这家“全球第一”IPO了：健信超导三年分红6000万，研发费用率仅为行业“零头”

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. (referred to as "Jianxin Superconducting") has been accepted for IPO on the Shanghai Stock Exchange, aiming to raise 865 million yuan, despite financial challenges such as low gross margins and R&D expenses compared to industry averages [2][4]. Financial Performance - Jianxin Superconducting's revenue for the years 2022 to 2024 was 359 million yuan, 451 million yuan, and 425 million yuan respectively, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan [3]. - The company reported a significant amount of inventory and accounts receivable, with the combined total accounting for approximately 79.71% of current assets by the end of 2024 [3][4]. Dividend Distribution - Prior to the IPO, Jianxin Superconducting distributed nearly 60 million yuan in dividends, with half of this amount benefiting the controlling shareholder's family [4][5]. Market Position - Jianxin Superconducting is the leading independent supplier of superconducting magnets in the global MRI industry, holding a market share of approximately 4.2%, ranking fifth globally and second among domestic companies [2]. Gross Margin and R&D Expenses - The company's gross margins for the reporting period were 19.56%, 22.84%, and 24.94%, significantly lower than the industry average of 46.27%, 45.59%, and 45.17% [7]. - R&D expenses for the same period were 20.33 million yuan, 24.42 million yuan, and 27.65 million yuan, with R&D expense ratios of 5.66%, 5.42%, and 6.50%, which are substantially below the industry average [8][9]. Seasonal Revenue Trends - Jianxin Superconducting's revenue exhibits significant seasonal fluctuations, with a higher proportion of sales occurring in the second half of the year due to procurement cycles of domestic medical institutions [10].