健信超导IPO：不是取消补充流动资金项目就OK

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. is set to undergo its IPO review by the Shanghai Stock Exchange, reflecting a smooth IPO process since its application acceptance on May 9, 2023 [1][3] Company Overview - Jianxin Superconducting specializes in the R&D, production, and sales of core components for MRI equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of MRI equipment costs [3] - The company ranks as the world's leading independent supplier of superconducting magnets in the MRI industry and holds a 4.2% global market share in superconducting magnets, placing it fifth globally and second domestically in 2024 [3] - In the permanent magnet sector, Jianxin Superconducting leads with a 61% global market share in 2024 [3] IPO Progress - The company has adjusted its fundraising plan, reducing the total from 865 million yuan to 775 million yuan by eliminating a 90 million yuan working capital project [4][5] - The updated fundraising allocation includes 240 million yuan for new superconducting magnet R&D, 260 million yuan for a project to produce 600 high-field medical superconducting magnets, and 275 million yuan for a project to produce 600 helium-free superconducting magnets [4][5] Financial Performance - Jianxin Superconducting has shown steady revenue growth from 358.93 million yuan in 2022 to 450.64 million yuan in 2023, with net profits increasing from 34.63 million yuan to 57.84 million yuan during the same period [6] - However, the company's gross margin is significantly lower than its peers, averaging around 24.84% compared to the industry average of approximately 47.41% [6][7] R&D Investment - The company's R&D expense ratio is the lowest among comparable companies, with rates of 5.66% to 6.65%, compared to an industry average of 14.44% to 18.36% [8][9] - This low investment in R&D raises concerns about the company's technological capabilities and future growth potential [8] Capacity Expansion and Market Demand - Jianxin Superconducting plans to increase its production capacity from 300 units per year to 1,500 units per year through new projects, adding 1,200 units of capacity [10][11] - The company has projected sales of 900 units in 2027 and 1,500 units in 2029, but there are concerns about the feasibility of these targets and the accountability for unmet projections [11]