美德乐IPO：募资超6亿，私募基金突击入股，实控人履历存“瑕疵”

Core Viewpoint - Dalian Meidel Industrial Automation Co., Ltd. (Meidel) is preparing for its listing on the Beijing Stock Exchange, focusing on smart manufacturing equipment and automation systems, with significant client relationships in various industries including new energy and automotive components [1][3]. Group 1: Company Overview - Meidel specializes in the research, design, manufacturing, and sales of modular conveyor systems and industrial components, primarily for factory automation [1]. - The company has notable clients such as CATL, BYD, and Xianlead Intelligent, indicating strong market presence [1]. - The actual controller, Zhang Yongxin, holds over 46% voting rights and has a controversial work history that requires clarification [3][4]. Group 2: Financial Performance - Meidel's revenue for 2022, 2023, and 2024 was reported at 10.31 billion, 10.09 billion, and 11.38 billion respectively, with a significant increase in 2024 [18]. - The company forecasts a revenue of 13 billion to 14 billion for 2025, representing a year-on-year growth of 14.26% to 23.05% [19]. - The net profit attributable to shareholders for 2025 is projected to be between 2.7 billion and 3 billion, indicating a growth of 28.11% to 42.34% [19]. Group 3: Investment and Fundraising - Meidel plans to raise 6.45 billion through its IPO, with funds allocated for various projects including the fourth phase of construction and R&D for high-end automation systems [8][9]. - The company has previously distributed dividends totaling approximately 1.25 billion, benefiting the actual controller significantly [17]. Group 4: Research and Development - The average salary of R&D personnel has increased significantly, with total R&D expenses reported at 4.31 million, 4.29 million, 5.57 million, and 3.33 million over the past four years [12][13]. - Meidel's R&D expense ratio is below industry averages, indicating potential areas for improvement [16]. Group 5: Inventory and Sales Dynamics - The company has experienced high inventory levels, with inventory turnover declining from 0.79 to 0.42 times [24]. - There are discrepancies between reported sales figures and client procurement amounts, particularly with major clients like Today International [20][22]. - The company has seen significant fluctuations in sales to BYD, with sales figures of 5.09 billion, 2.46 billion, and 1.17 billion over the past three years [18].