有研复材上会在即，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][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 [4]. - For the first nine months of 2025, revenue was 342 million yuan, a decrease of 1.83% year-on-year, and net profit was 23.13 million yuan, down 15.48% year-on-year [6]. Future Projections - For the full year of 2025, the company expects revenue to range from 550 million to 610 million yuan, reflecting a potential decrease of 9.78% to an increase of 0.06% compared to 2024 [7]. - The projected net profit for 2025 is estimated to be between 60 million and 67 million yuan, indicating a decline of 8.46% to an increase of 2.22% compared to the previous year [7]. Profitability and Margins - The gross profit margin for the company's main business has been declining, recorded at 26.93%, 27.45%, 25.97%, and 24.93% over the reporting periods [8]. - The company has experienced significant variability in gross margins across different product categories [9]. Accounts Receivable - 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 [10]. - The collection rate for accounts receivable has decreased, with the proportion of accounts receivable to revenue rising from 37.66% to 63.63% over the same periods [10]. Customer Base and Payment Risks - The top ten accounts receivable clients are primarily state-owned enterprises and well-known domestic and foreign private enterprises, indicating a relatively low risk of collection [11][12]. - The company has noted a decline in accounts receivable turnover rates, attributed to increased balances from high-end mobile phone components sales [13][14].