Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.2 billion yuan, with China International Capital Corporation (CICC) as the sponsor [1][3]. Group 1: IPO Journey - The company was established on October 18, 2011, with a registered capital of 520 million yuan, focusing on high-temperature superconducting materials [3]. - Key milestones include the start of IPO counseling on November 28, 2024, and the acceptance of the IPO application on June 18, 2025 [3]. Group 2: Business and Governance Risks - The company faces high customer concentration, with the top five clients contributing over 70% of revenue. A 30% decline in the State Grid's procurement volume in 2024 has led to an increase in inventory turnover days to 287 days, compared to 180 days in 2022 [5][6]. - The commercial viability of its technology is questioned, as claims of entering fields like controlled nuclear fusion and medical devices remain unproven, with large-scale applications expected to take 5-10 years to develop [7]. - The chairman, Ma Tao, has limited public information available, and his past associations raise concerns about governance and transparency [8][10]. Group 3: Financial Data Analysis - The company reported revenues of 0.35 billion yuan in 2022, increasing to 0.83 billion yuan in 2023, and projected to reach 2.39 billion yuan in 2024. However, it also faced net losses of 0.28 billion yuan in 2022 and 0.04 billion yuan in 2023, with a projected profit of 0.72 billion yuan in 2024 [12]. - The high accounts receivable, which accounted for 52% of revenue, raises concerns about the quality of earnings, especially given that some major clients are relatively new companies [12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 6,000 kilometers, while the global market for high-temperature superconducting materials is only about 50 kilometers in 2024, indicating a severe supply-demand mismatch [12]. Group 4: Regulatory Inquiry Anticipation - The company may face inquiries regarding its technology commercialization capabilities, governance structure without a controlling shareholder, and high accounts receivable potentially indicating bad debt risks [13]. - Investors are advised to monitor three critical signals: the ability to diversify the customer base, the potential for positive cash flow, and the feasibility of capacity utilization [13].
上海超导科技IPO：技术光环下的财务隐忧与领导人迷雾
Sou Hu Cai Jing·2025-06-20 13:58