长鹰硬科转战北交所：业绩增收不增利，研发费用率低于同行，募资合理性遭质疑

Core Viewpoint - Changying Hard Material Technology Co., Ltd. (hereinafter referred to as "Changying Hard Science") is facing challenges in its IPO application due to declining profitability despite revenue growth, attributed to rising raw material costs and increased competition in the hard alloy industry [1][2][3]. Company Overview - Changying Hard Science specializes in the research, production, and sales of hard alloy products, with over 80% of its revenue coming from hard alloys [2]. - The company aims to raise 359 million yuan through its IPO to fund projects including an annual production of 1,800 tons of high-end hard alloy products and the establishment of a research and development center [1]. Financial Performance - Revenue for Changying Hard Science during the reporting period (2022-2024) was 822 million yuan, 881 million yuan, and 972 million yuan, while net profits were 84.05 million yuan, 74.18 million yuan, and 63.60 million yuan respectively [2]. - The company's gross margin has been declining, with figures of 22.96%, 22.07%, and 19.55% over the same period, indicating a trend of increasing revenue but decreasing profitability [2]. Raw Material Impact - The decline in gross margin is primarily due to the rising prices of tungsten carbide, a key raw material, which the company has been unable to fully pass on to customers due to market conditions [3]. - Direct materials accounted for 77.10%, 76.77%, and 76.10% of the company's main business costs during the reporting period, highlighting the high dependency on raw materials [3]. R&D and Marketing Strategy - Changying Hard Science exhibits a trend of "heavy marketing and light R&D," with R&D expenses as a percentage of revenue being lower than industry averages, at 4.07%, 4.10%, and 4.20% for the years 2022-2024 [5][6]. - In contrast, the company's sales expenses have been increasing, reaching 2.66%, 3.19%, and 3.58% of revenue, significantly higher than comparable companies [7]. Cash Flow and Financial Management - The company has experienced a significant decline in net cash flow from operating activities, with figures of 34.19 million yuan, 41.50 million yuan, and 23.05 million yuan over the reporting period [8]. - Accounts receivable have been increasing, representing 21.04%, 26.26%, and 29.38% of revenue, indicating potential issues in cash collection and management [9]. Regulatory Scrutiny - The North Exchange has raised concerns regarding the rationality of the company's core fundraising projects, the slow progress of previous projects, and the authenticity of the increased construction in progress [10].