A-share subscription | Zuxing New Materials (920078.BJ) opens for subscription, dedicated to the application research of aluminum pigment and microsphere aluminum powder.

On March 9, Zuxing New Material (920078.BJ) started its initial public offering (IPO) with an issue price of 6.98 yuan per share and a maximum limit of 1.035 million shares. The price-to-earnings ratio is 14.99 times, and it is listed on the Beijing Stock Exchange, with Western as its sponsoring institution. According to the prospectus, Zuxing New Material is dedicated to the application research and product development of aluminum pigments and fine spherical aluminum powders, which belong to the category of functional powder materials in the new materials industry. Currently, the company's major well-known customers include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, Beckers Group, Taiyo Chemical, Arkema, Kansai Paint, BASF, Sherwin-Williams, as well as domestic companies like Hawley Paint, Sokan New Materials Group (688157.SH), Zhuzhou Feilu High-tech Materials (300665.SZ), Xiangjiang Paint, and Bonfort. In the aluminum pigment market, China has over 50 large-scale aluminum pigment production enterprises, with the top 20 accounting for about 80% of the country's aluminum pigment production capacity, indicating a high level of concentration. According to data from the National Coating Industry Information Center, the market value of aluminum pigment consumption in China is expected to reach about 6 billion yuan by 2026, and the scale is expected to reach 100,000 tons by 2030, exceeding 10 billion yuan in value, indicating significant potential for development in the aluminum pigment industry. According to the data from the Zhian Industry Research Institute, the market size of fine spherical aluminum powders in China has grown from 20.96 billion yuan in 2019 to 26.65 billion yuan in 2023, and is expected to reach 37.89 billion yuan by 2030, with a compound annual growth rate of 5.15% during this period. Data from the Aluminum Branch of the China Nonferrous Metals Industry Association shows that in 2024, China and the global production of fine spherical aluminum powders will be 103,000 tons and 155,000 tons respectively. Based on production volume, the market share of the company's subsidiary, Qujing Huayixing, domestically and internationally, will be 22.63% and 15.03% respectively, placing it at the forefront of the industry. In terms of finances, the company achieved operating revenues of approximately 629 million yuan, 690 million yuan, and 707 million yuan in 2022, 2023, and 2024 respectively, with net profits of approximately 51.78 million yuan, 86.73 million yuan, and 58.71 million yuan during the same periods.