嘉立创IPO：自然人大客户抽样仅5%难释“刷单”之嫌，第三方回款占比超四成业绩真实性受关注

Core Viewpoint - The company, Jia Li Chuang Technology Group Co., Ltd., is facing challenges in its IPO process due to low income verification ratios and significant cash dividends, which have raised regulatory concerns [3][15]. Company Overview - Jia Li Chuang is known for its focus on PCB prototyping and small-batch manufacturing, particularly popular in the DIY electronics community [2]. - The company initiated its IPO process on June 30, 2023, but has been under review for over two years, with the last inquiry response dated March 2024 [2]. Financial Performance - Jia Li Chuang reported revenues of 6.387 billion yuan, 6.748 billion yuan, and 8 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 473 million yuan, 663 million yuan, and 910 million yuan during the same period [3]. - The company has distributed significant cash dividends of 270 million yuan and 400 million yuan in 2021 and 2022, totaling 670 million yuan, which is about 40% of its net profit from 2021 to 2023 [3][15]. Market Position - In the domestic PCB industry, Jia Li Chuang ranked 20th, 16th, and 17th in PCB business among domestic enterprises during the reporting period, indicating a lack of industry representation [4]. - The PCB market is highly competitive, with the top ten manufacturers accounting for 54.34% of the market share, generating a combined revenue of 160.995 billion yuan in 2024 [3]. Production Capacity and Expansion Plans - The company currently has a PCB production capacity of over 8 million square meters and plans to double this capacity with an additional 8 million square meters through its IPO fundraising [2][16]. - The actual production for 2024 is projected to be around 8.0116 million square meters, raising concerns about the ability to absorb the new capacity [16]. Sales Model and Customer Base - Jia Li Chuang primarily operates through an online self-service ordering platform, with online sales accounting for over 93% of its revenue during the reporting period [6]. - The company has a highly diversified customer base, with the top five customers contributing less than 5% of total revenue, indicating a very low concentration [6]. Regulatory Scrutiny - The low verification ratio of customer transactions has raised red flags, with only 5.09% of individual customers and less than 50% of corporate clients being verified [10][12]. - The company has faced inquiries regarding the authenticity of its revenue growth, particularly concerning potential issues like "order brushing" and fictitious transactions [9][10]. Fundraising and Financial Needs - Initially seeking to raise 66.7 billion yuan, the company reduced its fundraising target to 42 billion yuan after regulatory scrutiny regarding the necessity and rationality of the funds [15]. - The company has identified a funding gap of 18.68 billion yuan for its operational needs from 2024 to 2026, despite having increased its available funds through financial assets [15].