IPO雷达 | 宇隆科技实控人夫妇合计持股近75%，研发投入占比逐年下降

Group 1 - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) is attempting to go public again after two and a half years, shifting from the Shanghai Main Board to the ChiNext Board, with a fundraising target reduced from 1.5 billion yuan to 1 billion yuan [2][18] - Yulong Technology, controlled by the same individuals as Lite-On Optoelectronics, focuses on core components for display panels, but faces challenges such as heavy reliance on a single major customer, pricing pressures, and declining R&D investment [2][18] - The company previously attempted an IPO in 2023, but the process was halted due to expired financial documents, leading to a withdrawal of the application in June 2023 [2][18] Group 2 - Yulong Technology's main business includes manufacturing smart control cards for LCD and OLED displays, contributing 63.91% of revenue in the first half of 2025, while precision functional devices account for 33.6% [19] - The company has established a joint venture with South Korean Neuromeka to expand into the collaborative robot sector [3][19] Group 3 - Financial data shows Yulong Technology's revenue and net profit have generally increased from 2022 to the first half of 2025, with revenues of 749 million yuan, 698 million yuan, 1.095 billion yuan, and 597 million yuan, and net profits of 66.84 million yuan, 75.72 million yuan, 121 million yuan, and 70.33 million yuan respectively [22][24] - However, there was a significant drop in net profit in 2022 despite a slight increase in revenue, raising questions about the company's financial stability [23] Group 4 - The company is heavily dependent on a few major customers, with the top five customers accounting for 94.02% of total revenue in the first half of 2025, and the largest customer, BOE Technology Group, contributing 53.58% [10][24] - This dependency has led to cash flow pressures, with accounts receivable from BOE reaching 242 million yuan, representing 75% of sales to that customer [26] Group 5 - Yulong Technology's gross margin has declined significantly, with the gross margin for smart control cards dropping from 27.06% in 2022 to 18.1% in the first half of 2025 [27][28] - The company has reduced its R&D investment as a percentage of revenue, falling from 6.11% in 2019 to 2.95% in the first half of 2025, trailing behind industry averages [29][30] Group 6 - Yulong Technology plans to invest 450 million yuan in the Hefei Yulong Production Base Project and 250 million yuan in the Chongqing Yulong Phase II Project, with an additional 300 million yuan for working capital [31] - The Hefei project is expected to add nearly 100 million smart control cards annually, while the Chongqing project will increase production capacity by 49.92 million cards [31][32]