瑞尔竞达的三个异常：业绩与同行相悖、产能产量与耗电矛盾、低研发却有高毛利｜IPO观察

Core Viewpoint - The authenticity of the financial performance of Ruierjinda Technology Co., Ltd. is under scrutiny, particularly regarding its 2024 operating data, which appears inconsistent with industry trends and peer performance [2][3][6]. Financial Performance - Ruierjinda reported revenues of 403 million yuan, 467 million yuan, and 476 million yuan for the years 2022 to 2024, respectively, with net profits of 59.85 million yuan, 92.27 million yuan, and 84.84 million yuan, indicating continuous revenue growth but fluctuating net profits [3][4]. - The company's net profit after deducting non-recurring gains was 54.96 million yuan, 77.21 million yuan, and 79.45 million yuan for the same years, suggesting a strengthening core business profitability [3][4]. Industry Comparison - In 2024, Ruierjinda's net profit after deducting non-recurring gains increased by 2.90%, contrasting sharply with the declining profits of comparable companies in the refractory materials industry, which faced significant downturns [4][6]. - The refractory materials industry is experiencing operational pressures, with a reported 3.73% decline in national production in 2024, highlighting the challenging environment in which Ruierjinda operates [4][6]. Production and Capacity - Ruierjinda's production capacity increased from 51,600 tons to 53,320 tons from 2023 to 2024, with production rising from 46,709.82 tons to 50,707.03 tons, reflecting an 8.77% year-on-year increase in output [6][7]. - Despite the increase in production and capacity, the company's electricity consumption decreased from 490.23 thousand kWh in 2023 to 459.49 thousand kWh in 2024, raising questions about the consistency of its operational data [7][8][9]. Profitability Metrics - The gross profit margin for Ruierjinda was reported at 32.26%, 37.74%, and 39.72% over the three years, consistently outperforming the industry average, which declined from 23.22% to 19.28% during the same period [10][11]. - The company's research and development (R&D) expense ratio was lower than that of its peers, raising concerns about the sustainability of its high gross margins without significant R&D investment [10][11].