华盛雷达科创板IPO获受理：投后估值17.34亿元，2024年实现扭亏

Core Viewpoint - Zhejiang Huasheng Radar Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor [2] Company Overview - Established in 2014, Huasheng Radar specializes in the research, production, and sales of phased array meteorological radar systems and fine warning and forecasting software systems, providing integrated solutions for meteorological fine detection and short-term warning and forecasting [2] - The company is one of the earliest manufacturers engaged in the development and promotion of phased array meteorological radar in China and is a leading player in the industry, with product deployment in over 20 provinces nationwide [2] IPO and Fundraising - The company plans to raise 1.15 billion yuan (approximately 115 million) through its IPO, which will be allocated to the following projects: - Phased Array Radar Intelligent Manufacturing Industrialization and R&D Center Project: 882.81 million yuan - Phased Array Radar Intelligent Application Research Center Project: 201.45 million yuan - Supplementing working capital: 70 million yuan [3] Financial Performance - The company's total assets have grown from 219.58 million yuan in 2022 to 757.03 million yuan by June 30, 2025, while equity attributable to the parent company increased from 74.07 million yuan to 459.36 million yuan during the same period [4] - The operating revenue has shown significant growth, increasing from 30.42 million yuan in 2022 to 134.05 million yuan in the first half of 2025, with net profit turning from a loss of 55.08 million yuan in 2022 to a profit of 11.49 million yuan in the first half of 2025 [4] - The company has a high customer concentration, with the top five customers accounting for 96.46% of revenue in 2022, indicating a reliance on a limited number of clients [5] Investment Valuation - In March 2025, Huasheng Radar received additional investment from Yongyuan Caitong, resulting in a post-investment valuation of 1.714 billion yuan, followed by another investment in June 2025 from Zhihui Investment, leading to a post-investment valuation of 1.734 billion yuan, both exceeding 1 billion yuan [5]