上游涨价、下游拖欠“两头挤压 ” 硬质合金生产商长鹰硬科转战北交所IPO

Core Viewpoint - The company, Kunshan Changying Hard Material Technology Co., Ltd., is attempting to list on the Beijing Stock Exchange after previously failing to list on the Shanghai Stock Exchange due to new regulatory requirements and declining net profits despite revenue growth [1][2]. Financial Performance - Revenue for the reporting period (2022-2024) was 822 million, 881 million, and 972 million yuan, respectively, while net profit declined from 84.09 million to 63.49 million yuan [2]. - The gross profit margin for the main business decreased from 22.78% in 2022 to 19.38% in 2024, a drop of 3.4 percentage points [2]. Raw Material Costs - The price of tungsten carbide powder, a key raw material, increased by 2.49% and 7.65% in 2023 and 2024, respectively, due to rising tungsten ore mining costs and supply chain pressures [2][3]. - The company reported that the prices of major tungsten products rose by 40% cumulatively by 2025 [1][3]. Supplier Concentration - The top five suppliers accounted for 70% of the company's procurement, with the first two suppliers, Xiamen Tungsten and Zhangyuan Tungsten, representing 43.3% of the procurement amount in 2024 [3][4]. - The company does not rely on any single supplier for more than 50% of its procurement, but many suppliers are also competitors [4]. Accounts Receivable Issues - The overdue accounts receivable rate surged to 39.72% by the end of 2024, an increase of 11.7 percentage points year-on-year [1][7]. - The balance of accounts receivable at the end of each reporting period was 173 million, 231 million, and 286 million yuan, representing 21.04%, 26.26%, and 29.38% of revenue, respectively [6][7]. Market Conditions - The company faces a challenging market environment with weak downstream demand and increased competition, making it difficult to pass on rising raw material costs to customers [6]. - The overall revenue and profit margins in the cutting tool industry are declining, with a reported industry revenue of 107.7 billion yuan in 2024, down 1.8% year-on-year [5].