超六成营收依赖两大客户，建邦高科冲击港股IPO

Core Viewpoint - The company Jianbang High-Tech has submitted an IPO application to the Hong Kong Stock Exchange, showcasing steady growth in performance from 2022 to 2024, significantly supported by its top two clients contributing over 60% of its revenue [1][4]. Group 1: Company Overview - Jianbang High-Tech is a pioneer in the research, development, production, and sales of photovoltaic silver powder in China, ranking first among domestic manufacturers and second globally in terms of sales revenue, with a market share of 9.9% [1]. - The company’s revenue for the years 2022, 2023, and 2024 is projected to be approximately RMB 1.759 billion, RMB 2.782 billion, and RMB 3.95 billion, respectively, with corresponding profits of about RMB 24.2 million, RMB 59.89 million, and RMB 79.03 million [3]. Group 2: Financial Performance - Jianbang High-Tech's gross profit for the same years is expected to be around RMB 603.3 million, RMB 1.072 billion, and RMB 1.31 billion, with gross profit margins of 3.4%, 3.9%, and 3.3% respectively [3]. - The company's inventory and current liabilities have been increasing, with inventory values at approximately RMB 41.21 million, RMB 73.01 million, and RMB 121 million, and current liabilities at about RMB 141 million, RMB 161 million, and RMB 282 million for the respective years [4]. Group 3: Client Concentration - Jianbang High-Tech has a high customer concentration, with revenue from the top five clients accounting for 95.4%, 94.8%, and 84.4% of total revenue from 2022 to 2024, and sales to the top two clients representing 87.9%, 82.8%, and 63.1% of total revenue [4][5]. - The top two clients are significant players in the photovoltaic and semiconductor sectors, with long-term relationships established, ensuring stable sales and reducing market development costs [5].