斯瑞达IPO：业绩高增长难掩“单一大客户”风险

Core Business and Financial Performance - Jiangsu Sruida Material Technology Co., Ltd. specializes in the research, production, and sales of functional polymer materials, primarily focusing on high polymer coating materials for consumer electronics and new energy vehicles [2][11] - The company reported significant revenue growth, with operating income increasing from 96.26 million yuan in 2022 to 313.44 million yuan in 2024, and net profit rising from 5.04 million yuan to 84.67 million yuan during the same period [2][11] - The main revenue drivers include electronic multifunctional composite materials, precision protection materials for optoelectronic processes, and functional materials for new energy battery modules, with the precision protection materials segment showing the most substantial growth [3][12][13] Customer Dependency and Market Risks - Sruida's revenue is heavily reliant on a single major customer, Visionox, which accounted for 36.44% and 50.91% of total revenue in 2023 and 2024, respectively [4][14] - The concentration of sales to the top five customers represents 64.98% and 72.35% of total revenue for the same years, raising concerns about the sustainability of these relationships [4][14] - The company's international revenue share has decreased significantly from 13.11% in 2022 to 3.06% in 2024, indicating challenges in expanding its global market presence [5][14] Governance and Internal Control Issues - Sruida is a family-controlled enterprise, with the actual controllers holding 46% of the shares, which may lead to governance and financial control issues [5][15] - The company has engaged in significant fund transfers, totaling 93.5 million yuan from 2022 to 2023, with a portion being used for personal consumption by the controlling family [6][15] - Internal control deficiencies have been identified, including irregularities in salary payments and the use of third-party entities for financial transactions, which could pose compliance risks [8][17] Future Outlook and Regulatory Scrutiny - The company faces intense scrutiny from regulators regarding the sustainability of its business model and the potential risks associated with its customer concentration and internal controls [1][9] - Sruida has stated that it has implemented measures to improve its internal controls and governance practices, but the effectiveness of these measures remains to be seen [8][17] - The ability to demonstrate sustainable operations and robust governance will be critical for Sruida's success in its IPO process [9][18]