健信超导IPO：“左手分红、右手募资” 研发费用率仅个位数

Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. (referred to as "Jianxin Superconductor") faces multiple potential risks in its pursuit of an IPO on the Sci-Tech Innovation Board, raising concerns about its "hard technology" credibility and listing motivations [1] Group 1: Supply Chain and Customer Dependency - Jianxin Superconductor is in a weak position within the industry chain, with high customer and supplier concentration. The top five customers contributed nearly 80% of revenue, with the largest customer, Fujifilm Group, accounting for over 40% [1] - The company relies significantly on its top five raw material suppliers, which account for about 60% of purchases, leading to weak bargaining power and a gross margin of only 19.56%-24.94%, less than half the industry average of approximately 45% [1] Group 2: Lack of Technological Moat - The company has insufficient R&D investment, with R&D expense ratios of only 5.66%, 5.42%, and 6.50% from 2022 to 2024, which is less than one-third of comparable peers (14%-18%) [2] - Jianxin Superconductor holds only 42 invention patents, while competitors like United Imaging Healthcare have 3,475 patents, indicating a significant technological gap [2] - The core technology is protected by only 42 patents and confidentiality agreements, posing a risk of losing competitive advantage if key personnel are poached or if there is a leak [2] Group 3: Inventory Backlog and Liquidity Risk - The company's inventory surged from 182 million to 319 million yuan, accounting for over 30% of current assets, with inventory turnover days exceeding 200 [3] - The rapid iteration of superconducting magnet technology raises the risk of existing inventory becoming obsolete, yet the company has only recognized a write-down of 7.18 million yuan for inventory depreciation [3] - Accounts receivable have consistently exceeded 20% of revenue, which could exacerbate liquidity issues if downstream customers face financial difficulties [3] Group 4: Dividend Payouts and Fundraising Contradictions - Despite claiming a need to raise 90 million yuan for liquidity, the company distributed 59.99 million yuan in dividends over the past three years, with the chairman personally receiving 24.91 million yuan [4] - This "left hand dividend, right hand fundraising" approach raises questions about the rationality of its capital operation logic, especially given the average working capital ratio of 58.13% of revenue [4] Group 5: Policy Dependence and International Competitive Pressure - The company relies on a 15% income tax incentive for high-tech enterprises, with tax benefits accounting for 18% of total profits in 2024, making it vulnerable to policy changes [5] - With over 90% dependence on imported liquid helium, fluctuations in the international supply chain could disrupt production [5] - Although the company holds a 4.2% global market share, it faces significant pressure from international giants like Siemens and GE, which could squeeze its market position [5] Conclusion - The risk profile of Jianxin Superconductor's IPO journey includes both visible operational crises and hidden long-term concerns related to technological iteration and industry transformation [6]