东方科脉招股书解读：净利润降幅44.77%，客户集中度超80%，风险几何？

Core Insights - The company, Dongfang Kema, is pursuing an IPO in Hong Kong, revealing both growth potential and risks in its prospectus [1] Business Focus - The company specializes in smart IoT electronic paper display solutions, covering full sizes and colors, and is widely applied in smart retail, office, and education sectors [2] - It has established a vertically integrated production ecosystem, positioning itself as a leader in the industry [2] Sales Strategy - Sales are primarily conducted through direct global sales, with a small percentage of revenue (0.7% - 1.6%) coming from distributors [3] - The company emphasizes direct contracts with customers to provide customized products and services [3] Financial Performance - Revenue has fluctuated, with significant growth in the first half of 2025, surpassing the same period in 2024 [4] - Revenue figures (in RMB thousand): 2022: 1,213,847; 2023: 1,024,198; 2024: 1,151,556; 2024 H1: 469,855; 2025 H1: 795,671 [4] - Net profit saw a notable decline of 44.77% in 2023 compared to 2022, with slight recovery expected in 2024 and 2025 [5] - Net profit figures (in RMB thousand): 2022: 91,876; 2023: 50,739; 2024: 53,404; 2024 H1: 15,020; 2025 H1: 43,036 [5] Profitability Metrics - Gross margin has remained relatively stable, fluctuating between 15.5% and 20.7% from 2022 to the first half of 2025 [6] - Net margin has shown significant volatility, decreasing from 7.6% in 2022 to 5.0% in 2023, with a slight recovery in 2025 H1 [7] Revenue Composition - Revenue from small-sized products (<4 inches) has increased, making up 82.2% of total revenue in 2025 H1, indicating a growing reliance on this segment [8] Customer and Supplier Risks - The company faces high customer concentration risk, with revenue from the top five customers accounting for 93.3% in 2022 and 89.7% in 2025 H1 [10] - Supplier dependency is also significant, with the top five suppliers representing 89.6% of total purchases in 2022 [11] R&D Investment - R&D expenditures have shown a compound annual growth rate of 8.1%, but the return on investment remains uncertain due to rapid industry changes [12] Competitive Position - Dongfang Kema is the largest commercial smart IoT electronic paper display solution provider globally, holding a 26.3% market share as of 2024 [13] - The management team possesses extensive experience in technology and digital display manufacturing [14]