永大股份1.2倍逆势扩产两遭问询 分红2亿再募5000万补流被指圈钱

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) is facing scrutiny from the Beijing Stock Exchange regarding its IPO application, particularly concerning its planned fundraising of 608 million yuan, with 558 million yuan allocated for capacity expansion and 50 million yuan for working capital [1][3]. Group 1: Fundraising and Financials - Yongda Co. plans to raise 608 million yuan through its IPO, with a significant portion aimed at expanding production capacity by 1.2 times [1][3]. - The company has distributed a total of 203 million yuan in cash dividends from 2021 to 2024, raising concerns about its fundraising strategy, as it simultaneously seeks to supplement working capital with IPO proceeds [7][9]. - As of December 31, 2024, Yongda Co. reported a cash balance of 81.66 million yuan, which is significantly lower than the industry average of 20.26% for cash as a percentage of current assets [5][6]. Group 2: Capacity Utilization and Expansion Plans - In 2024, Yongda Co. is projected to have a capacity utilization rate of 83.83%, indicating that there is still room for growth [20]. - The company plans to add 30,000 tons of pressure vessel capacity, increasing its current capacity of 25,000 tons by 1.2 times, despite concerns about the slow progress of downstream expansion projects [19][20]. - The Beijing Stock Exchange has raised questions about the feasibility of absorbing the new capacity given the current market conditions and the company's expansion plans [21]. Group 3: Governance and Ownership Structure - The ownership structure of Yongda Co. has raised concerns, particularly regarding the transfer of control from founder Li Jin to his father Li Changzhe, who is currently the controlling shareholder but does not hold a management position [12][13]. - Li Jin, despite being the actual controller, holds only 7.74% of the shares, while the family collectively holds 88.14% of the shares, leading to questions about the stability of control [9][12]. - The unusual succession plan, where Li Changzhe's shares are to be inherited solely by Li Jin, has prompted inquiries into potential hidden risks within the governance structure [15][16]. Group 4: Revenue Recognition and Performance Concerns - Yongda Co. has faced scrutiny regarding the accuracy of its revenue recognition, particularly in relation to its pressure vessel products and the timing of revenue recognition [18]. - The company reported revenues of 696 million yuan, 712 million yuan, and 819 million yuan for the years 2022 to 2024, with a notable decline in net profit in 2024 [16][17]. - Concerns have been raised about the sustainability of Yongda Co.'s performance, especially given the low operating rates in the downstream market, which may impact future revenue growth [19].