惠科股份IPO“倒计时”背后：三年拿50亿政府补助超净利润

Core Viewpoint - The IPO process of Huike Co., Ltd. has attracted attention in the capital market during the cyclical recovery of the panel industry, but the company faces multiple challenges, including financial volatility and governance issues, which raise questions about its listing prospects [4]. Financial Performance - Huike Co., Ltd. has experienced significant fluctuations in its financial performance, with a net loss of 2.097 billion yuan in 2022, a sudden profit of 2.826 billion yuan in 2023, and an expected increase to 3.673 billion yuan in 2024, reflecting a strong dependence on the global panel price trends [5][6]. - The company has received over 5 billion yuan in government subsidies over the past three years, which significantly contributed to its net profit of 4.4 billion yuan during the same period, indicating a need for improvement in its actual profitability [7]. Valuation and Equity Structure - The estimated valuation of Huike Co., Ltd. has doubled from 30 billion yuan in 2021 to a range of 56.7 billion to 85 billion yuan in the current IPO application, raising questions about the rationale behind this valuation logic [9]. - The company has 12.927 billion yuan in equity with acquisition obligations, with over 30% of its net assets attributed to minority shareholders, suggesting a potential "equity-like debt" characteristic [9][10]. Governance and Related Party Transactions - The governance structure of Huike Co., Ltd. raises concerns, as the actual controller holds 52.31% of the voting rights, and three out of five board members are family members, leading to potential conflicts of interest [10]. - The company reported related party transactions amounting to 2.86 billion yuan in 2024, with over 15% of procurement directed to companies controlled by family members, exceeding the disclosure standards set by the corporate governance guidelines [10]. Legal and Compliance Risks - Huike Co., Ltd. faces risks related to intellectual property disputes, including a recent overseas patent infringement accusation involving multiple product sizes, which could impact its IPO prospects [11].