“专精特新”的财技魔术：嘉德利电子IPO文件惊现两套产能账本

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has submitted an IPO application to raise 725 million yuan, with significant concerns regarding its financial metrics and operational practices, despite its high profitability and industry position [1][3][21] Financial Metrics Concerns - Jia De Li's revenue and net profit from 2022 to 2024 showed fluctuations, with revenues of 550 million yuan, 528 million yuan, and 734 million yuan, and net profits of 192 million yuan, 141 million yuan, and 238 million yuan respectively, indicating a 38.95% revenue growth and a 68.99% net profit increase in 2024 [4] - The company's gross profit margins from 2022 to 2024 were 49.29%, 41.91%, and 46.29%, significantly higher than the industry average of 41.31%, 33.22%, and 32.88% [6][7] - Research and development expenses were only 3.25% of revenue in 2024, lower than the industry average of 3.81%, raising questions about the sustainability of its high profit margins [6][7] Capacity Utilization Issues - Jia De Li reported capacity utilization rates of 107.74%, 99.52%, and 102.89% from 2022 to 2024, but these figures were calculated using a non-standard method that inflated the actual utilization rate [8][10] - When calculated using the standard formula of actual production over capacity, the utilization rates were significantly lower at 86.42%, 79.64%, and 79.95% [10] Debt Structure and Liquidity Concerns - Short-term debt surged from 8.68 million yuan in 2022 to 50.50 million yuan in 2024, indicating a nearly fivefold increase, with total debt reaching 62.51 million yuan in 2025 [11][12] - The rapid increase in short-term debt raises concerns about the company's cash flow and financial stability, especially given its high net profit margins [11] Supply Chain Risks - Jia De Li relies heavily on a single overseas supplier, Borouge, for over 90% of its polypropylene resin, posing significant supply chain risks [13][14] Ownership and Control Issues - The company has a highly concentrated ownership structure, with the actual controllers holding 95.89% of the shares, and a recent introduction of external investors included a buyback agreement contingent on the company's IPO success [15][17] Disclosure and Internal Control Concerns - The IPO prospectus contained errors and raised questions about the quality of disclosures, alongside past issues of providing guarantees to related parties, indicating weaknesses in internal controls [19][20] Conclusion - Despite presenting a strong image of profitability and market position, Jia De Li's financial practices, reliance on single suppliers, and ownership structure present significant risks that could impact its IPO prospects and investor confidence [21]