Piotech (SH:688072) Sou Hu Cai Jing·2025-11-11 08:45Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is set to go public on the Sci-Tech Innovation Board, planning to issue no more than 16.93 million shares, with significant revenue and profit growth overshadowed by concerns regarding customer dependency and data discrepancies [2][3][4]. Financial Performance - During the reporting period from 2022 to June 2025, Hengyun Chang achieved revenues of 158.158 million yuan, 325.2685 million yuan, 540.7903 million yuan, and 304.0563 million yuan, with net profits of 26.1879 million yuan, 79.8273 million yuan, 141.5402 million yuan, and 69.3476 million yuan, indicating a robust compound annual growth rate [3][4]. - The company’s revenue is heavily reliant on its top customer, Tuojing Technology, which accounted for over 60% of its income during the reporting period [4][5]. Customer Dependency - Sales to Tuojing Technology represented 45.23%, 58.16%, 63.13%, and 62.06% of Hengyun Chang's revenue in the respective years, highlighting a growing dependency on this single customer [4][5]. - Tuojing Technology holds a 3.42% stake in Hengyun Chang, raising questions about the company's independence despite the claim that this does not constitute a related party transaction [4][5]. Data Discrepancies - There are notable discrepancies in the reported transaction data between Hengyun Chang and Tuojing Technology, with a difference of 2.599 million yuan in sales figures that remains unexplained [6][7]. Fundraising and Investment Projects - Hengyun Chang aims to raise 146.9 million yuan through its IPO for various projects, including a semiconductor RF power system industrialization project and a smart production base for core components [8]. - The rationale for raising 16.9 million yuan for working capital is questioned, given the company's substantial cash reserves, which exceeded 42.7113 million yuan by the end of 2024 [8][9]. Financial Stability - Hengyun Chang exhibits strong short-term solvency, with current ratios of 4.72, 8.12, 6.21, and 6.39, significantly higher than industry averages [9]. - The company's debt-to-asset ratios remain low at 28.86%, 14.53%, 16.84%, and 15.78%, indicating a solid financial structure and minimal debt burden [9].