汉盛海装北交所IPO获受理，公司短期业绩波动较大，重销售轻研发

Core Viewpoint - Han Sheng (Shanghai) Marine Equipment Technology Co., Ltd. has received approval for its IPO application on the Beijing Stock Exchange, with a focus on marine equipment manufacturing and a significant portion of revenue derived from shipbuilding projects [1] Group 1: Company Overview - Han Sheng is a national high-tech enterprise specializing in the research and production of marine vessels and marine engineering environmental protection equipment, with over 65% of its revenue coming from shipbuilding projects [1] - The company generates more than 60% of its main business revenue from exports [1] Group 2: Financial Performance - The company aims to raise 369 million yuan, primarily for the construction of its production base, R&D center, and global marketing network [1] - Revenue projections for 2022 to 2024 are 132 million yuan, 195 million yuan, and 298 million yuan, respectively, reflecting an average annual growth rate of approximately 40% [1] - Net profit for the same period is projected to be 31.43 million yuan, 44.30 million yuan, and 82.12 million yuan, with a year-on-year growth of 85.37% in 2024 [1] Group 3: Profitability and Efficiency - The company has shown a rapid growth trend in performance, benefiting from the global shipbuilding industry's upturn and supportive national policies for the marine equipment industry [1] - The gross profit margins from 2022 to 2024 are 39.8%, 45.56%, and 48.29%, indicating a higher margin than the industry average [3] - However, the company's inventory turnover rate is below the industry average, suggesting inefficiencies in converting inventory into revenue [3][4] Group 4: Research and Development - R&D expenses as a percentage of revenue have been declining, with figures of 0.1 billion yuan, 0.1 billion yuan, and 0.2 billion yuan from 2022 to 2024, and corresponding ratios of 7.69%, 6.75%, and 5.60% [4][3] Group 5: Customer Concentration - The company has a high customer concentration, with the top five clients accounting for 42% of total revenue, which poses a risk if any major client reduces orders [5]