IPO雷达 | 隆源股份回复首轮问询：毛利率连年下滑、客户高度集中存隐忧

Core Viewpoint - The initial inquiry from the Beijing Stock Exchange highlights key risks associated with Ningbo Longyuan Co., Ltd.'s IPO, including potential issues of equity holding, customer cooperation stability, sales revenue authenticity, and the necessity of fundraising projects [2][3][7] Group 1: Equity Holding and Compliance - The company clarified that there are no equity holding arrangements or disputes between its current shareholders and former shareholders, and that any past issues have been resolved [2] - The company acknowledged a failure to timely register certain investments but stated that this does not constitute a major violation of regulations [2] Group 2: Customer Cooperation and Revenue Authenticity - Longyuan's major clients include BorgWarner, Taigene, and Leap Motor, with a high customer concentration, where the top five clients accounted for 84.33% to 77.59% of sales during the reporting period [3] - The company has a long-standing relationship with BorgWarner, which reduces the risk of being replaced as a supplier, although reliance on a single customer remains high [3] - The company provided evidence to support the authenticity of its export revenue, showing a discrepancy rate of less than 1% compared to customs data, but raised concerns about the significant increase in third-party payment amounts [4] Group 3: Financial Performance and Margin Trends - From 2022 to 2024, the company's revenue grew from 519 million to 869 million, while net profit increased from 101 million to 129 million, indicating steady growth [4] - However, the gross margin declined from 30.57% to 24.17% over the same period, attributed to changes in product mix and fluctuations in raw material prices [4][5] Group 4: Fundraising Projects and Market Demand - The company plans to raise 610 million for projects related to new energy systems and lightweight automotive components, with expected annual revenue of 622 million from these projects [7] - The company reported a capacity utilization rate of around 83% to 89% in recent years, indicating a need to justify the market demand for the new capacity being added [7]