Sou Hu Cai Jing·2025-10-28 04:25Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with a significant reliance on a single client, CNOOC, posing potential risks to its business performance [1][2]. Financial Performance - The company's net profit after deducting non-recurring gains and losses for 2022 to 2024 is projected to be 45.52 million yuan, 46.82 million yuan, and 50.41 million yuan, respectively, indicating a compound annual growth rate of over 5% [1]. - Revenue from the company's main product, subsea risers, accounted for 85.79%, 89.77%, 99.63%, and 87.15% of total revenue during the reporting period [2]. Client Concentration - CNOOC is the largest client, contributing 79.39%, 93.44%, 93.48%, and 75.39% of the company's revenue from 2022 to the first half of 2025 [1]. - The company acknowledges that its performance is highly dependent on the execution of contracts with CNOOC, and any changes in CNOOC's exploration and development plans could significantly impact its revenue [1]. Product Structure and Capacity - The company has a single product structure, with subsea risers being the primary revenue source, which poses risks if it cannot innovate or diversify its product line [2]. - The capacity utilization rate fluctuated significantly, with 101.04% in 2022, dropping to 61.62% and 59.59% in the following two years, and then rising to 105.22% in the first half of 2025 [2]. Accounts Receivable - Accounts receivable surged from 38.46 million yuan at the end of 2023 to 165 million yuan at the end of 2024, marking a year-on-year increase of 328.96%, further rising to 241 million yuan in the first half of 2025 [3]. - A significant portion of accounts receivable is attributed to CNOOC and Sinopec, which accounted for 93.10%, 88.84%, 98.51%, and 98.83% of the total at the end of each reporting period [3]. Control Risks - The company faces risks related to changes in control, as its controlling shareholder has a high debt ratio of 88.21% and reported a net loss of 16.67 million yuan in the first half of 2025 [3]. - Although the high debt and poor operating conditions of the controlling shareholder have not adversely affected the company so far, any future financial difficulties could lead to changes in control [3].