排队逾两年，华新精科主板IPO迎考

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is approaching a critical milestone for its IPO on June 6, 2023, after more than two years of waiting, with a notable recovery in its gross profit margin in 2023 compared to previous years, significantly higher than industry peers [1][4][5]. Company Overview - Huaxin Precision specializes in the research, production, and sales of precision stamping products, primarily focusing on various precision stamping cores and related molds [4]. - The company aims to raise approximately 712 million yuan through its IPO, with planned investments in projects related to electric vehicle drive motor cores, precision stamping and mold R&D, and working capital [4]. Financial Performance - The projected operating revenues for Huaxin Precision from 2022 to 2024 are approximately 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan, respectively, with corresponding net profits of about 114 million yuan, 156 million yuan, and 153 million yuan [4]. - The company's gross profit margin has shown a significant increase in 2023, rising to 21.86%, while the average gross profit margin of comparable companies in the industry decreased to 13.18% [5]. Gross Profit Margin Analysis - From 2019 to 2022, Huaxin Precision's gross profit margins were 21.88%, 21.62%, 17.73%, and 16.89%, consistently outperforming the industry averages of 20.57%, 19.3%, 15.81%, and 13.3% during the same period [5]. - The increase in gross profit margin in 2023 is attributed to the company's direct and indirect supply of drive motor cores to BMW, utilizing advanced adhesive technology, which is rare among domestic suppliers [5]. Control Structure Changes - The company has undergone changes in its actual controlling shareholders, with the current control held by Guo Zhengping and his daughters, who collectively control 68.97% of the shares [8]. - Prior to the IPO acceptance, Guo Zhengping's wife, Wu Cuidi, was also recognized as a controlling shareholder but transferred her shares, leading to her removal from this position [9][10]. - The Shanghai Stock Exchange has raised questions regarding the legitimacy of these control changes and any potential conflicts or disputes among the controlling shareholders, to which the company has responded affirmatively regarding the absence of such issues [7][9].