南特科技IPO：4年借款13亿元仍“失血” 短债偿还压力逐年攀升

Group 1 - The core point of the news is that Zhuhai Nante Metal Technology Co., Ltd. has received a second round of inquiry from the Beijing Stock Exchange, focusing on the accuracy of purchased castings and revenue recognition, the sufficiency of supplier verification, the rationality of fundraising projects, and the risk of capacity digestion [2] - Nante Metal, established in 2009, specializes in the research, production, and sales of precision castings and machining, with products mainly used in air conditioning compressor components and automotive parts [3] - The company aims to raise 420 million yuan through its IPO, which will be allocated to the second phase of a high-end precision parts production base, expansion of Zhuhai Nante's machining capacity, and working capital supplementation [3] Group 2 - Approximately 80% of Nante Metal's revenue comes from Gree Electric Appliances and Midea Group, making its IPO journey a focal point in the market [4] - The company faces challenges such as high accounts receivable, insufficient short-term debt repayment capacity, and questions regarding the rationality of its fundraising purposes [4] - From 2021 to 2024, Nante Metal's revenue increased from 735 million yuan to 1.031 billion yuan, while net profit rose from 61 million yuan to 98 million yuan, with revenue growth slowing from 13.38% in 2022 to 9.86% in 2024 [5] - The company's accounts receivable remained high, with values of 322 million yuan, 404 million yuan, 394 million yuan, and 413 million yuan from 2021 to 2024, representing 59.19%, 57.99%, 55.49%, and 64.84% of current assets respectively [5] - Nante Metal has faced cash flow issues, with a cumulative cash inflow from borrowings of 1.34 billion yuan from 2021 to 2024, leading to a net cash outflow for two consecutive years [5] - As of the end of 2024, the company's cash balance was 29 million yuan, a decrease of 45.28% year-on-year, compared to 186 million yuan in short-term interest-bearing borrowings, indicating significant repayment pressure [5]