IPO accepted! Ring Ocean shares to raise 2 billion to build 240,000 t/ a project!

According to SSE news, recently, SSE has accepted the initial application of Ningbo Ring Ocean New Materials Co., Ltd. (hereinafter referred to as "Ring Ocean Shares", "Company"). The shares are to be listed on the Board.according to
data, ICS is a high-tech enterprise specializing in the research and development, production and sale of epoxy chloropropane, the main products are epoxy propane, used in the production of epoxy resin, epoxy resin downstream areas are mainly coatings, electrical and electronic, composite materials and adhesives and otherEpoxy chloropropane can also be used in synthetic curing agent TGIC, solvents, thinners, chlorol rubber, polyether polyols, cation etherizers, pharmaceutical intermediates, surfactants and so on, and these products are widely used in chemical, light industry, transportation, medicine, electrical and electronic fields.
addition to ethylene chloropropane, the company's other main business income is mainly calcium oxide, by-product of calcium chloride external sales of income. As of the date of signing of this prospecto, the company has obtained a total of 8 national invention patents, 5 utility model patents, 5 invention patents in the application.
Ring Ocean shares are to be publicly issued 68 million shares, raising 2 billion yuan, will be used for "240,000 t/a epoxy resin integrated circular economy technology transformation and high-salt wastewater integrated utilization demonstration project" and "supplementary working capital project."
company's top five customers have a significant impact on the company's development
It is understood that during the reporting period, the company's customers are mainly epoxy resin manufacturers and chemical products traders. The top five customers' sales revenue accounted for 74.91 percent, 83.10 percent, 78.39 percent and 74.82 percent of current sales revenue, respectively.
Huanyang shares said that the company's customers are relatively concentrated, mainly because, first, the company's limited production capacity, in order to meet the needs of direct customers such as Balling Petrochemical, Hongchang Electronics, Guodu Chemical, the remaining limited capacity, in order to win the recognition of a wider range of customers, expand brand awareness, further develop the market, the company year-round with the industry's major traders to maintain stable cooperative relations, products sold to large and medium-sized downstream customers;
In the case of the major customer's sales revenue, if the company does not meet the requirements of the main customer because of the quality of products and services, resulting in adverse changes in the relationship between the two sides, such as the decline in the market share of the main customer led to a decrease in its procurement volume, downstream industry growth slows down, the main customer due to the operating conditions of a greater risk, no renewal, default, etc. , and the company in the short term can not open up new customers, will adversely affect the company's development.
results rose steadily, with the main business significantly
The operating income of the shares from 2017 to January-September 2020 (reporting period) was RMB54,074.81 million, RMB 80,578.25 million, and RMB112,914.26 million, respectively. Net profit attributable to the owners of the parent company was RMB10,418.51 million, RMB14,702.98 million, RMB32,691.68 million and RMB20,450.23 million, respectively.
reporting period, the proportion of main business income to operating income was 91.94 per cent, 87.94 per cent, 96.18 per cent and 95.02 per cent, respectively. The company's total assets were RMB71,522.56 million, RMB117,441.06 million, RMB155,313.52 million and RMB217,761.4 million, respectively, showing a rapid increase year by year.
reporting period, the company's operating expenses were RMB37,347.75 million, RMB56,600.65 million, RMB58,902.09 million and RMB44 Of this total, 038.94 million yuan, the proportion of direct materials to operating costs was 72.38 percent, 78.49 percent, 74.09 percent and 70.43 percent, respectively. Direct materials mainly include glycelycer, hydrogen chloride and calcium hydroxide, and the purchase price of these raw materials is the main factor affecting the company's costs.
reporting period, the Company's consolidated gross margin was 30.93 percent, 29.76 percent, 47.83 percent and 41.77 percent, respectively, of which the gross margin of its main business was 31.16 percent and 3 2.81 per cent, 49.12 per cent and 42.28 per cent, while other business gross margins were 28.36 per cent, 7.49 per cent, 15.51 per cent and 32.11 per cent, respectively.
Said that although the company has been actively layout the carbon three industry chain, investment in the construction of epoxy resin, calcium hydroxide production line, and actively achieve the integration of upstream and downstream of the industrial chain, but in the future, epoxy chloropropane is still the company's main source of operating income, if there are major changes in the downstream market of epoxy chloropropane, will adversely affect the company's profitability.