永大股份IPO：取消补流难掩公司发展隐忧 IPO存疑

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) is set to undergo its IPO review on November 26, 2025, with a planned fundraising of 457.81 million yuan, significantly reduced from the initial target of 607.79 million yuan [1][3][5]. Group 1: Company Overview - Yongda Co. was established in August 2009 and specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various sectors, including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals [3]. - The company plans to issue no more than 46.52 million shares in its IPO [3]. Group 2: Fundraising and Project Details - The IPO proceeds will primarily fund the construction of a heavy chemical equipment production base, with a total investment of 591 million yuan, utilizing 457.81 million yuan from the IPO [4]. - The company has canceled a 50 million yuan supplementary working capital project, indicating a strategic decision to maintain ethical standards after significant cash dividends totaling 203 million yuan from 2021 to 2024 [5]. Group 3: Financial Performance - Yongda Co. has shown revenue growth from 696 million yuan in 2022 to an expected 819 million yuan in 2024, but net profits have fluctuated, with a decrease from 131 million yuan in 2023 to an expected 107 million yuan in 2024, indicating a trend of increasing revenue without corresponding profit growth [7][8]. - For 2025, the company forecasts a revenue decline of approximately 14.56% to 8.46%, with net profits expected to range from 113 million to 130 million yuan, reflecting a potential profit increase despite revenue decline [8][10]. Group 4: Customer Base and Stability - The company has a high customer concentration, with the top five customers accounting for 85.36% to 86.69% of total sales during the reporting period, but these customers have shown instability, with only one customer consistently appearing in the top rankings over the years [11][12]. - The frequent changes in major customers raise concerns about the stability of Yongda Co.'s revenue streams, despite claims of long-term relationships based on product quality and technical expertise [11]. Group 5: Production Capacity and Industry Challenges - Yongda Co. plans to increase its production capacity from 25,000 tons to 55,000 tons per year, despite a significant drop in capacity utilization from 106.64% in 2023 to 83.83% in 2024 [13]. - The company faces challenges in its downstream industries, particularly in chemicals and photovoltaics, which are experiencing low operational rates and overall industry pressure, raising questions about the appropriateness of its expansion strategy [13].