丰沃股份IPO困局：无量产订单、深陷专利诉讼、内控薄弱、技术未经验证、治理结构存疑

Core Viewpoint - Ningbo Fengwo Turbocharger Technology Co., Ltd. (Fengwo) is applying for an IPO on the Shanghai Stock Exchange, appearing to align with national policies supporting specialized and innovative enterprises, but it is actually facing multiple structural risks, including high-risk patent litigation, lack of revenue support for its second growth curve, and significant governance and financial disclosure issues [3][11]. Group 1: Patent Litigation Risks - Fengwo is currently involved in two patent infringement lawsuits initiated by Garrett, a major international turbocharger manufacturer, with a total claim amount of 56 million yuan, seeking to prohibit the company from manufacturing and selling related products [3][11]. - The company attempts to downplay the risk by claiming that the disputed components, such as heat shields and thrust rings, do not affect the core performance parameters of turbochargers; however, this argument lacks engineering and commercial logic [3][11]. - The Supreme People's Court has reversed a previous decision declaring the patents invalid, sending the case back for retrial, which complicates the legal situation further [4][12]. Group 2: Strategic Transformation and Revenue Concerns - Fengwo's claims of strategic transformation into the air suspension market appear to be speculative, as there are no substantial results, such as mass production orders or sales revenue, to support these claims [4][12]. - The company has stated that it is in the "batch production verification stage" for its air spring and stiffness valve projects, but lacks any formal notifications from major manufacturers or any sales revenue [4][12]. Group 3: Governance and Financial Disclosure Issues - The company has a very small sales team of only 2 to 3 people, with an average salary of 1.39 million yuan in 2024, which raises concerns about customer concentration and the ability to expand into new markets [6][15]. - Inventory management is questionable, with a reported inventory value of 1.81 billion yuan at the end of 2024, which has been increasing while revenue growth has slowed [6][15]. - The company's stock incentive plan has a valuation PE of about 8 times, significantly lower than the average of 20-30 times in the automotive parts industry, indicating potential issues with shareholder equity dilution [6][15]. Group 4: Internal Control and Transparency Issues - The company has shown a lack of rigorous internal controls and transparency, with vague disclosures regarding fixed asset inventory and research and development expenses [7][16]. - There are inconsistencies in the company's claims about inventory management and turnover rates, which could mislead investors regarding its operational efficiency [7][16]. - Overall, Fengwo's IPO application does not reflect a stable progression, as it is entangled in patent litigation, lacks revenue for its strategic initiatives, and has governance and disclosure issues that undermine investor trust [7][16].