江阴一家IPO业绩出现增收不增利，产能利用率仅七成仍扩产

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is set to undergo an IPO review on the Shanghai Stock Exchange, aiming to raise 712 million yuan, with concerns regarding its financial performance and governance structure [2][3]. Financial Performance - Huaxin Precision's revenue increased from 1.192 billion yuan in 2022 to 1.421 billion yuan in 2024, while net profit decreased from 114 million yuan to 150 million yuan during the same period, indicating a trend of increasing revenue without corresponding profit growth [3][4]. - The company's cash flow from operating activities fluctuated significantly, with a net cash flow of -65.18 million yuan in 2022, 45.81 million yuan in 2023, and -63.38 million yuan in 2024, raising concerns about cash flow management [4]. Research and Development - R&D expenses were 40.51 million yuan, 44.39 million yuan, and 44.85 million yuan from 2022 to 2024, representing a declining percentage of revenue from 3.40% to 3.16% [5]. - The number of patents increased significantly, with 39 new patents obtained during the reporting period, despite a decrease in the number of R&D personnel with advanced degrees [5]. Governance and Ownership Structure - The actual control of Huaxin Precision is held by Guo Zhengping and his two daughters, who collectively control 68.97% of the shares, raising questions about governance and the experience of the young shareholders [6][7]. - Prior to the IPO, there was a significant restructuring of ownership, including the exit of Guo Zhengping's spouse from the company, which may have been a strategic move to address potential regulatory concerns [6][7]. Capital Utilization and Expansion Plans - The company plans to allocate 445 million yuan for expanding production capacity for electric vehicle drive motor cores, despite current capacity utilization rates being below 72% [2][10]. - Huaxin Precision intends to raise 200 million yuan for working capital, despite having cash reserves of 242 million yuan, leading to questions about the necessity of this capital injection [10][11]. Inventory and Risk Management - Inventory levels have been increasing, with balances of 151 million yuan, 194 million yuan, and 250 million yuan over the reporting period, raising concerns about potential inventory write-downs [10][11]. - The company acknowledged risks related to inventory management, including the potential for price declines and order cancellations impacting the value of raw materials and finished goods [11].