图特股份北交所IPO：劳务派遣激增219%背后的增长隐患

Core Viewpoint - The listing application of Guangdong Tute Precision Hardware Technology Co., Ltd. has been accepted by the Beijing Stock Exchange, aiming to raise 395 million yuan through the issuance of up to 15.5 million shares, with Minsheng Securities as the sponsor [1][4]. Group 1: IPO Journey - Tute's IPO journey has faced multiple setbacks, including a failed application to the Shenzhen Stock Exchange due to regulatory scrutiny and questions regarding its business scale and industry representation [2]. - After withdrawing its application in September 2024, Tute resumed its listing process on the Beijing Stock Exchange in December 2024, with a significantly reduced fundraising target of 395 million yuan compared to the initial 690 million yuan planned for the main board [4]. Group 2: Financial Data Concerns - Tute's financial performance shows signs of weakness, with revenue growth slowing from 18.85% in 2023 to 10.07% in 2024, and net profit only slightly increasing by 1.12% to 131 million yuan [5][6]. - The company's gross margin has fluctuated, with a decline in 2024 to 29.63%, contrasting with the industry average of 29.31% [6][7]. - A significant increase in prepaid accounts receivable by 161.3% in 2024, compared to a mere 10.98% increase in operating costs, raises concerns about cash flow and profitability quality [7][20]. Group 3: Governance and Related Transactions - Tute's ownership structure reveals a family control characteristic, with the actual controllers holding 81.30% of shares, raising governance concerns due to related party transactions [9][11]. - The involvement of family members in employee stock ownership plans and the lack of lock-up periods for them compared to regular employees highlight potential governance issues [11]. - Significant increases in transaction volumes with investors post their share acquisition suggest possible conflicts of interest and require further scrutiny [12]. Group 4: Investment Projects and Capacity Utilization - Tute plans to allocate 54% of its IPO proceeds, approximately 214 million yuan, to the construction of an intelligent manufacturing base, despite existing high capacity utilization rates between 80.17% and 96.82% [13][14]. - The rationale behind investing in marketing and R&D upgrades is questioned due to a significant increase in sales expenses outpacing revenue growth [15]. Group 5: Labor and Compliance Issues - The number of labor dispatch workers surged from 18 to 219, a staggering increase of 1117%, raising compliance risks and concerns about the sustainability of the company's growth model [16][17]. - The disparity between revenue growth and the dramatic rise in labor dispatch workers indicates potential issues with the company's operational efficiency [20]. Group 6: Inventory Risks - Tute's inventory value reached 131 million yuan, accounting for 13.95% of total assets, with a low impairment provision of only 4.03%, which is below the industry average [19][20].