苏州双祺IPO：警惕业绩“跳崖” 申报前实控人夫妇“丝滑”提现2.25亿元

Core Viewpoint - Suzhou Shuangqi Automation Equipment Co., Ltd. is facing significant performance risks as it prepares for its IPO on the Beijing Stock Exchange, with concerns about its revenue growth, profitability, and governance structure [2][3][10]. Company Overview - Suzhou Shuangqi specializes in intelligent logistics equipment, focusing on automation devices for logistics operations such as loading, conveying, and sorting [3][4]. - The company plans to raise 203 million yuan through its IPO to enhance its core business [2][3]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 357.64 million yuan, 399.72 million yuan, and 408.70 million yuan, respectively, with net profits of 30.40 million yuan, 40.95 million yuan, and 45.68 million yuan [4][5]. - In Q1 2025, Suzhou Shuangqi reported a revenue of 69.28 million yuan, an increase of 8.57% year-on-year, but net profit and cash flow indicators saw a drastic decline, with net profit dropping by 49.98% [6][4]. Capacity Utilization and Investment - The company's capacity utilization rates for 2022, 2023, 2024, and the first half of 2025 were 64.79%, 92.90%, 81.00%, and 124.97%, respectively, raising questions about the reliability of these figures given the sharp decline in performance in early 2025 [4][3]. - The total investment for the capacity construction project is 285.67 million yuan, with 202.84 million yuan expected to be funded through the IPO [3][4]. Industry Context - The logistics equipment industry is closely tied to the performance of the downstream logistics sector, which is currently experiencing a downturn in demand [7][10]. - Major logistics companies have reduced their equipment investments, which could negatively impact suppliers like Suzhou Shuangqi [7][8]. Competitive Landscape - Suzhou Shuangqi's financial metrics are significantly smaller compared to its competitors, with peers like Zhongyou Technology and Demar Technology showing larger revenue figures and varying profitability [9][10]. - The performance of comparable companies in the industry has been lackluster, with several reporting losses, raising concerns about Suzhou Shuangqi's ability to thrive post-IPO [10][9]. Governance and Control Issues - The company's actual controller, Shang Jitong, holds 90% of the voting rights, leading to potential governance challenges due to a lack of checks and balances [2][10]. - The spouse of the actual controller has a 12-month lock-up period for her shares post-IPO, which may facilitate early cashing out [11][10]. Cash Flow and Dividend Practices - Prior to the IPO, the actual controllers withdrew 225 million yuan through special dividends and share transfers, raising concerns about the company's cash flow sustainability [12][14]. - The company's cash flow from operating activities was negative in 2023, indicating potential liquidity issues [14][4].