IPO雷达丨理奇智能IPO获受理，剔除存货影响后毛利率逐年下降，实控人控股85.27%

Core Viewpoint - Wuxi Lichi Intelligent Equipment Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 1 billion yuan for various projects, including the establishment of an intelligent manufacturing base for material automation processing equipment [1][3]. Company Information - The company focuses on automated material handling solutions, including material automatic batching, dispersion emulsification, and mixing [3]. - The company plans to issue no more than 91.715 million shares [3]. - The actual controller of the company, Lu Haodong, holds 85.27% of the shares [3]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 618.54 million yuan, 1.72058 billion yuan, and 2.17342 billion yuan, respectively [3][4]. - The net profit for the same years was 95.35 million yuan, 242.44 million yuan, and 298.95 million yuan, respectively [3][4]. - The gross profit margin for the main business was 16.48%, 27.80%, and 28.78% for the years 2022, 2023, and 2024, respectively [4]. Industry Context - The company operates in a sector benefiting from the rapid growth of the global new energy vehicle and energy storage industries, which has significantly increased the demand for lithium batteries [4]. - Major clients include leading lithium battery manufacturers such as CATL, BYD, and LG Energy [4]. Risks and Challenges - The company acknowledges the risk of the actual controller potentially harming the interests of the company and minority shareholders [3]. - The equipment industry is cyclical, and a slowdown in the lithium battery sector could impact future growth if new clients are not developed [4]. - The company faces uncertainties in product delivery and acceptance due to the complexity and customization of its equipment [5]. - High customer concentration poses a risk, with the top five clients accounting for 86.87%, 81.67%, and 74.27% of revenue in the respective years [5][6]. - Quality control is critical, as any significant quality issues could harm the company's reputation and operations [6]. - The company has a substantial amount of inventory, which poses risks related to capital efficiency and potential write-downs [6].