IPO雷达｜有研复材将上会迎考，前三季度营收净利双双承压

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. is preparing for its initial public offering (IPO) with a planned fundraising of 900 million yuan, primarily for the industrialization of advanced metal matrix composite materials, a research and development center, and to supplement working capital [1][2][3]. Company Overview - Youyan Composite Materials specializes in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products, serving industries such as aerospace, military electronics, and smart terminals [2]. - Major clients include subsidiaries of China Aviation Industry Corporation, China Electronics Technology Group Corporation, and BYD [2]. Financial Performance - Revenue for the years 2022 to 2024 was reported as 414 million yuan, 498 million yuan, and 610 million yuan, respectively, with a net profit attributable to shareholders of 58.31 million yuan, 53.88 million yuan, and 65.55 million yuan [3]. - For the first nine months of 2025, the company reported a revenue of 342 million yuan, a decrease of 1.83% year-on-year, and a net profit of 23.13 million yuan, down 15.48% year-on-year [5][6]. Project Funding Allocation - The total investment for the second phase of the advanced metal matrix composite materials industrialization project is approximately 644.5 million yuan, while the R&D center project requires about 129.56 million yuan, and working capital supplementation is estimated at 125.94 million yuan [3]. Profitability and Margin Trends - The gross profit margin for the company's main business has shown a declining trend, with figures of 26.93%, 27.45%, 25.97%, and 24.93% over the reporting periods [6][7]. - The company anticipates a full-year revenue change of -9.78% to 0.06% and a net profit change of -8.46% to 2.22% for 2025 [5]. Accounts Receivable Situation - Accounts receivable have been increasing, with balances of 156 million yuan, 234 million yuan, 319 million yuan, and 306 million yuan at the end of each reporting period, representing a growing proportion of revenue [7][9]. - The accounts receivable turnover rate has been declining, indicating potential cash flow challenges [11].