【看新股】上海超导拟科创板IPO：2024年扭亏为盈 客户集中度较高值得关注

Core Viewpoint - Shanghai Superconductor's IPO application has been accepted, aiming to raise funds for the production of second-generation high-temperature superconducting tapes and its headquarters project, with significant growth in revenue and profitability expected in the coming years [1][4]. Company Overview - Shanghai Superconductor is a high-tech enterprise focused on the research, production, and sales of high-temperature superconducting materials, recognized as one of the global leaders in this field [2]. - The company has established strong partnerships with numerous well-known domestic and international enterprises and research institutions, covering a wide range of applications including controlled nuclear fusion and advanced medical technologies [2]. Financial Performance - The company has shown rapid revenue growth, with total revenues of approximately 35.78 million yuan in 2022, 83.34 million yuan in 2023, and an expected 239.53 million yuan in 2024, reflecting a compound annual growth rate of 158.74% [4]. - The company is projected to achieve profitability in 2024, with a net profit of approximately 72.95 million yuan, after experiencing losses in the previous two years [4]. Product and Market Dynamics - The second-generation high-temperature superconducting tape is the primary revenue source, with its revenue share increasing from 69.84% in 2022 to 97.8% in 2024, driven by increased production and sales [1]. - The sales volume of the second-generation high-temperature superconducting tape is expected to rise significantly from 68.72 kilometers in 2022 to 955.47 kilometers in 2024, while the unit production cost is projected to decrease from 262 yuan per meter to 92.91 yuan per meter [9]. Customer Concentration and Competition - The company has a high customer concentration, with the top five customers accounting for over 70% of total revenue, raising concerns about dependency on a limited customer base [1][12]. - The high-temperature superconducting materials industry is characterized by high technical barriers and limited suppliers, but increasing competition is anticipated as several manufacturers, including Shanghai Superconductor, are planning to expand production capacity [10][12].