晨光电机IPO递表日收到警示函 业绩稳定性不足会是“绊脚石”吗？

Core Viewpoint - Zhoushan Chenguang Electric Motor Co., Ltd. has received acceptance for its IPO application from the Beijing Stock Exchange, aiming to raise 520 million yuan for expansion projects and R&D center construction, but the process has drawn attention due to a warning letter received from the Zhejiang Securities Regulatory Bureau on the same day the prospectus was submitted [2]. Company Overview - Chenguang Electric Motor was established in 2001 and primarily engages in the R&D, production, and sales of micro-special motors, with products mainly used in cleaning appliances like vacuum cleaners [7]. Financial Performance - The company reported operating revenues of 492 million yuan, 704 million yuan, and 816 million yuan for the years 2022 to 2024, reflecting a compound annual growth rate of 28.71%. However, net profit attributable to shareholders was 58 million yuan, 99 million yuan, and 79 million yuan, with a 20.84% year-on-year decline in 2024, indicating a trend of increasing revenue but decreasing profit [7]. - The gross profit margin decreased from 23.23% in 2022 to 19.73% in 2024, further dropping to 18.93% in the first quarter of 2025, highlighting challenges in maintaining profitability amid rising costs and competitive pressures [7]. Accounts Receivable - The accounts receivable balance increased significantly, with figures of 153 million yuan, 189 million yuan, and 301 million yuan for the respective years, showing a 59.39% year-on-year surge in 2024, which outpaced revenue growth by 43.34 percentage points [8]. - The accounts receivable turnover rate fell to 3.38 times in 2024, below the industry average, indicating potential liquidity issues [8]. R&D Investment - The company's R&D expense ratio declined from 3.73% in 2022 to 3.35% in 2024, falling below the "healthy line" for high-tech enterprises and the industry average, which raises concerns about its innovation capacity amid a slowing global vacuum cleaner market and rapid technological changes [8].