卓海科技转战北交所：2024年增收不增利 研发费用远低同业 切换板块后募资金额提升1.5亿是否合理？

Core Viewpoint - Zhuohai Technology has faced significant challenges in its recent IPO attempts, revealing issues related to revenue growth, profitability, and governance, raising concerns about its sustainability and innovation capabilities [1][2][3]. Revenue and Profitability - Zhuohai Technology's revenue growth has sharply declined, with projected growth rates of only 21.44% and 21.97% for 2023 and 2024, respectively, compared to previous years where growth rates were as high as 161.66% [2][3]. - The company's gross profit margin is expected to drop significantly to 46.56% in 2024, down nearly 15 percentage points from previous levels, leading to a projected net profit decline of 21.60% to 104 million yuan, marking the first net profit drop in five years [2][3]. Research and Development - Zhuohai Technology's R&D expenditure is notably lower than its peers, with R&D expenses as a percentage of revenue at approximately 7%, compared to an average of over 21% for comparable companies [4]. - The company claims its lower R&D spending is due to its business model focusing on the refurbishment of retired equipment rather than developing new equipment, raising questions about the innovation barrier in its field [4]. Governance and Management Concerns - There are discrepancies in the resumes of key technical personnel, with claims of employment at companies that were not yet established, casting doubt on the credibility of the company's management [5]. - The company has a history of negative cash flow from operating activities while still distributing dividends, which raises concerns about its financial management practices [6]. Fundraising and Market Strategy - Zhuohai Technology has increased its fundraising target from 5.47 billion yuan to 7 billion yuan after changing its sponsor for the IPO, despite the lack of changes in its project plans and the ongoing downturn in the semiconductor industry [6].