上海超导IPO赶考：技术优等生盈利困难，扩产激进产能超全球需求

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is rapidly advancing towards its IPO while facing significant challenges, including a heavy reliance on a single customer, fluctuating profitability, and ambitious expansion plans that exceed current market demand [1][3][9]. Revenue and Profitability - The company has experienced a revenue increase of approximately 5.7 times over three years, with revenues of 35.78 million yuan in 2022, 83.34 million yuan in 2023, 240 million yuan in 2024, and 66.54 million yuan in the first half of 2025 [1]. - Despite the revenue growth, the company reported a net loss of 26.11 million yuan in 2022, a reduced loss of 3.91 million yuan in 2023, and a profit of 72.95 million yuan in 2024, followed by a significant drop to 3.65 million yuan in the first half of 2025, with a negative non-recurring net profit of 2.37 million yuan [3][4]. Cash Flow and Accounts Receivable - The company's operating cash flow has been inconsistent, with a negative cash flow of 7.51 million yuan in the first half of 2025, and a negative cash flow of 30.12 million yuan in 2022, indicating a mismatch between profits and cash flow [4]. - Accounts receivable have surged, with a value of 45.09 million yuan in the first half of 2025, accounting for 67.77% of that period's revenue, a significant increase from 33.92% in 2024 [5][6]. Customer Concentration - The company is heavily reliant on the Chinese Academy of Sciences, which accounted for 63.83% of its sales in the first half of 2025, nearly doubling from 30.26% in 2024, indicating a high concentration risk [7][8]. - The top five customers contributed over 70% of the revenue consistently from 2022 to 2025, with the concentration level significantly higher than industry peers [8]. Expansion Plans - Shanghai Superconductor plans to raise 1.2 billion yuan for a project to expand production capacity by 6,000 kilometers, despite existing capacity utilization rates not being fully met [9][10]. - The projected global demand for second-generation high-temperature superconducting materials in 2024 is only 3,400 kilometers, raising concerns about the feasibility of the planned expansion [10][11].