林平发展IPO：业绩不稳、产能闲置、合规瑕疵

Core Viewpoint - Linping Development's IPO process faces scrutiny due to declining revenue, pricing pressures, and operational risks, raising concerns about its future performance and compliance with regulatory standards [1][8]. Financial Performance - The company's revenue has shown a downward trend, with figures of 28.79 billion yuan in 2022, 28.00 billion yuan in 2023, and projected 24.85 billion yuan in 2024, indicating a year-on-year decline of 2.75% in 2023 and 11.24% in 2024 [2][4]. - Net profit for the same periods was 1.54 billion yuan, 2.12 billion yuan, and 1.53 billion yuan, with a projected 914.19 million yuan for the first half of 2025 [2][3]. Business Operations - The core business of corrugated paper and boxboard sales accounted for over 99% of total revenue, with boxboard consistently representing around 70% of sales [2]. - The average utilization rates for corrugated paper and boxboard production were approximately 80% and 90%, respectively, indicating that current production capacities are not fully utilized [6]. Market Conditions - The cancellation of import tariffs on finished paper in 2023 led to increased competition and a subsequent decline in product prices, impacting revenue negatively [4]. - The company anticipates that demand from sectors such as consumer goods, e-commerce, logistics, and express delivery will support market growth despite current challenges [4]. Capital Expenditure and Risks - The company plans to raise 1.2 billion yuan through its IPO to fund new production lines, which could potentially lead to overcapacity given the current underutilization of existing facilities [6][8]. - Concerns have been raised regarding the company's significantly lower expense ratios compared to industry peers, suggesting possible manipulation of profit figures [6][8]. Compliance and Safety Issues - The company has reported three fatal accidents involving employees during the reporting period, raising questions about its safety management practices [7]. - There have been instances of non-compliance regarding social insurance and housing fund contributions for employees, which could lead to regulatory penalties [7]. Conclusion - Linping Development's IPO is under significant scrutiny due to its declining financial performance, operational challenges, and compliance issues, which must be addressed to gain market acceptance and regulatory approval [8].