洛轴股份混改三年后IPO负债率80.7% 关联采购达23亿毛利率不及同行

Core Viewpoint - The company, Luoyang Bearing Group Co., Ltd. (referred to as "Luoyang Bearings"), has submitted its initial public offering (IPO) application to the Shenzhen Stock Exchange, aiming to raise 1.8 billion yuan for expansion and development projects [1]. Group 1: Company Overview - Luoyang Bearings is one of the largest comprehensive bearing manufacturing enterprises in China, possessing the only national key laboratory in the bearing industry [1]. - The company has experienced a rapid improvement in profitability since implementing mixed-ownership reform in 2022, with total assets exceeding 10 billion yuan [1]. - Luoyang Bearings ranks fourth in domestic bearing industry revenue from 2022 to 2024, with leading positions in wind power and high-end equipment bearings [2]. Group 2: Financial Performance - The company reported revenues of 3.342 billion yuan, 4.441 billion yuan, 4.675 billion yuan, and 2.821 billion yuan from 2022 to the first half of 2025, with net profits of -67.32 million yuan, 231 million yuan, 251 million yuan, and 257 million yuan respectively [3]. - Government subsidies received during the reporting period totaled approximately 146 million yuan, accounting for 21.69% of the net profit [3]. Group 3: Debt and Financing - Luoyang Bearings has a high debt level, with a debt-to-asset ratio of 80.74% as of June 2025, and interest-bearing liabilities amounting to 4.344 billion yuan [4][5]. - The company plans to use 197 million yuan from the IPO proceeds to repay bank loans [5]. Group 4: Research and Development - The company's R&D expenses were 133 million yuan, 164 million yuan, 161 million yuan, and 87.25 million yuan over the reporting periods, with a declining R&D expense ratio compared to industry averages [5]. - The R&D expense ratio was 3.99%, 3.69%, 3.44%, and 3.09%, which is lower than the industry average of around 5% [5]. Group 5: Related Party Transactions - Luoyang Bearings has significant related party transactions, with total purchases from related parties amounting to 2.339 billion yuan from 2022 to the first half of 2025 [6].