威易发IPO：85个会计科目差错更正 管理层资金占用现象频出

Core Viewpoint - The recent update on the IPO review status of Wuxi Weiyi Precision Machinery Co., Ltd. has raised concerns in the market due to numerous internal control deficiencies, including 85 accounting errors and frequent management fund misappropriations, which may introduce uncertainties to its IPO journey [2][4]. Financial Performance - Founded in 2008, Weiyi specializes in the R&D, production, and sales of metal sealing components, primarily used in turbochargers, hydrogen fuel cell air compressors, electric centrifugal compressors, gas turbines, and industrial valves [4]. - According to Wind data, Weiyi's revenue is projected to grow from 52 million yuan in 2022 to 134 million yuan in 2024, with a year-on-year growth rate of 65.40% in 2023; net profit is expected to increase from 28 million yuan to 66 million yuan, reflecting a compound annual growth rate of 46.67% [4]. - The peak net profit margin is close to 50%, comparable to Kweichow Moutai [4]. Accounting Issues - The company has made 85 corrections to accounting subjects due to various errors, including retrospective adjustments for financial asset classifications and cross-period income adjustments, affecting financial reports from 2021 to 2023 [4][5]. - Specifically, the revenue for 2021 and 2022 was adjusted downwards by 277,100 yuan and 995,100 yuan, respectively, while cross-period income for the same years was adjusted downwards by 995,100 yuan and 277,100 yuan [4]. Internal Control Deficiencies - The numerous accounting errors indicate significant lapses in Weiyi's accounting practices and suggest weaknesses in its internal controls [5]. - Management has also been involved in frequent fund misappropriations, with the actual controllers borrowing over 4 million yuan from 2020 to 2022 for personal use and tax payments [6]. - Despite these issues, the company has distributed dividends totaling 34 million yuan across three occasions from 2022 to 2024 [6]. Future Outlook - The ability of Weiyi to overcome its historical internal control deficiencies and successfully navigate the IPO process remains a point of ongoing interest [6].