安徽希磁弃A转H：存货积压、产能闲置仍将扩产排在第一位 资金充沛、花数亿元买理财 上市是否为“圈钱”？

Core Viewpoint - Anhui Xici has submitted its listing application to the Hong Kong Stock Exchange, but its financial performance has been volatile, raising questions about the necessity and rationale for the IPO given its low global market share and profitability challenges [1][4]. Company Overview - Anhui Xici is a leading IDM company in the magnetic sensor industry, offering a range of products including magnetic identification sensors and thickness detection sensors, with applications in various sectors such as financial authentication and industrial control [3][4]. - The company has completed six rounds of financing, raising a total of 867 million yuan, with a post-investment valuation of approximately 3.183 billion yuan as of the last funding round [2]. Financial Performance - Revenue for Anhui Xici from 2022 to 2024 was 666 million yuan, 594 million yuan, and 703 million yuan, respectively, indicating significant fluctuations. The net profit figures were -1.206 billion yuan, -66.56 million yuan, and 9.852 million yuan, with adjusted net profits also showing negative values in the earlier years [7][9]. - In the first four months of 2025, the company reported a revenue of 265 million yuan, a year-on-year increase of 33.96%, and a net profit of 10.61 million yuan, a substantial improvement from the previous year's loss [7]. Market Position - Anhui Xici holds a mere 0.6% of the global market share in the magnetic sensor industry, ranking tenth among over 200 suppliers, with the top ten companies collectively holding 31% of the market [4][6]. - The company faces intense competition from international leaders such as NXP, Infineon, and Allegro, which dominate the market [4]. Profitability and Cost Structure - The company's gross margin has been consistently low, with figures of 15.3% in 2022, 18% in 2023, and 17.2% in 2024, indicating limited profitability compared to peers whose gross margins average around 46% [10][12]. - Anhui Xici's administrative expenses have been high relative to its revenue, with a notable focus on management over research and development, which has been significantly lower than industry averages [16][14]. Production Capacity and Inventory Risks - The production capacity utilization rates across Anhui Xici's facilities are alarmingly low, with many below 50%, leading to concerns about excess capacity and inventory buildup [18][20]. - The company has reported increasing inventory impairment losses, reflecting rising risks associated with unsold products and potential financial strain [21][20]. Financial Health - Despite the challenges, Anhui Xici has a strong cash position, with total assets of 1.436 billion yuan and a low debt ratio of 21.29%, raising questions about the necessity of raising additional funds through the IPO [22][19]. - The company has invested in significant financial products, indicating a strategy of utilizing excess cash rather than addressing operational inefficiencies [22].