英发睿能港股IPO前毛利率异常上升 3年4次融资22亿、负债率仍达68%

Core Viewpoint - Yingfa Ruineng has submitted its IPO application to the Hong Kong Stock Exchange after previously withdrawing its A-share IPO application due to strategic and market changes. The company's financial performance has shown significant volatility, raising questions about its future prospects in the competitive solar industry [1][3][11]. Financial Performance - In 2023, Yingfa Ruineng reported revenue of 10.494 billion, an increase of 85.95% year-on-year, but net profit decreased by 22.44% to 287 million [3]. - In 2024, the company experienced a dramatic decline in revenue to 4.359 billion, a drop of 58.46%, resulting in a net loss of 729 million [3][4]. - In the first four months of 2025, revenue rebounded to 2.408 billion, a year-on-year increase of 111.22%, with a net profit of 355 million, indicating a return to profitability [4]. Profitability and Margins - The company's gross margin showed significant fluctuations, with a rise from -7.4% in 2024 to 23.79% in the first four months of 2025, which is notably higher than competitors like Tongwei, Junda, and Aishuo [5][7]. - The utilization rates for P-type PERC and N-type TOPCon solar cells have varied, with the latter showing a significant increase in utilization from 79.9% in 2023 to 97.8% in early 2025 [7]. Market Position and Challenges - Yingfa Ruineng is the third-largest specialized manufacturer of N-type TOPCon solar cells globally, with a customer base that includes nine of the top ten solar module manufacturers [8]. - The company faces increasing operational pressures due to vertical integration trends among major solar component manufacturers, which reduces their reliance on external suppliers [8][9]. - Inventory turnover days increased fivefold to 54.97 days in 2024, and accounts receivable turnover days tripled to 112.92 days, indicating growing operational challenges [9]. Financing and Debt - Over the past three years, Yingfa Ruineng has completed four rounds of financing, raising over 2.224 billion, yet its debt ratio has risen to 68.37% by the end of 2024 [2][9]. - The company plans to allocate 60.6% of the IPO proceeds for establishing and upgrading its Indonesian base, 15.2% for advanced technology R&D, and 15.2% for optimizing sales channels [3].