新恒汇IPO发行在即：实控人“未上市先减持”惹争议，主营业务面临“夕阳危机”

Core Viewpoint - New Henghui, the second-largest global player in smart card packaging, is preparing for its IPO on the ChiNext board, but recent financial data raises concerns about its profitability and market position [1][4]. Group 1: Company Overview - New Henghui was established in 2017 and integrates research, production, sales, and testing services for chip packaging materials, focusing on smart cards, etched lead frames, and IoT eSIM chip testing [3]. - The company has achieved a production capacity of approximately 2.342 billion smart card modules annually, making it one of the main suppliers in China [3]. Group 2: Financial Performance - The company's profitability is declining, with a projected decrease in gross margin by 1.22 percentage points year-on-year for 2024 [1][11]. - The compound annual growth rate (CAGR) of revenue from 2022 to 2024 has dropped from 18.28% to 10.97% [1][11]. - In Q1 2025, the trend of declining profitability continues, with a year-on-year decrease in net profit attributable to shareholders by 2.26% [1][11]. Group 3: Business Challenges - New Henghui faces significant challenges, including a shrinking market for physical cards and reliance on a single major client, Unisoc, which has previously reduced orders by nearly 50% [9][10]. - The smart card business, which contributes nearly 70% of revenue, is experiencing a revenue decline of 3.60% year-on-year, with projected revenue of 563 million yuan for 2024 [7][11]. Group 4: Debt and Shareholder Concerns - The company's actual controller, Ren Zhijun, plans to reduce his holdings post-IPO to repay debts incurred from borrowing funds from "chip tycoon" Yu Renrong, raising concerns about risk transfer to minority shareholders [4][6]. - The market is worried about the potential impact of this share reduction on stock prices and overall company control stability, as the company has not provided a clear plan to stabilize share prices [6][11]. Group 5: Future Prospects - New Henghui is attempting to diversify its revenue streams by developing etched lead frame and IoT eSIM chip testing businesses, which are expected to become new growth points [11]. - However, these new ventures have shown fluctuating profitability, with low capacity utilization rates and a need for significant investment to enhance competitiveness [13][11].