昊创瑞通IPO之路：高毛利率与行业地位不符，低价股权转让引关注

Core Viewpoint - Beijing Haocreat Ruitong Electric Equipment Co., Ltd. has successfully registered for an IPO on the Shenzhen Stock Exchange's ChiNext board, marking its entry into the capital market despite facing multiple challenges during the process [1] Financial Performance - The company's revenue and net profit have shown steady growth, with projected revenues of 559 million yuan, 672 million yuan, and 867 million yuan for 2022, 2023, and 2024 respectively, and net profits of 68.76 million yuan, 87.41 million yuan, and 111 million yuan for the same years [2] - Despite this growth, Haocreat Ruitong's revenue scale remains relatively small compared to industry peers, falling short of the average industry level [2] Industry Comparison - Although the revenue scale is below that of competitors, Haocreat Ruitong's gross margin is higher than the industry average, with gross margins of 25.75%, 27.60%, and 25.67% from 2022 to 2024, compared to the average gross margins of 22.26%, 24.13%, and 23.57% for comparable companies [4] Quality Issues - The company has faced significant product quality issues due to factors such as defective components from suppliers and misunderstandings of customer needs, leading to a suspension of bidding qualifications by a subsidiary of the State Grid [5] - This has raised concerns that the company may be compromising product quality to achieve high gross margins, leading to questions about its operational strategy [5] Shareholder Changes - A notable development is the entry of new shareholder Cai Jianren, who acquired shares at a price 44.44% higher than previous external investors, raising questions about potential conflicts of interest and the true purpose of the share transfer [5] - The Shenzhen Stock Exchange has requested clarification on the reasons for Cai Jianren's investment and the pricing basis, adding uncertainty to the company's IPO journey [5]