IPO雷达｜赛英电子收二轮问询，同行产能利用率跌破八成，新增产能“谁来买单”？

Core Viewpoint - Jiangyin Saiying Electronics Co., Ltd. is undergoing a second round of review for its IPO application on the Beijing Stock Exchange, with inquiries focusing on the stability and sustainability of its performance [1][2]. Company Overview - Established in 2002, Saiying Electronics specializes in the R&D, manufacturing, and sales of key components for power semiconductor devices, including ceramic shells and packaging heat dissipation substrates [1]. - The company provides critical components for semiconductor manufacturers, which are ultimately applied in various industries such as ultra-high voltage transmission, renewable energy generation, industrial control, new energy vehicles, intelligent computing centers, and rail transportation [1]. IPO Details - The company plans to issue 10.8 million shares to raise 270 million yuan, which will be used for the construction of a new production base for power semiconductor module heat dissipation substrates, a new R&D center, and to supplement working capital [3][4]. - The total investment for the new production base and capacity enhancement project is approximately 2.33 billion yuan, with 2.17 billion yuan expected to be raised from the IPO [4]. Financial Performance and Projections - For 2023 and 2024, the company's net profit attributable to the parent company is projected to be 55.07 million yuan and 73.72 million yuan, respectively, with weighted average return on net assets of 24.36% and 25.14%, meeting the listing requirements [2]. - The company has experienced a decline in sales scale for ceramic shells and accessories in the power grid sector due to factors such as the progress of project bidding and the number of ongoing projects [2][3]. Market Conditions and Risks - The company has faced price declines of over 10% for some of its larger volume products, and certain clients are expected to see revenue drops due to pressure on vehicle regulation product prices [3]. - The Beijing Stock Exchange has requested clarification on the execution of the price transmission mechanism in relation to raw material price changes and the company's pricing decisions [3][5]. Capacity and Utilization - The company must address concerns regarding whether the new capacity from the fundraising projects can be adequately absorbed by the market and whether there is a risk of idle fixed assets [5]. - Comparisons with peer companies indicate a decline in capacity utilization rates, with Guokong Electronics dropping from 99.63% in 2022 to 76.32% in 2023 [4][5].