历经三轮问询，新广益IPO上会迎考

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, with the application accepted over two years ago and entering the inquiry phase in July 2023 [1][3] Financial Performance - The company reported projected revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022 to 2024, with corresponding net profits of about 81.51 million yuan, 83.28 million yuan, and 116 million yuan [3] - In the first half of the current year, the company achieved revenues of approximately 313 million yuan, reflecting a year-on-year growth of 10.24%, and a net profit of about 59.46 million yuan, up 17.45% year-on-year [3] Accounts Receivable Risk - The company has a high balance of accounts receivable, with values of approximately 160 million yuan, 216 million yuan, and 282 million yuan at the end of 2022, 2023, and 2024 respectively [3] - There is a potential risk of accounts receivable collection if the financial conditions of major debtors deteriorate, which could impact the company's operational status and cash flow [3] Fundraising and Project Adjustments - Initially, the company planned to raise 800 million yuan, with 500 million yuan allocated to functional materials projects and 300 million yuan to new energy lithium battery materials projects [4] - The latest disclosure indicates a reduction in the fundraising target to 638 million yuan, with the cancellation of the new energy lithium battery materials project and an increase in funding for functional materials projects by approximately 138 million yuan [4] R&D Expenditure - The company's R&D expense rates are lower than those of industry peers, with R&D expenses of approximately 22.33 million yuan, 27.62 million yuan, and 31.04 million yuan for 2022 to 2024, and corresponding R&D expense rates of 4.9%, 5.35%, and 4.72% [4][5] - In comparison, industry peers such as Fangbang Co. and Stik have significantly higher R&D expense rates [4][5] Shareholding Structure - The controlling shareholder and actual controller of the company is Xia Chaohua, who, along with his brother Xia Huachao, collectively controls 85.54% of the voting rights in the company [5]