卷土重来！盈亏交替的荣信汇科二闯IPO

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is attempting to relist on the Sci-Tech Innovation Board (STAR Market) after a previous unsuccessful attempt, with its IPO application accepted on November 25, 2023. The company has shown significant fluctuations in performance, reporting a net loss of 5.37 million yuan in the first half of the year [1][5]. Group 1: IPO Attempt and Financials - Rongxin Huike's IPO application was previously accepted in December 2021 but was withdrawn in June 2022. The current fundraising target has increased from 600 million yuan to 977 million yuan [5]. - The company plans to allocate the raised funds to various projects, including 337 million yuan for offshore wind power equipment, 234 million yuan for green low-carbon flexible power equipment, 256 million yuan for R&D center construction, and 150 million yuan for working capital [5]. - The company's debt-to-asset ratio has been rising, reaching 31.91% at the end of 2022 and projected to rise to 57.36% by mid-2025 [5][6]. Group 2: Performance Fluctuations - Rongxin Huike's revenue and net profit have fluctuated significantly, with revenues of approximately 1.942 billion yuan in 2022 and a projected 2.33 billion yuan in 2023, while net profits have varied from 182 million yuan to losses of 56.28 million yuan [8]. - The company's revenue recognition is heavily influenced by the timing of project completions, leading to substantial quarterly revenue fluctuations [9]. - The company has a backlog of orders exceeding 3.68 billion yuan, which is expected to be delivered over the next 2-3 years, providing a foundation for future performance [9]. Group 3: Inventory and R&D - The company's inventory has been increasing, with values of 401 million yuan in 2022 and projected to reach 1.704 billion yuan by mid-2025, primarily due to the need for substantial stock for ongoing projects [10]. - R&D expenses have also shown significant variability, with amounts ranging from 47.97 million yuan to 21.18 million yuan across the reporting periods, reflecting the company's revenue fluctuations [10]. Group 4: Shareholding Structure - The controlling shareholders of Rongxin Huike include Baiyun Electric Group and Zuo Qiang, with significant involvement from the Hu family [7][11]. - Zuo Qiang has a history in the capital market, previously being a controlling figure in another listed company, and has been involved in the management of Rongxin Huike since its inception [11][12].