三协电机IPO：夫妻持股超8成，雷赛智能跃升第一大客户

Core Viewpoint - Changzhou Sanxie Electric Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with significant ownership concentration among its founders, raising concerns about governance and control risks [1][4][5]. Ownership Structure - The ownership of Sanxie Electric is highly concentrated, with the couple Sheng Yi and Zhu Shuqing holding 82.46% of the shares, which raises potential governance issues [3][4]. - The top shareholders are primarily company executives and employees, indicating a lack of external investor diversity [5][6]. Financial Performance - The company has shown steady revenue growth from 2021 to 2024, with revenues increasing from 282 million to 420 million yuan, representing a growth rate of 43.91%, 1.89%, 26.05%, and 16.05% respectively [17]. - Net profit has also increased significantly, from 26 million to 56 million yuan, with growth rates of 15.78%, 5.57%, 80.31%, and 15.82% [17]. Dividend Policy - Sanxie Electric distributed over 15 million yuan in dividends, which is significantly higher than the 12 million yuan planned for liquidity support, raising questions about the rationale behind such distributions amid cash flow constraints [16][17]. - The company’s dividend payout ratio for 2023 was 55.5% of its net profit, which is below the 80% threshold, indicating a controlled approach to shareholder returns [16]. Production Capacity and Utilization - The company plans to issue up to 18 million shares to raise 159 million yuan for expansion projects, including a green energy control motor expansion project [8][10]. - Production capacity utilization rates for various motor types have declined significantly from 2021 to 2024, with stepper motors dropping from 94.49% to 74.85% [10][11]. Research and Development - Sanxie Electric's R&D expenditure has been below industry averages, with a rate of 3.58% compared to peers averaging around 5.4% [14][15]. - The company plans to allocate 31.6 million yuan for R&D center construction, indicating a recognition of the need to enhance innovation capabilities [12][14]. Customer Relationships - The largest customer, Leisai Intelligent, became a shareholder through a private placement, raising concerns about potential conflicts of interest and the nature of their business relationship [22][24]. - Sales to Leisai Intelligent have increased dramatically, from 27,530 yuan in 2019 to over 6.65 million yuan in 2024, highlighting the importance of this relationship for the company's revenue [22][24].