酉立智能IPO：实控人持股超八成、客户集中度高、实施定向分红

Core Viewpoint - Jiangsu Youli Intelligent Equipment Co., Ltd. (Youli Intelligent) is preparing for its listing on the Beijing Stock Exchange, focusing on the photovoltaic bracket sector, with significant concerns regarding its internal control, fundraising, and reliance on a few major clients [1][17]. Company Overview - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic brackets, including torque tubes (TTU), bearing components (BHA), installation structures (URA), and rails (RAIL) [1]. - The company was established in April 2017 and transitioned to a joint-stock company in April 2023, with a significant shareholding structure dominated by the Li Tao family, controlling over 81% of voting rights [3][5]. Financial Performance - For the years 2022 to 2024, Youli Intelligent reported revenues of CNY 433 million, CNY 658 million, and CNY 729 million, reflecting year-on-year growth rates of 12.78%, 51.96%, and 10.84% respectively [17]. - The net profit attributable to the parent company for the same period was CNY 42 million, CNY 78 million, and CNY 90 million, with growth rates of 185.55%, 85.27%, and 15.19% respectively [17]. Fundraising and Investment Projects - Youli Intelligent plans to raise CNY 269.9 million for projects including the construction of a production base for core components, a research and development center, and smart upgrades [7][10]. - The allocation of funds includes CNY 151.32 million for the production base, CNY 19.68 million for the R&D center, CNY 28.90 million for smart upgrades, and CNY 70 million for working capital [8]. Research and Development - The company's R&D expenses from 2021 to 2024 were CNY 3.92 million, CNY 5.07 million, CNY 5.83 million, and CNY 12.13 million, indicating a significant increase in investment in recent years [10]. - However, Youli Intelligent's R&D expense ratio is lower than industry peers, with 2022 and 2023 ratios at 2.29% and 0.89%, compared to averages of 2.09% and 2.12% for comparable companies [13][14]. Customer Concentration - The top five customers accounted for over 90% of total sales during the reporting period, with NEXTracker being the largest client, contributing 70% of revenue in 2024 [17][19]. - The reliance on a few major clients poses risks, as any adverse changes in relationships or market conditions could significantly impact the company's performance [19]. Accounts Receivable - Youli Intelligent has seen a continuous increase in accounts receivable, reaching CNY 99.51 million, CNY 186.30 million, and CNY 198.14 million over the last three years, with significant growth rates of 87.23% and 6.35% in the last two years [21]. - The company maintains that the quality of accounts receivable is good, with most being less than one year old, but high receivables could strain operational cash flow [21].