IPO雷达｜昊创瑞通下周迎考！研发存明显不足 大客户依赖症难解

Core Viewpoint - Beijing Haocreat Electric Equipment Co., Ltd. (Haocreat) is set to undergo its IPO review on June 17, 2025, after nearly two years of acceptance by the ChiNext board [1] Group 1: Business Overview - Haocreat primarily engages in the research, production, and sales of smart distribution equipment, with key products including smart ring main units, smart pole-mounted switches, and box-type substations [3] - The company has experienced stable revenue growth, with reported revenues of 560 million yuan, 672 million yuan, and 867 million yuan for the years 2022 to 2024, respectively [4] - Net profits for the same period were 68.76 million yuan, 87.41 million yuan, and 111 million yuan [4] Group 2: Customer Dependency - A significant portion of Haocreat's revenue is dependent on State Grid subsidiaries, accounting for 88.92%, 91.99%, and 77.38% of total revenue during the reporting period [4] - The gross profit from sales to State Grid subsidiaries represented 93.99%, 93.98%, and 86.47% of total gross profit, indicating high customer concentration [4] Group 3: Quality Issues and Compliance - Haocreat faced product quality issues due to supplier defects and operational errors, leading to a temporary suspension of bidding qualifications by State Grid companies [5][6] - The company was fined 174,000 yuan for illegal land occupation by a subsidiary, highlighting compliance challenges [6] Group 4: Financial Metrics - Total expenses for the reporting period were 58.18 million yuan, 74.03 million yuan, and 85.13 million yuan, with a compound annual growth rate of 20.97% [7] - The expense ratios were 10.39%, 11.01%, and 9.82%, which are lower than the industry average [7][8] Group 5: Research and Development - Haocreat's R&D expense ratio was below that of comparable companies, with reported rates of 3.73%, 3.47%, and 3.09% for the years 2022 to 2024 [12] - The company has a significantly lower number of R&D personnel compared to industry peers, focusing primarily on a limited range of products [11] Group 6: Inventory Risks - The company's inventory values were 146 million yuan, 229 million yuan, and 167 million yuan at the end of the reporting periods, representing 31.61%, 34.30%, and 23.47% of total assets [13] - High inventory levels may lead to liquidity issues and potential write-downs if market conditions deteriorate [13]