森合高科IPO：“踩线”超产只为冲业绩？

Group 1 - The core viewpoint of the news is that Guangxi Senhe High-tech Co., Ltd. is undergoing its IPO process and has responded to the first round of inquiries from the Beijing Stock Exchange regarding various aspects of its business and financial performance [2] - Senhe High-tech was established in 2011 and focuses on the research, production, and sales of environmentally friendly precious metal mining agents, primarily used in the leaching process of gold and silver mining operations [4] - The company aims to raise 490 million yuan through its IPO to fund a project for an annual production capacity of 80,000 tons of environmentally friendly precious metal extraction agents [4] Group 2 - The revenue for Senhe High-tech from 2022 to 2024 is projected to be 302 million yuan, 346 million yuan, and 623 million yuan respectively, with a year-on-year decline of 1.88% in 2022 [4] - The net profit for the same period is expected to be 47 million yuan, 56 million yuan, and 150 million yuan, with a significant year-on-year decline of 36.42% in 2022 [4] - The company reported a "explosive" growth in performance for 2024, primarily due to "overproduction," with a capacity utilization rate of 127% from January to September 2024, just 3 percentage points shy of the regulatory limit [4] - Senhe High-tech has completed the necessary environmental assessments and approvals for its overproduction situation, indicating that it has rectified the issue [4] - The company received approval in October 2024 to expand its annual production capacity of environmentally friendly precious metal mining agents to 85,000 tons, with a production output of 44,600 tons from January to October 2024, resulting in a decreased capacity utilization rate of 52.48% [4] Group 3 - If the "overproduction" contribution is excluded, the growth rate of Senhe High-tech's performance would significantly decline, which was a reason for its previous failed attempts to go public [5] - In the first half of 2025, the revenue and net profit growth rates are expected to reach 46.30% and 87.51% respectively, but both show a nearly 50% decline compared to the previous year [5] - The impact of the "post-facto" expansion on the company's performance growth and its ability to successfully navigate the IPO process remains a point of ongoing observation [5]