恒基金属IPO：业绩可持续性存疑，亲兄弟创始人已“闹掰”

Core Viewpoint - The cooling accessories industry is experiencing intense global competition amid climate change and energy transition, with companies like Guangdong Hengjin Metal Co., Ltd. (Hengjin Metal) seeking to leverage capital markets for standardized operations and expansion [1] Company Overview - Hengjin Metal specializes in the research, production, and sales of customized pipe fittings, valves, and other accessories for refrigeration systems used in air conditioning and cold chain logistics [3] - The company’s main products include copper fittings, aluminum fittings, and shut-off valves [3] Financial Performance - Hengjin Metal has experienced significant revenue fluctuations, with revenues of 949.77 million yuan in 2022, 844.08 million yuan in 2023, 1,018.73 million yuan in 2024, and 674.38 million yuan in the first half of 2025 [3] - The net profit attributable to the parent company for the same periods was 113.05 million yuan, 89.36 million yuan, 113.57 million yuan, and 69.05 million yuan, indicating a decline in both revenue and net profit for two consecutive years [3] - The company’s gross profit margin has shown a downward trend, with rates of 22.71%, 22.94%, 23.28%, and 21.14% from 2022 to the first half of 2025 [4] Sales and Profitability - There is a significant disparity between domestic and foreign sales gross margins, with domestic margins dropping from 12.65% in 2022 to 5.81% in the first half of 2025, while foreign sales margins remained higher at 30.44% to 32.94% during the same period [5] - The company’s accounts receivable have increased, with values of 248.23 million yuan, 245.15 million yuan, 271.98 million yuan, and 386.55 million yuan from 2022 to the first half of 2025, indicating potential liquidity pressures [6] Research and Development - Hengjin Metal's R&D expenses from 2022 to the first half of 2025 were 20.64 million yuan, 22.40 million yuan, 26.24 million yuan, and 15.72 million yuan, representing a lower percentage of revenue compared to industry peers [7][8] Management and Control Risks - The company is controlled by a group of individuals, including Sun Zhiheng, who has been declared incapacitated, leading to potential governance risks [9][11] - The company’s general manager, Yu Jijiang, is involved in a lawsuit related to a previous company, which may pose reputational risks [11][12]