昊创瑞通IPO：夫妻持股超75%，依赖国家电网，研发费用率低于均值

Core Viewpoint - The company, Haocreat Ruitong Electric Equipment Co., Ltd., is preparing for its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on smart distribution equipment and digital solutions for distribution networks. Concerns have been raised regarding the high ownership concentration by the controlling couple, potential conflicts of interest, and the company's financial health and operational risks [1][3][20]. Ownership Structure - The controlling couple, Duan Youtao and Zhang Lingli, hold over 75% of the company's shares, with Duan as the chairman and general manager, and Zhang as a director and deputy general manager, giving them significant influence over company decisions [3][5]. - The majority of shareholders are employees of the company, indicating a strong internal ownership structure [6]. Financial Concerns - The company has experienced rapid revenue growth from 275 million yuan in 2020 to 867 million yuan in 2024, but its gross margin has fluctuated significantly, raising concerns about sustainability [20][21]. - The company reported a high cash balance of 280 million yuan against short-term borrowings of only 20 million yuan, questioning the necessity of raising additional funds for liquidity [20]. Production Capacity and R&D - The company plans to expand its production capacity significantly, with utilization rates exceeding 100% for its main products, but there are concerns about the ability to absorb this new capacity [13][20]. - R&D expenses are below industry averages, with a rate of 3.73% compared to the industry average of 5.58%, raising questions about the adequacy of investment in innovation [11][14]. Customer Concentration - The company is highly dependent on the State Grid, with over 77% of its revenue coming from this single customer, which poses a risk if the relationship deteriorates [21][22]. - The top five customers accounted for over 94% of sales, indicating a significant concentration risk [21][22]. Quality Control Issues - The company has faced product quality issues that led to a temporary suspension of bidding qualifications from major clients, impacting its reputation and financial performance [23]. Related Party Transactions - Concerns have been raised regarding related party transactions, particularly the sale of a subsidiary at a nominal price, which may indicate potential conflicts of interest [24][25].