After two generations of the family started their businesses in the chemical industry, Huamao Weiye Green Technology Co., Ltd. ("Huamao Weiye" for short) started listing on the GEM. On February 17, Huamao Weiye’s GEM IPO was accepted by the Shenzhen Stock Exchange. The company plans to raise 1 billion yuan, which will be invested in the construction project of 100,000 tons/year of special chemicals and the construction project of the Green Chemistry Research Institute.
Two generations of the family started a business
Huamao Weiye is a fine chemical enterprise that advocates the concept of "green chemistry" and focuses on the innovative research and development of green chemical synthesis technology that crosses multiple disciplines. At present, the company's commercialized products mainly include a variety of catalysts used in the field of polyurethane and NMMO, a solvent product used in the field of lyocell fiber. Among them, DMDEE in the polyurethane catalyst ranks first in the global market share, and NMMO has the largest market share in the product In the year of listing, it realized import substitution, which strongly promoted the development of my country's lyocell fiber industry.
According to the calculation of product sales in 2021, Huamao Weiye accounts for about 5% of the global market share of tertiary amine polyurethane catalysts, among which the market share of DMDEE single product has ranked first in the world and in China. In the field of lyocell fiber, Huamao Albert is currently an important manufacturer of NMMO in the world, and its domestic market share will reach 51.1% in 2021.
As of the end of 2022, Huamao Albert has obtained 12 patents, of which 6 are invention patents, and another 3 international patents and 7 invention patents are under application.
It is worth noting that the development of Huamao Albert has a family inheritance. According to the prospectus, Huamao Weiye was founded by the Lu family with profound chemical background, and its main family members have decades of professional learning, industrial research and development, and industrialization practical experience in the field of chemistry and chemical engineering. The founders, Lu Chunmao and Yang Chuanhua, devoted their whole lives to the country's chemical research field. The current chairman, Lu Wanli, returned to China in 2007 to help the family start a business under the inheritance of the family.
In terms of equity structure, Lu Qianli, Lu Wanli and Lu Yili are the controlling shareholders and actual controllers of Huamao Weiye, and the three are brothers. As of the signing date of the prospectus, Lu Qianli directly held 23.98% of the shares of Huamao Weiye, and indirectly controlled 10.65% of the company's shares through Yingcui Investment; Lu Wanli directly held 23.00% of the company's shares; Lu Yili directly held 23.00% of the company's shares. % of shares. Lu Qianli, Lu Wanli and Lu Yili together control 80.64% of the company's shares.
Gross profit margin maintained at a high level
In terms of performance, from 2020 to 2022, Huamao Weiye's operating income will be 150 million yuan, 285 million yuan, and 363 million yuan, respectively, and its net profits will be 31.3903 million yuan, 70.8491 million yuan, and 122 million yuan.
Huamao Weiye’s current main profit-contributing product is polyurethane catalyst, which contributed 83.59%, 80.53%, and 77.60% to the gross profit of the main business during the reporting period. The profit contribution of this type of product is deeply affected by the prosperity of the polyurethane industry. Due to the superior performance of polyurethane products and the characteristics of energy saving and environmental protection, its application scale has continued to expand over the years, and the market demand has also continued to increase. At present, my country has become the world's largest producer and consumer of polyurethane.
Huamao Weiye said that since the company's polyurethane catalysts are currently more used in the production of one-component polyurethane formula products such as caulking agents, sealants, and waterproof coatings, their terminal applications are concentrated in the building materials market. Macro factors such as the real estate market lead to a decline in market demand, which in turn leads to a decline in the development of the polyurethane industry, which will adversely affect the company's operating performance.
During the reporting period, Huamao Weiye’s comprehensive gross profit margins were 38.82%, 40.51%, and 49.25%, respectively, which were maintained at a relatively high level. And exports are affected, resulting in an imbalance between market supply and demand, resulting in a large increase in the price of the company's polyurethane catalyst. At the same time, in the context of the continuous price increase of chemical raw materials leading to rising product costs from the second half of 2020, the company partially passed on the pressure of continuous increase in raw material costs to customers through the price transmission mechanism.
In this IPO, Huamao Albert plans to raise 1 billion yuan, which will be invested in the construction project of 100,000 tons/year of special chemicals and the construction project of the Green Chemistry Research Institute.
Huamao Weiye said that the main product of the 100,000-ton/year special chemical construction project is NMMO. With the rapid growth of the lyocell product industry, the contradiction between the ever-expanding demand for NMMO and insufficient supply capacity has become a key issue in industrial development . Therefore, in order to meet the future market demand for the company's products, expanding the production scale is an inevitable choice for the sustainable development of the company's business.
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