易加增材科创板IPO，聚焦3D打印设备，存货金额较大

Core Viewpoint - Yijia Additive Manufacturing Technology Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1.2 billion yuan for various projects, including metal 3D printing expansion and R&D center construction [1][9]. Company Overview - Yijia Additive is a high-tech enterprise focused on the R&D, production, and sales of industrial-grade 3D printing equipment, with a significant market presence in the rapidly growing additive manufacturing industry [1]. - The company is controlled by Li Cheng and Li Jianhao, who collectively hold 54.53% of the voting rights [1]. Financial Performance - The company's revenue for the reporting period is approximately 247 million yuan, 409 million yuan, and 471 million yuan, with gross profit margins of 39.31%, 43.70%, and 45.12% respectively [3]. - The net profit attributable to the parent company is 29 million yuan, 69 million yuan, and 99 million yuan for the respective years [3]. Revenue Composition - In 2024, 3D printing equipment accounted for 95.20% of total revenue, while 3D printing materials and services made up 4.80% [2]. - The company’s major clients include Shandong Leishi Intelligent Manufacturing Co., Ltd. and Jiangsu Yangwang Aerospace Equipment Technology Co., Ltd. [2]. R&D and Innovation - As of April 30, 2025, the company holds 49 invention patents and 41 software copyrights, but its R&D expense ratio is notably lower than industry peers, at 6.50% compared to an average of 16.79% [5][6]. Risks and Challenges - The company faces risks related to accounts receivable, with balances increasing over the reporting period, and potential losses from inventory depreciation due to market competition and demand fluctuations [8]. - International trade risks are present, as key components are imported, and overseas sales accounted for 15.22% of main business revenue in the latest year [9]. Fundraising and Project Allocation - The IPO proceeds will be allocated to projects including a metal 3D printing expansion project with a total investment of approximately 558 million yuan and a technology service network construction project [11].