On June 20, Zhonglun New Materials was listed on the Growth Enterprise Market. The company is an innovative enterprise focusing on the research and development and production of functional film materials. It is mainly engaged in the research and development, production and sales of functional BOPA film, biodegradable BOPLA film and polyamide 6 (PA6) and other related material products.
BOPA film: It has higher strength than PE and BOPP films, and has advantages in low cost and environmental protection compared to EVOH and PVDC films. It is an ideal material for food preservation and fragrance preservation. It is particularly suitable for freezing, steaming and vacuum packaging, and is non-toxic and harmless. It is specifically manifested in the following aspects: (1) Good transparency and gloss, low haze. (2) Excellent toughness and puncture resistance. (3) Good gas (oxygen, nitrogen, carbon dioxide), fragrance and odor barrier properties. (4) Excellent oil resistance, grease resistance and chemical solvent resistance. (5) Easy to process, can be coated, metallized, or composited with other substrates. (6) Wide applicable temperature range (-60℃-150℃). (7) Strong heat resistance.
According to the prospectus, Zhonglun New Materials has built an integrated strategic layout of the "polyamide 6-functional BOPA film" industry chain. In terms of biaxial stretching technology, the company is one of the very few companies in the world that has mastered the step-by-step stretching, mechanical synchronous stretching, and magnetic suspension linear motor synchronous stretching processes. The company has also won the 28th batch of national enterprise technology centers in 2021, the sixth batch of manufacturing single champions in 2021, and the second batch of specialized and new "little giants" issued by the Ministry of Industry and Information Technology in 2020.
It is understood that Zhonglun New Materials has become an important partner of major well-known manufacturers and terminal enterprises at home and abroad, including multinational groups such as Marubeni Corporation, Mondi Group, and Amcor Group, and well-known domestic enterprises such as Putailai (603659.SH), Yongxin Shares (002014.SZ), Dingzheng Group, and Shuanghui Group; the company's products have entered the supply system of well-known domestic and foreign terminal brand manufacturers such as COFCO Group, Wilmar International, CATL (300750.SZ), BYD (002594.SZ), Master Kong Group, Unilever, and Procter & Gamble. The products mainly cover the domestic market and are also sold to more than 40 countries and regions in five continents around the world, including Europe and America.
For the purpose of listing, Zhonglun New Materials stated that the capacity utilization rates of the company's main products BOPA film and polyamide 6 are close to saturation. If the capacity expansion is not carried out as soon as possible, it will directly restrict the development of the company's BOPA film business. The BOPA film production line requires a huge investment amount and a long construction period, so a more forward-looking layout is needed. Through listing, the company can quickly raise funds for expanding production, breaking through the bottleneck of production capacity, enabling the company to better serve the growing market demand and further consolidate the company's leading position in the field of film materials.
It is worth noting that Yang Qingjin, the actual controller of Zhonglun New Materials, controls a total of 79.95% of the company's voting rights. There may be a risk that the actual controller uses its own control position to control the company's operations, personnel, finance, and management by exercising voting rights or other means, and makes decisions and behaviors that harm the interests of investors.
Zhonglun New Materials also pointed out the risk that the depreciation of new fixed assets will affect the company's profitability and the risk of a relatively single product structure. With the completion and production of this fundraising project, the company's fixed assets will increase significantly, and the annual additional depreciation of fixed assets and amortization of intangible assets are expected to total approximately 119 million yuan.
Data show that from 2021 to 2023, the sales revenue of Zhonglun New Materials' functional BOPA film will account for 91.02%, 87.02% and 82.95% respectively. If there are abnormal fluctuations in the production and sales of functional BOPA films, it will have an adverse impact on the company's profitability.
(Statement: The content of the article is for reference only and does not constitute investment advice. Investors operate at their own risk.)
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