江苏无锡一家IPO研发投入不及同行，有3.4亿银行存款仍补流2亿

Core Viewpoint - Wuxi Lichi Intelligent Equipment Co., Ltd. is set to undergo a review by the Shenzhen Stock Exchange's Growth Enterprise Market for its IPO, aiming to raise approximately 1.00816 billion yuan, amidst concerns regarding its technological capabilities and financial health [2][3]. Technology and Innovation - Lichi Intelligent's technology roadmap includes three systems: dual planetary dispersion pulping, high-efficiency dispersion pulping, and continuous twin-screw pulping, with a market shift towards more efficient and cost-effective recycling pulping technology [2][4]. - The company has a significantly lower R&D expense ratio of around 3%, compared to the industry average of 6%-7%, raising questions about its technological reserves and innovation capabilities [2][8]. - The number of R&D personnel has increased by nearly 70%, but the mismatch between funding and personnel growth raises concerns about the effectiveness of this increase [2][8]. - Lichi Intelligent's revenue is heavily reliant on the dual planetary dispersion pulping system, which accounts for over 90% of its income, while the high-efficiency dispersion pulping system has only recently started contributing [5][6]. Financial Health - The company plans to raise 200 million yuan for working capital despite having a strong financial position, including 1.3 billion yuan in dividends and 390 million yuan in trading financial assets [3][11]. - Lichi Intelligent's inventory value stands at 2.56 billion yuan, constituting 61.43% of its current assets, with a significant portion tied up in goods awaiting customer acceptance, posing potential risks if market conditions change [3][15]. - The company has reported overseas orders totaling 2.639 billion yuan, but the actual realization of these orders is uncertain due to geopolitical factors [3][17]. Corporate Governance and Control - Lichi Intelligent acquired 51% of Wuxi Ross but initially lacked control due to the company's articles of association requiring unanimous board approval for major decisions [2][12]. - The company later increased its stake to 60% to gain control, raising questions about the timing and motivations behind these transactions [12][13]. Market Position and Competition - The domestic market for recycling battery pulping systems is growing, with the market share of recycling technology expected to rise from 0%-10% in 2021 to 20%-30% by 2024, while the dual planetary technology is experiencing a decline [4][6]. - Lichi Intelligent's competitors, such as Shangshui Intelligent, have introduced innovative technologies that may outpace Lichi's current offerings, leading to concerns about its competitive edge in emerging fields like solid-state batteries [5][7].