晨光电机IPO过会：亮眼“小巨人”光环下的治理与成长双重隐忧

Core Viewpoint - Zhoushan Chenguang Electric Machine Co., Ltd. successfully passed the review of the North Exchange listing committee, becoming the first IPO approved company of the year, but the review raised sharp inquiries regarding the company's governance and sustainable growth risks [1][5]. Group 1: Governance Structure and Compliance Issues - The company's governance structure is characterized by high family control, with actual controllers Wu Yongkuan and Shen Yan'er holding over 90% of the shares, raising concerns about potential risks to minority shareholders [2][6]. - Historical compliance issues have been recorded, including a warning letter from the securities regulatory authority for failing to disclose related party transactions in a timely manner, indicating vulnerabilities in information disclosure and internal control [2][7]. - Past irregularities include the use of personal accounts for transactions and borrowing funds from related parties, which cast doubt on the company's ability to operate in compliance post-IPO [2][7]. Group 2: Financial Performance and Growth Sustainability Concerns - The company has shown a contradictory financial performance, with continuous revenue growth but fluctuating net profits, indicating a "revenue growth without profit" scenario [3][8]. - The gross profit margin has been declining for several years, suggesting potential pressures on pricing power or cost control, while cash flow from operating activities has significantly decreased [3][8]. - The IPO fundraising plan appears aggressive, primarily aimed at large-scale capacity expansion, despite existing capacity utilization not being saturated and showing a downward trend [3][8]. - Market skepticism exists regarding the necessity of large-scale expansion and the ability to absorb new capacity, with concerns that unmet market demand could further erode profits due to increased fixed asset depreciation [3][8].