Xin Lang Cai Jing·2025-09-04 09:11Core Viewpoint - Harbin Dapeng Industrial Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange after nearly two years of waiting, with plans to issue 10.1034 million shares, accounting for 17.86% of the total share capital post-issue [1][6]. Group 1: Company Overview - Dapeng Industrial specializes in the production of precision cleaning equipment used for cleaning core components such as automotive engines and electric vehicle batteries [1][3]. - The company was established in 2005, originally as Dapeng Limited, and was later fully acquired by Li Pengtang in 2015, who currently holds over 94% of the company's shares [3][4]. Group 2: Financial Performance - Dapeng Industrial's revenue for the years 2022, 2023, and 2024 was 247 million, 260 million, and 265 million yuan respectively, showing growth rates of 47.59%, 5%, and 1.91% [9]. - The net profit attributable to the parent company for the same years was approximately 40.89 million, 48.69 million, and 43.49 million yuan, with growth rates of 49.98%, 19.09%, and a decline of 10.69% in 2024 [10]. Group 3: Customer Dependency - The company has a high customer concentration, with sales to its top five customers accounting for 84.20%, 55.27%, and 75.44% of total revenue during the reporting period [11]. - BYD has been the largest customer, contributing over 31.51% of total revenue during the reporting period, with total sales to BYD amounting to approximately 243 million yuan [13][14]. Group 4: Governance and Safety Issues - A mechanical injury accident occurred in June 2024, resulting in the death of a worker and leading to a direct economic loss of 2.0369 million yuan, along with a fine of 500,000 yuan imposed on the company [7][8]. - The concentrated control by Li Pengtang raises potential governance risks, as the lack of checks and balances may affect decision-making efficiency [8]. Group 5: Research and Development - Dapeng Industrial's R&D expenses for the years 2022, 2023, and 2024 were 9.26 million, 10.55 million, and 10.46 million yuan, representing 3.74%, 4.06%, and 3.95% of total revenue, which is lower than industry peers [17][18]. - The company has 87 patents, including 16 invention patents, but its market share in the precision cleaning equipment sector remains low, ranging from 3.85% to 11.38% [19][20]. Group 6: Future Prospects - The company plans to raise 154 million yuan through the IPO to fund projects aimed at enhancing its technological capabilities and overall business scale [20][21]. - Future success will depend on improving governance structures, reducing customer dependency, enhancing R&D capabilities, and maintaining safety standards [21].