雅图高新IPO：财务数据异常引真实性争议，突击分红再募资补流

Core Viewpoint - Yatu High-tech Materials Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, aiming to raise 431 million yuan, with significant concerns regarding the authenticity of its financial data and the rationality of its fundraising projects [2][3]. Financial Performance - Yatu High-tech's projected revenues for 2022 to 2024 are 557 million yuan, 636 million yuan, and 742 million yuan, respectively, with net profits of 78 million yuan, 117 million yuan, and 149 million yuan, indicating a compound annual growth rate of 15.42% and 37.98% [3]. - The company's gross profit margin increased from 35.39% to 44.00%, significantly higher than the industry average of 29.75%, raising questions about the sustainability of such margins [5][6]. - There is a discrepancy between Yatu's reported revenue and that from industry rankings, with Yatu claiming 557 million yuan while an industry report lists it at 651 million yuan, suggesting potential misrepresentation [6][8]. Capital Structure and Governance - Prior to the IPO, Yatu distributed 33.68 million yuan in cash dividends, which has been interpreted as a move to extract cash from the company before going public [9][12]. - The company is controlled by the Feng family, with 96.5% of shares held by them, leading to concerns about governance and potential conflicts of interest [10]. Investment Projects - Yatu plans to invest 141 million yuan in a water-based paint intelligent production line, which would increase its production capacity by over 12 times, despite current underutilization of existing capacity [14][15]. - The company aims to raise 35 million yuan to supplement working capital, which has raised questions about the actual use of funds given the recent dividend distribution [12][14]. Research and Development - Yatu's R&D expenses from 2022 to 2024 are 17.03 million yuan, 23.10 million yuan, and 24.45 million yuan, representing only 3.06%, 3.63%, and 3.30% of revenue, which is below the industry average [17][18]. - The company holds 123 patents but focuses primarily on traditional automotive paint technologies, lacking investment in cutting-edge areas such as new energy battery coatings [19].