A股“充电模块第一股”来了：股权“换”订单、研发投入偏低受质疑

Core Viewpoint - Yoyo Green Energy Co., Ltd. is facing significant challenges despite its initial success in the rapidly growing electric vehicle charging equipment sector, with declining profit margins and increasing scrutiny over its business practices and R&D investments [1][2][4]. Company Overview - Yoyo Green Energy was established in 2015 and specializes in the research, production, and sales of core components for DC charging equipment for electric vehicles, including charging modules of various capacities [1]. - The company is recognized as the "first stock of charging modules" in the A-share market [1]. IPO Details - The company launched its IPO on May 26, with an issue price of 89.60 yuan per share and a total issuance of 10.5 million shares, aiming to raise approximately 700 million yuan [1]. - The IPO price is the second highest in the A-share market for the year, following Tianyouwei [1]. Financial Performance - Revenue growth from 2021 to 2024 shows a significant increase from 431 million yuan to 1.497 billion yuan, nearly 3.5 times growth [2]. - However, revenue growth rates have declined sharply, with increases of 129.23%, 39.27%, and only 8.86% projected for 2024 [2]. - Net profit figures for the same period show a rise from 46.11 million yuan to 256 million yuan, but the growth rate fell from 325.30% in 2022 to a negative growth of -4.73% in 2024 [2]. Customer Base and Sales - Major clients include well-known companies such as Wanbang Digital and ABB, which have significantly contributed to Yoyo Green's early success [5][6]. - Sales to the top five customers accounted for 69.63% of total revenue in 2021, decreasing to 35.21% by mid-2024 [5]. - The proportion of foreign sales, which peaked at 51.72% in 2022, has been declining, dropping to 28.32% in 2024 [4]. R&D Investment - Yoyo Green's R&D expenditures from 2021 to 2024 were 21.49 million yuan, 40.18 million yuan, 79.09 million yuan, and 49.14 million yuan, with R&D expense ratios of 4.99%, 4.07%, 5.75%, and 6.81% respectively [10]. - The company's R&D investment is significantly lower than that of its peers, raising concerns about its ability to maintain a competitive edge [10][11]. Production Model - The company relies heavily on outsourcing for production processes, which has raised questions about its competitive strength [12][13]. - Yoyo Green claims to maintain quality control through various measures, including regular assessments of outsourcing partners [13].