Guanghua Technology will sprint the board IPO

Abstract: Recently, Zhejiang Guanghua Technology Co., Ltd. (hereinafter referred to as: Guanghua Technology) declared the second round of inquiries about the listing of the Science and Technology Board has come out, will sprint A-share Science and Technology Board IPO.
, Guanghua Technology was established on October 11, 2014, is a professional polyester resin research and development, production and sales of high-tech enterprises. Polyester resin products as a key raw material for powder coatings, widely used in construction, furniture, home appliances, automobiles, high-speed rail, 3C and many other fields

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Guanghua Technology as the leading domestic polyester resin enterprises, over the years has always attached importance to research and development capabilities and comprehensive technical capabilities of the training, the company has a stable storage of high-acid polyester resin technology, wood transfer dedicated polyester resin technology, electronic packaging materials with polyester resin technology, silicon modified resin technology and other 16 core technologies.
among them, super weather-resistant polyester resin technology, high temperature polyester resin technology, storage stability of high acid polyester resin technology, medium density plate special polyester resin technology, wood transfer special polyester resin technology, such as 7 core technologies have achieved large-scale applications, electronic packaging materials with polyester resin technology, silicon modified resin technology, such as 9 have broken through key technologies, one after another began small-scale trial production.
powder coating downstream applications are more extensive, Guanghua technology strong research and development capabilities and rich product systems make the company in response to customer demand, broaden the product line with a strong initiative.
technology sales of polyester resins from 2017 to 2019 were 475,000 tons, 597,000 tons and 711,000 tons, respectively. According to the statistics of the Coatings Professional Committee of the China Chemical Society, the company's sales of polyester resins for powder coatings have been at the forefront of the industry for many years, and are the leading suppliers of polyester resins for powder coatings in China.
terms of assets, from 2017 to 2019, Guanghua Technology's accounts receivable balances were 220 million yuan, 250 million yuan and 250 million yuan, respectively, in 2018 and 2019, an increase of 7.08 percent and 0.7 percent year-on-year;
2017-2019, Guanghua Technology's asset-liability ratio was 70%, 70% and 55%, respectively, and that of Shen Jian Shares (002361), a listed company with a high degree of comparability with Guanghua Technology, was 31.38 percent, 38.71 percent and 39 percent, respectively, from 2017 to 2019.
Guanghua Technology's current production capacity of 99,000 tons, the original 44,000 tons of old capacity plus 55,000 tons of new production capacity put into operation in November 2019, but the chart above shows that the company's total net investment in civil construction and equipment is only 95.2803 million yuan, the original value of only 12.29268 million yuan, significantly lower.
addition, in November 2019, the new 55,000 tons of technical reform project put into operation, the audit report shows that the project under construction project shows that the project budget of 60.10 million yuan, the actual transfer of fixed assets 41.9585 million yuan.
addition, Guanghua Technology equipped with small test synthesis device for fully automatic computer control, can fully record the synthesis process of temperature, pressure and stirring speed and other parameters, the resulting parameters can be directly used in the industrial production of the product. In product formulation development, the company has a professional technical research and development team, research and development capabilities outstanding.
Guanghua Technology this time to raise 587 million yuan, will be used for "an annual output of 120,000 tons of powder coating polyester resin construction project," "research and development center construction project", "supplementary working capital", the project reached the post-partate, the company's production capacity will be increased from the current 99,000 tons / year to 219,000 tons / year.