IPO前老板含泪先套现2.4亿！技源集团：故事说不圆，眼看成事故，募投产能居然是总需求的1.7倍

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Jiyuan Group, is a major player in the global HMB market, holding a market share of approximately 52.27% in 2023, down from 69.85% in 2021 [9][26] - The company is heavily reliant on a few key clients, with over 90% of its revenue coming from international markets, particularly from Abbott, which accounts for a significant portion of its HMB sales [28][33] - The company is facing challenges in growth, with stagnant revenue and a decline in market demand for HMB products [26][27] Summary by Sections Company Overview - Jiyuan Group is positioned as a leading innovator in the HMB nutrient industry, but its claims of being the primary technology innovator are questioned due to its later establishment compared to HMB's regulatory approvals [8][9] - The company has a significant market share in HMB production, but its revenue is not reflective of its market position, with total revenue below 1 billion yuan and net profit under 200 million yuan in 2023 [24][26] Financial Performance - The company reported a return on equity (ROE) of 22.5% in 2023, with a low debt ratio of 24.3% and interest-bearing debt ratio of 5.6% [23][24] - Revenue from HMB products has been a major contributor, accounting for approximately 31.43% of the nutritional raw materials revenue in the first half of 2024 [12][20] Client Dependency - The company has a high dependency on major clients, with Abbott contributing significantly to its HMB sales, and a notable decline in sales to its domestic client, Tongchen Beijian, which has dropped by 93.9% from 2021 to 2023 [28][40][43] - The exclusivity agreement with Abbott restricts Jiyuan Group from selling HMB products to competitors, limiting its growth potential [37][39] IPO and Fundraising - The company plans to raise 603 million yuan through its IPO, with funds allocated for expanding production capacity and establishing a research center [48][50] - Concerns have been raised regarding the necessity of the fundraising, given the company's existing cash reserves and low debt levels [61][62] Research and Development - The company has historically invested around 40 million yuan annually in R&D, which is less than 5% of its revenue, raising questions about its commitment to innovation [67][70] - The educational background of the R&D team is also a concern, with nearly 60% of the team lacking a bachelor's degree [70]