IPO上会前夕被告上法庭！雅图高新疑点多 “与众不同”！

Core Viewpoint - The company Yatu High-tech is facing a lawsuit from competitor Donglai Technology for alleged patent infringement, which could impact its upcoming IPO and financial stability [1][12]. Group 1: Company Overview - Yatu High-tech is a high-tech enterprise specializing in the research, production, and sales of high-performance industrial coatings, primarily used in automotive and other industrial sectors [2]. - The company recorded revenues of 557 million, 636 million, and 742 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate (CAGR) of 15.43% [2]. - The company plans to raise 431 million yuan through its IPO, with 35 million yuan allocated for working capital [2]. Group 2: Financial Performance - The net profit attributable to the parent company for the same years was 75.46 million, 116 million, and 145 million yuan, with a CAGR of 38.42% [2]. - The gross profit margins for the company were 35.39%, 43.50%, and 44.00% for the years 2022, 2023, and 2024, showing a significant increase [9]. - The company's R&D expenditure as a percentage of revenue was lower than that of comparable companies, at 3.30%, 3.63%, and 3.06% for the respective years [8][10]. Group 3: Legal Issues - The lawsuit from Donglai Technology claims that Yatu High-tech infringed on two of its patents, seeking 25 million yuan in damages [12]. - The company believes it has a low risk of losing the case, as its products do not fall within the scope of the claimed patents [13]. - The sales revenue from the products involved in the lawsuit accounted for a small percentage of the company's total revenue, indicating limited financial impact [13]. Group 4: Shareholder Structure - The company is largely controlled by the Feng brothers, who hold a combined 96.50% of the shares, raising concerns about corporate governance and internal controls [4][3]. - In June 2024, the company distributed cash dividends of approximately 33.68 million yuan, primarily benefiting the Feng family [4]. Group 5: Market Position and Risks - Yatu High-tech's international sales accounted for 50.28%, 55.10%, and 54.66% of its revenue in the respective years, with significant growth in overseas markets [14]. - The company faces risks related to its receivables, as a growing proportion of accounts receivable are overdue, and several major clients have not made capital contributions [15].