志高机械北交所上会，上市前分红过亿，存在经销商管理风险

Core Viewpoint - Zhejiang Zhigao Machinery Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on rock drilling and air compressor products, with a significant history of cash dividends distributed to shareholders [1][2][4]. Company Overview - Zhigao Machinery is located in Qujiang Economic Development Zone, Zhejiang Province, and has transitioned from a limited company to a joint-stock company since its establishment in 2003 [3]. - The company is controlled by Xie Cun, who holds 55.62% of the shares directly and indirectly [3]. Financial Performance - The company has distributed over 100 million yuan in cash dividends over the past three years, with amounts of 19.33 million yuan, 32.22 million yuan, and 64.44 million yuan for 2021, 2022, and 2023 respectively [4]. - Revenue for the years 2022, 2023, and 2024 was approximately 795 million yuan, 840 million yuan, and 888 million yuan, with net profits of about 89 million yuan, 104 million yuan, and 105 million yuan respectively [11][12]. Product and Market Position - Zhigao Machinery specializes in rock drilling equipment and air compressors, with a product range that includes hand drills, split-type drills, and integrated drills [7][9]. - The company’s main products are used in mining and construction, contributing to 75.9%, 80.06%, and 80.3% of total revenue during the reporting period [12]. - The gross profit margin for the main business was 23.57%, 24.93%, and 26.75% for the years 2022, 2023, and 2024, which is lower than the average of comparable listed companies [12][13]. Competitive Landscape - The company faces intense competition from international giants and domestic peers, with its overall scale, financing channels, and production capacity being relatively weaker [4][12]. - The gross profit margin is affected by high direct material costs, which accounted for 84.61%, 86.91%, and 86.67% of total costs during the reporting period [15]. Sales and Distribution - Zhigao Machinery employs a sales model primarily based on distributors, with over 79% of revenue coming from this channel [17]. - The company has been expanding its international market presence, with foreign sales accounting for 12.80%, 23.37%, and 25.82% of total revenue in the reporting years [17].