过会后董事辞职，赛英电子冲刺IPO的AB面：高增长背后藏三大隐忧

Core Viewpoint - The semiconductor industry continues to experience a "capital feast," with Jiangyin Saiying Electronics Co., Ltd. (hereinafter referred to as "Saiying Electronics") successfully passing its IPO application on the Beijing Stock Exchange, aiming to raise 270 million yuan for capacity expansion, despite facing high family ownership, customer dependency, and cash flow issues [1][2]. Group 1: Company Overview - Saiying Electronics was founded by Chen Guoxian in 2002, evolving from a company focused on electronic ceramic components to a key player in the semiconductor industry, providing essential components for power semiconductor devices [3]. - The company has undergone multiple listings, including two on the New Third Board and now on the Beijing Stock Exchange, with the latest IPO application approved in December 2025 [3][4]. Group 2: Ownership Structure - The company is heavily family-controlled, with Chen Guoxian and his family holding approximately 79.87% of the voting rights, raising concerns about governance and potential marginalization of minority shareholders [5][6]. - Following the IPO approval, independent director Huang Zhenyu resigned, and Zhang Hongguang was elected as the new independent director, indicating potential governance changes [5][6]. Group 3: Financial Performance - Saiying Electronics has shown consistent revenue growth from 219 million yuan in 2022 to 457 million yuan in 2025, with a compound annual growth rate of 44.5% [10][19]. - The company's net profit has also increased, reaching approximately 73.9 million yuan in 2024, but cash flow has turned negative, indicating rising operational capital demands [12][17]. Group 4: Business Segments - The company's main business segments include ceramic shells and packaging heat dissipation substrates, with the latter's revenue increasing from 32.07% to 53.67% of total revenue during the reporting period [10][11]. - Major clients include CRRC Times, Infineon, and Hitachi Energy, with a significant reliance on a few key customers, which poses risks to revenue stability [14]. Group 5: R&D and Innovation - Saiying Electronics' R&D expenditure has been relatively low compared to industry peers, with a research expense ratio of 3.78% in 2025, while competitors average around 5.49% [16]. - The company holds a total of 9 invention patents and 35 utility model patents, indicating a need for increased innovation to remain competitive [16]. Group 6: Cash Flow and Working Capital - The company has experienced a significant increase in accounts receivable, with balances rising from 60.9 million yuan in 2022 to 141 million yuan in 2025, leading to cash flow challenges [17][19]. - The inventory turnover rate is notably lower than industry averages, further exacerbating cash flow pressures [19]. Group 7: Future Prospects and Risks - The IPO aims to raise 270 million yuan, with plans to invest approximately 217 million yuan in new production facilities and 23 million yuan in R&D, alongside 30 million yuan for working capital [20][22]. - Despite the growth potential, the company faces challenges such as high family ownership, customer and supplier concentration risks, and negative cash flow, which could impact future performance [22].