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惠康科技冲刺IPO：出海美国营收占比超6成，IPO前突击分红2亿
Sou Hu Cai Jing·2025-06-20 01:16

Core Viewpoint - Huikang Technology is aiming to become the "first ice machine stock" in China, with significant revenue from its ice machine and home appliance business, but faces risks due to its heavy reliance on the U.S. market and family control issues [2][3]. Financial Performance - The company reported annual revenues of 3 billion yuan, with projected net profit of 450 million yuan for 2024, marking it as a "single champion" in the ice machine sector [3]. - Revenue from 2022 to 2024 is expected to grow from 1.93 billion yuan to 3.20 billion yuan, representing a year-on-year growth of 28.49% in 2024 [5]. - Net profit is projected to increase from 197 million yuan in 2022 to 451 million yuan in 2024, with a year-on-year growth of 33.61% [5]. Product Segmentation - Ice machines are the main revenue driver, with sales expected to rise from 1.36 billion yuan in 2022 to 2.58 billion yuan in 2024, increasing its revenue share from 70.83% to 81% [6]. - The average selling price of ice machines is declining, from 435.22 yuan in 2022 to 385.9 yuan in 2024, due to market demand for smaller products and competitive pricing strategies [7]. Debt and Liabilities - The company's liabilities are projected to reach 1.82 billion yuan in 2024, a 15.96% increase from the previous period, with accounts payable being a significant contributor [8][9]. Market Exposure and Risks - The U.S. market accounts for 60% of the company's revenue, raising concerns about potential risks from U.S.-China trade tensions [9][11]. - The company plans to establish a factory in Thailand to mitigate risks associated with trade disputes and to create a dual supply chain system [14][15]. Ownership and Governance - The company is controlled by the Chen family, with significant family involvement in management and board positions, raising concerns about governance and potential conflicts of interest [16][19]. - Prior to the IPO, the company distributed 209 million yuan in dividends over two years, impacting its cash flow [22][23].