泰凯英IPO募资缩水49%代工模式存风险 定位创新驱动165项专利不及同行

Core Viewpoint - Taike Ying is approaching a successful IPO on the Beijing Stock Exchange, with its fundraising scale significantly reduced from 770 million yuan to 390 million yuan, indicating underlying challenges despite recent growth in revenue and profit [2][5]. Financial Performance - Taike Ying's revenue increased from 1.803 billion yuan in 2022 to 2.295 billion yuan in 2024, with net profit rising from 108 million yuan to 157 million yuan during the same period [2][4]. - The revenue growth rates for the years 2022, 2023, and 2024 were 21.18%, 12.64%, and 12.99%, respectively, while net profit growth rates were 81%, 22.84%, and 13.58%, showing a trend of slowing growth [4]. Business Model - The company operates on a light-asset model, outsourcing production to tire factories while focusing on design, research, and sales, which differentiates it from traditional tire manufacturers [4][6]. - Taike Ying's procurement from its top five suppliers accounted for over 75% of total procurement during the reporting period, indicating a reliance on a limited number of suppliers [4]. Supply Chain Risks - The main supplier, Xingda Tire, is currently undergoing debt resolution, which poses risks to product delivery despite not affecting operations in the reporting period [5][6]. - The company's reliance on a single supplier for a significant portion of its products raises concerns about supply chain stability [4][5]. Research and Development - Taike Ying's R&D expenditures were 32.017 million yuan, 41.878 million yuan, and 48.123 million yuan from 2022 to 2024, representing a low percentage of total revenue (1.78% to 2.10%) compared to industry peers [6][7]. - The company holds only 165 patents, significantly fewer than competitors, which raises questions about its innovation capabilities [7]. Governance and Ownership Structure - The company is controlled by a husband-and-wife team, holding 79.71% of shares, which may lead to governance risks as the company scales [8]. - The concentrated ownership structure could pose challenges in decision-making and stability if personal or operational issues arise [8].