39岁清华博士后闯科创板

Core Viewpoint - EasiVision (Hangzhou) Technology Co., Ltd. has submitted an IPO prospectus to the Sci-Tech Innovation Board, focusing on the development and sales of machine vision equipment for automotive manufacturing, achieving the highest market share in China for such products in 2024, but showing a significant reliance on tax incentives and government subsidies that exceed its net profit [1][4][10]. Company Overview - EasiVision specializes in the research, production, and sales of machine vision equipment, providing solutions for various processes in automotive manufacturing, and is recognized as a key "little giant" enterprise in this field [4]. - The company has developed over ten products that are widely applied across six major manufacturing processes, establishing a leading advantage in product variety and application coverage [4]. - In 2024, EasiVision achieved a market share of 22.5% in China's automotive machine vision product sector, surpassing foreign competitors and becoming the only Chinese company with annual revenue exceeding 100 million [5]. Financial Performance - The company reported revenues of 223.22 million, 354.87 million, and 392.42 million from 2022 to 2024, with a compound annual growth rate (CAGR) of 32.59%, and net profits of 5.39 million, 57.75 million, and 84.43 million, with a CAGR of 295.66% [8]. - The gross profit margins during the same period were 62.69%, 64.69%, and 65.49%, indicating a strong profitability level [9]. Tax Incentives and Subsidies - EasiVision has benefited from various tax incentives and government subsidies, with total amounts received in the last three years reaching 90.37 million from tax incentives and 96.04 million from government subsidies, which together exceed the total net profit of 147.47 million [9][10]. - The reliance on these external supports suggests potential weaknesses in the company's core business profitability and market competitiveness [10]. Accounts Receivable and Contract Assets - The company faces challenges with high accounts receivable and contract assets, with balances at the end of each reporting period representing 61.40%, 52.11%, and 58.77% of total revenue, indicating long project cycles and extended settlement periods in the automotive industry [11].