Core Viewpoint - Shandong Xintong Electronics Co., Ltd. has submitted its IPO registration after over a year of waiting, but concerns arise regarding its declining R&D expense ratio and the rationale behind its fundraising projects [1][4]. Company Overview - Shandong Xintong Electronics is a provider of industrial IoT smart terminals and system solutions, focusing on specific industries such as electricity and telecommunications [4]. - The company has shown steady revenue growth, with projected revenues of approximately 782 million, 931 million, and 1.005 billion yuan for 2022, 2023, and 2024, respectively, and corresponding net profits of about 117 million, 124 million, and 143 million yuan [4]. R&D Expense Ratio - The R&D expense ratio has decreased year by year, standing at 8.75%, 7.5%, and 7.06% for 2022 to 2024, significantly lower than the industry average of 16.98% and 17.18% for the same years [4][5]. - The company attributes this low ratio to factors such as lower average wage levels in its location and differences in product structure compared to peers [5]. Fundraising and Investment Plans - The company plans to raise approximately 475 million yuan, with a significant portion allocated to projects aimed at expanding production capacity, despite a declining capacity utilization rate of 100.02%, 93.06%, and 85.37% from 2022 to 2024 [6][7]. - The largest investment of about 209 million yuan will be directed towards the development of a transmission line inspection and big data analysis platform [6]. Financial Health - The company has seen an increase in cash reserves, with cash balances of approximately 205 million, 241 million, and 364 million yuan from 2022 to 2024 [7]. - However, accounts receivable have also risen, with balances of 392 million, 582 million, and 675 million yuan for the same years, indicating potential cash flow issues [8][9].
信通电子闯进“注册关”背后：研发费用率远低同行均值、产能利用率下降
Bei Jing Shang Bao·2025-04-23 13:14