3D打印企业冲刺IPO！易加增材业绩三连增难掩隐忧，现金流连续两年告负

Core Viewpoint - Hangzhou Yijia 3D Additive Technology Co., Ltd. (referred to as "Yijia Additive") has received approval for its IPO application, aiming to raise 1.205 billion yuan by issuing up to 29.22 million shares, despite facing challenges such as reliance on imported core components, negative operating cash flow, and increasing accounts receivable [3][4][6]. Financial Performance - Yijia Additive has shown consistent revenue growth over the reporting period, with revenues of 247 million yuan, 409 million yuan, and 471 million yuan from 2022 to 2024, and net profits of 28.93 million yuan, 68.58 million yuan, and 98.81 million yuan respectively [4]. - The company’s operating cash flow has deteriorated, recording -106 million yuan, 19.67 million yuan, and -93.80 million yuan during the same period [5]. - Accounts receivable have increased significantly, with balances of 74 million yuan, 138 million yuan, and 195 million yuan, representing 33.30%, 37.68%, and 46.04% of revenue respectively [8]. Market Position and Competition - Yijia Additive is positioned as a high-tech enterprise in the industrial-grade additive manufacturing sector, competing with domestic players like Plater and Huashu High-Tech [4]. - In 2024, Plater reported revenues of 1.326 billion yuan and net profits of 104 million yuan, while Huashu High-Tech had revenues of 492 million yuan and net profits of 67.21 million yuan, indicating that Yijia Additive still lags behind Plater [4]. Supply Chain and Component Dependency - The company has a high dependency on imported core components such as lasers and galvanometers, which poses risks amid international trade tensions [6]. - Yijia Additive is working with domestic manufacturers to validate and gradually replace imported components, aiming to enhance the stability and performance of domestic parts [6]. Inventory and Risk Management - The company has reported a rapid increase in inventory, with values of 268 million yuan, 375 million yuan, and 445 million yuan, constituting 61.26%, 47.20%, and 43.26% of current assets respectively [9]. - Yijia Additive has recognized inventory impairment losses, with provisions of 2.39 million yuan, 5.77 million yuan, and 7.17 million yuan over the reporting period, indicating a rising trend in impairment provisions [9].