Source: Economic Reference Newspaper
Recently, the review status of Nanjing Bedi New Material Technology Co., Ltd. (hereinafter referred to as "Bedi New Material"), which is planning to be listed on the Gem, has changed from "accepted" to "inquired", and the IPO of the company has entered a new stage. The "Economic Reference News" reporter noted that during the reporting period (referring to 2018, 2019, 2020 and January-June 2021, the same below), the performance of Bedi New Materials grew steadily, but the gross profit margin rose first and then fell. To this end, In the prospectus, Bedi New Materials highlighted the risks of gross profit margin fluctuations and rising raw material prices.
According to the prospectus, Bedi New Materials is a national high-tech enterprise engaged in the research and development, production, finishing and sales of functional polymer membrane materials in the field of new display and 5G communication based on electronic optics, materials science, mechanics and other disciplines. In this IPO, Bedi New Material intends to raise 550 million yuan for the construction of the industrial base of polymer membrane materials for 5G high-frequency communication, the production project of quantum dot composite membranes for display, the construction project of R&D center and supplementary working capital.
According to financial data, the overall performance of Bedi New Materials during the reporting period maintained steady growth, achieving operating income of 517.9235 million yuan, 463.9169 million yuan, 598.5678 million yuan and 390.8366 million yuan, and achieving net profits of 22.0957 million yuan, 25.2288 million yuan, 33.7989 million yuan and 22.8879 million yuan, respectively.
Bedi New Materials said that since 2019, the company has seized the favorable opportunity of the development of the downstream consumer electronics industry, expanded its production capacity in a timely manner, enriched the product category, maintained a rapid growth trend in operating income, and continuously strengthened profitability. However, Bedi New Material admits that the company's sales concentration is high. During the reporting period, the total sales revenue of the company's top five customers accounted for 67.06%, 62.31%, 71.00% and 69.74% of the current operating income, respectively, and the company had the risk of relative concentration of sales customers.
It is worth noting that while the performance increased, the gross profit margin of Bedi New Material showed a trend of first rising and then falling, and the comprehensive gross profit margin of each period in the reporting period was 16.82%, 20.56%, 18.28% and 15.39% respectively. Bedi New Material said that by product, the gross profit margin of basic optical diaphragm products from January to June 2021 decreased slightly, mainly due to the changes in the terminal structure of the downstream application of basic optical diaphragms and the trend of large size, the rise in raw material purchase prices to further compress the gross profit space, etc., in addition, the transportation cost list for cost accounting objectively also lowered the gross profit margin level; the gross profit margin of composite diaphragms was relatively stable.
Bedi New Materials prompted the risk that if the company faces unfavorable factors such as intensified market competition, falling sales prices of major products, rising raw material prices, and rising labor costs in the future, the comprehensive gross profit margin may decline significantly, adversely affecting the company's profitability.
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