荣鹏股份IPO：毛利率离奇跃升，北交所连问三轮

Core Viewpoint - Rongpeng Co., Ltd. is at a critical juncture for its IPO, transitioning from pneumatic tools to electric tools as the market for pneumatic products shrinks due to advancements in motor and battery technology [1][2]. Group 1: Company Overview - Rongpeng Co., Ltd. specializes in pneumatic tools and has shifted its focus towards electric tools, with its IPO fundraising project aimed at producing electric high-pressure airless spray machines [2][4]. - The company was established on November 7, 2018, and is controlled by the Li brothers, who hold 87.56% of the shares [4]. - Rongpeng is recognized as a national high-tech enterprise and has developed several core technologies, holding 244 domestic and international patents [4]. Group 2: Financial Performance - Despite a challenging industry outlook, Rongpeng's gross margin significantly increased in 2022, rising from 15.41% in 2021 to 25.26% in 2022, and further to 27.50% and 27.63% in 2023 and 2024, respectively [8][9]. - The company's net profit surged to 51.93 million yuan in 2022, a 397.90% increase from 2021, with subsequent profits of 43.36 million yuan in 2023 and 54.03 million yuan in 2024 [9]. - The return on equity (ROE) for the past three years was 37.91%, 24.80%, and 27.25%, indicating strong profitability compared to peers [9]. Group 3: IPO Inquiry and Concerns - The Beijing Stock Exchange has raised concerns regarding the legitimacy of the gross margin increase, questioning the reasons behind the significant rise during the IPO reporting period [3][7][12]. - The company attributed the gross margin increase to price hikes, despite the market conditions in the downstream automotive repair sector being characterized by inventory reduction [15][16]. - Rongpeng's sales to its second-largest customer, Suzhou Tuotuo Tools Co., Ltd., exhibited negative gross margins in previous years, raising questions about the sustainability of its pricing strategy [22][23]. Group 4: Market Position and Strategy - Rongpeng claims to have a strong market position and pricing power, stating that it can pass on raw material cost increases to downstream customers [17]. - The company is transitioning from the DIY market to professional and industrial-grade products, although this strategy appears inconsistent with its low-margin sales to certain customers [24][28]. - The ongoing shift towards electric tools is critical for Rongpeng's future and aligns with the broader industry trend of replacing pneumatic tools with electric alternatives [27][29].