长鹰硬科IPO：与竞争对手暧昧不清，现金流承压仍扩产

Core Viewpoint - Changying Hard Science and Technology Co., Ltd. is attempting to go public on the Beijing Stock Exchange with a performance report indicating "increased revenue but decreased profit," amidst rising accounts receivable and an expansion plan in Jiangxi [1][3]. Group 1: IPO Attempt and Market Position - Changying Hard Science is not a newcomer to the capital market, having previously attempted to list on the Shanghai Stock Exchange but withdrew its application in April 2024 due to not meeting financial standards [3][9]. - The company plans to issue up to 25.7143 million shares to unspecified qualified investors, aiming to raise 359 million yuan [3]. Group 2: Financial Performance and Challenges - From 2022 to 2024, the company's revenue grew from 822 million yuan to 972 million yuan, while net profit declined from 84.09 million yuan to 63.49 million yuan [9][10]. - The gross margin decreased from 22.96% in 2022 to 19.55% in 2024, and net margin fell from 10.22% to 6.54% during the same period [10]. Group 3: Supply Chain and Competitive Dynamics - The company has a high supplier concentration, with the top five suppliers accounting for 74.12% of total purchases in 2024, up from 66.05% in 2022 [11][12]. - Major suppliers, such as Xiamen Tungsten Co., Ltd. and Chongyi Zhangyuan Tungsten Co., Ltd., are also competitors in the hard alloy market, raising concerns about supply stability and competitive positioning [12][13]. Group 4: Accounts Receivable and Cash Flow Issues - Accounts receivable increased from 173 million yuan in 2022 to 286 million yuan in 2024, representing 29.38% of revenue [14][16]. - The proportion of overdue accounts receivable rose significantly, with 39.72% of accounts being overdue by the end of 2024 [16][17]. Group 5: Strategic Focus and R&D Investment - The company has been criticized for a "marketing-heavy, R&D-light" strategy, with R&D expenses consistently below industry averages, while sales expenses have been increasing [18][19]. - R&D expenses as a percentage of revenue were 4.20% in 2024, compared to a higher sales expense ratio of 3.58% [19]. Group 6: Fundraising and Project Concerns - The IPO plans to raise 359 million yuan, with 280 million yuan allocated for a high-end hard alloy production project in Jiangxi, which has faced delays since its environmental assessment in 2022 [20][21]. - The Beijing Stock Exchange has raised questions about the necessity and feasibility of the proposed projects, given the current market conditions and production capacity [21][23]. Group 7: Ownership and Financial Arrangements - There are concerns regarding the financial arrangements behind employee stock ownership, with some funding sourced from loans to founders, raising potential issues of equity holding and interest transfer [25][26].