Core Viewpoint - Yijia Additive is seeking to go public on the Sci-Tech Innovation Board (STAR Market) to gain capital support for future competition, especially in light of competitors like Plater and Huashu High-Tech already being listed [1] Industry Overview - The average selling price of industrial-grade additive manufacturing equipment has significantly increased from $90,000 in 2019 to $316,900 in 2024, with metal additive manufacturing equipment nearing $500,000 [2] - The additive manufacturing market in China is projected to exceed 63 billion yuan by 2025, with a compound annual growth rate (CAGR) of over 20% from 2021 to 2025 [2] - The 3D printing market in China is expected to reach a scale of 100 billion yuan by 2027, indicating vast market potential [2] Company Performance - Yijia Additive's revenue is projected to grow from 247 million yuan in 2022 to 471 million yuan in 2024, with net profits increasing from approximately 28.93 million yuan to 98.81 million yuan during the same period [2] - Despite good performance, Yijia Additive lacks competitive advantages compared to peers, with its 2024 revenue of 471 million yuan being lower than Plater's 1.326 billion yuan and Huashu High-Tech's 492 million yuan [3] Competitive Landscape - Yijia Additive faces significant competition from both domestic and international players, including EOS, 3D Systems, and SLM Solutions [3] - Market share for Yijia Additive is 1.03%, which is lower than Plater's 1.28% [3] Supply Chain Risks - Yijia Additive relies heavily on imported key components such as lasers and galvanometers, primarily from Germany and the USA, which poses a supply chain risk [4] - The company faces potential disruptions due to global trade tensions or geopolitical risks that could affect the supply of critical components [4] R&D Investment - Yijia Additive's R&D expenses are projected to increase from approximately 21.18 million yuan in 2022 to 30.61 million yuan in 2024, totaling 75.56 million yuan over three years [5] - The company meets the STAR Market's requirement for R&D investment, with a comprehensive R&D expense ratio of 6.71% [6] Customer Dependency - The company has experienced significant volatility in its top five customer base, with a notable change in customer composition from 2022 to 2024 [7][8] - In 2022, the top five customers accounted for 57.46% of total revenue, but this percentage decreased to 38.16% in 2023 before rising again to 41.72% in 2024 [8] - The reliance on a few major customers has led to a substantial increase in accounts receivable, from 82.25 million yuan at the end of 2022 to 216.74 million yuan by the end of 2024 [9]
大客户依赖重生产有“卡脖”风险 易加增材“抗压”冲刺科创板
Guan Cha Zhe Wang·2025-10-15 07:23