【聚焦IPO】同富股份再战IPO：近九成收入靠贴牌，毛利率低于同行，应收账款高企

Core Viewpoint - Tongfu Co., Ltd. is attempting to go public on the Beijing Stock Exchange after three years of effort, focusing on its cross-border B2B e-commerce business, particularly in stainless steel insulated containers, which constitutes a significant portion of its revenue [2][8]. Group 1: Business Model and Revenue - The company heavily relies on OEM (Original Equipment Manufacturer) products, with OEM sales accounting for approximately 90% of its total revenue [8][10]. - Revenue is projected to grow from 1.973 billion yuan in 2022 to 2.760 billion yuan in 2024, reflecting a growth rate of 30.35%, primarily driven by increased sales of stainless steel containers [10][12]. - The company has diversified its product offerings, including plastic and glass containers, but the majority of its revenue still comes from stainless steel products, which account for 85.15% of total revenue [10]. Group 2: Financial Performance - The total assets of the company increased from approximately 1.365 billion yuan in 2022 to about 2.037 billion yuan in 2024, while shareholder equity rose from 812.93 million yuan to 1.177 billion yuan during the same period [11]. - The gross profit margin has declined from 25.86% in 2022 to 24.74% in 2024, which is below the industry average of 28.84% to 30.69% [13]. - Accounts receivable increased significantly, from 3.086 billion yuan in 2022 to 4.477 billion yuan in 2024, raising concerns about the company's credit policies and cash flow management [14][15]. Group 3: Strategic Challenges - The company exhibits a significant imbalance in its operational strategy, focusing more on marketing than on research and development, with R&D expenses constituting only 1.55% of revenue in 2024 [16][18]. - The reliance on external manufacturers for production is high, with about 65% of stainless steel containers produced by third parties, limiting the company's control over production quality and timelines [19]. - The company faces challenges in its path to IPO due to past legal issues involving its controlling shareholder, which may impact investor confidence [20]. Group 4: Market Dependency and Risks - Over 80% of the company's revenue comes from international sales, with significant exposure to the Americas and Europe, which accounted for over 74% of total sales [22][23]. - The company's heavy reliance on international markets poses risks related to trade policies, tariffs, and currency fluctuations, which could adversely affect profitability and growth [22][24]. - The transition from an OEM-focused model to a more self-sufficient production and branding strategy is crucial for the company's long-term sustainability and competitive advantage [24].