健信超导IPO上会 毛利率显著低于同行

Core Viewpoint - The company, Ningbo Jianxin Superconducting Technology Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, with a reduced fundraising target of 775 million yuan due to the cancellation of a supplementary working capital project [1][5][6]. Group 1: Company Overview - Jianxin Superconducting is the largest independent supplier of superconducting magnets globally and ranks second among domestic companies in the MRI equipment superconducting magnet market share [3][4]. - The company specializes in the research, production, and sales of core components for medical MRI equipment, with superconducting magnets, permanent magnets, and gradient coils constituting about 50% of the MRI equipment's core component costs [3]. Group 2: Financial Performance - The company reported revenues of 359 million yuan, 451 million yuan, 425 million yuan, and 252 million yuan for the years 2022 to 2024 and the first half of 2025, respectively, with net profits of 34.63 million yuan, 48.73 million yuan, 55.78 million yuan, and 31.92 million yuan during the same periods [3]. - The company has maintained consistent cash dividends over the reporting period, with amounts around 19.99 million yuan each year from 2022 to 2024 [6]. Group 3: IPO Process and Fundraising - The IPO process has been relatively swift, with the company receiving acceptance on May 9 and entering the inquiry phase by May 31, undergoing two rounds of inquiries before the upcoming meeting on October 21 [3][4]. - The revised fundraising plan includes 275 million yuan for an annual production of 600 sets of non-liquid helium superconducting magnets, 260 million yuan for a technical upgrade project for high-field medical superconducting magnets, and 240 million yuan for new superconducting magnet research and development [5][6]. Group 4: Market Position and Growth Potential - The company is positioned to enhance its market share by integrating into the supply chains of leading complete machine enterprises, indicating significant growth potential in its product market share [4]. - The company aims to increase its R&D investment, expand production scale, and enhance its competitive advantage and profitability post-IPO [4]. Group 5: Financial Metrics and Industry Comparison - The company's gross margin has been significantly lower than the industry average, with figures of 19.56%, 22.84%, 24.94%, and 24.84% for the years 2022 to 2025, compared to industry averages of 46.27%, 45.59%, 45.17%, and 47.41% [8]. - The R&D expense ratio for the same periods was 5.66%, 5.42%, 6.5%, and 6.65%, indicating efficient use of R&D funds due to prior investments and technological accumulation [9].