Core Viewpoint - Jiangsu Huayang Intelligent Equipment Co., Ltd. (Huayang Intelligent) is facing significant challenges in revenue and profit growth following its upcoming listing on the Shenzhen Stock Exchange in February 2024, with a notable decline in key financial metrics [1][5][10]. Business Overview - Huayang Intelligent was established in 2001 and specializes in precision motors and medical devices, serving major home appliance companies such as Midea, Gree, Haier, Hisense, and Aux [1][4]. - The company operates three production bases and has four wholly-owned subsidiaries, indicating a robust operational structure [4]. Financial Performance - Revenue reached nearly 500 million yuan in 2021 but has not surpassed this level in subsequent years, with a 15.4% decline in the first half of 2025 [5][7]. - The core business, "micro-special motors and components," experienced over a 10% decline, significantly impacting overall revenue [7][10]. - Net profit dropped nearly 50% in 2024, continuing to decline in the first half of 2025, raising concerns about the company's financial health post-listing [10][19]. Profitability Metrics - Gross margin has been on a downward trend, with the first half of 2025 showing continued decline, affecting the overall net profit margin [12][21]. - The main business profitability has fluctuated, dropping to 7 percentage points in 2024, with rising operating expenses further squeezing margins [17][21]. - The "precision injection drug delivery device" segment shows promise with significant gross margin growth, but its overall revenue contribution remains small [14][26]. Market Dynamics - Over 98% of Huayang Intelligent's products are sold in the domestic market, limiting growth opportunities from international sales [7]. - The company has faced challenges in maintaining revenue growth, with a significant 27.3% decline in the second quarter of 2025, indicating a tough market environment [20]. Cash Flow and Investment - Operating cash flow has been average, with only 2023 and 2024 showing decent performance, while fixed asset investment needs remain low [24][26]. - The company has maintained a reasonable financing scale, avoiding excessive debt compared to peers [24][26]. Strategic Considerations - The company is under pressure to improve revenue and profitability, with limited immediate solutions available [26]. - There is potential for growth in the "precision injection drug delivery device" segment if it can scale up to match the core business [26].
看了华阳智能上市后的业绩表现，减持公告就很好理解了