials and picasis and acrylic paint pigments rose. The reason for the rise in the unit price of acrylic painting is mainly due to the high requirements for quality requirements for overseas procurement of acrylic painting pigments, and the average unit price of products is relatively high.

Can the fundraising project digest?

According to the IPO plan, Qingzhu Painting Materials will raise 411 million yuan, of which 308 million yuan will be used for the expansion of the production capacity of art painting materials, 23.1735 million yuan for R & D center projects, and 79.6629 million yuan for marketing network construction projects.

The construction cycle of the production capacity expansion project of art painting materials is 24 months. After completion, it will form an annual production of water powder and watercolor painting, 22,000 tons, 1500,000 tons of acrylic paint pigments, 1500 tons of Chinese painting pigments, and 800 tons of oil painting pigments.

In 2021, the green bamboo painting materials were 16,500 tons, and the capacity utilization rate was 95.20%.

It can be estimated that after the implementation of the above -mentioned fundraising projects, the production capacity of gouache painting pigments will be increased by 133%, and the production capacity of acrylic painting pigments will increase by 428.57%, achieving double production capacity growth.

So, can such a large new capacity be smoothly digested? In this regard, Qingzhu's painting materials said that the fundraising projects will face domestic and foreign markets. With the gradual implementation of national cultural and creative industrial policies, the increasing popularity of youth aesthetics, and further expansion of the art audience, children's art, professional learning, and art creation market It will continue. The customer resources and industry reputation that the company has accumulated over the years will provide a solid market foundation for product sales.

However, Qingzhu painting materials also indicate relevant risks that after the project implementation process and the actual completion of the project, if the macroeconomic environment, national industrial policy, market demand, and competitive pattern have occurred, and the company cannot take effective countermeasures, but also It may lead to market risks that the company's raising funds and investment projects are difficult to fully digest.

Daily Economic News

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