闪电速度上会！两年分红上亿，这家公司净利却忽高忽低

Core Viewpoint - Hongban Technology Co., Ltd. has experienced rapid IPO processing, but faces significant challenges including fluctuating net profits, high dividend payouts, and concentrated ownership [1][14][15]. Company Overview - Hongban Technology specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on high-end applications with products like HDI boards, rigid boards, flexible boards, and IC carriers [4]. - The company serves major global smartphone brands, supplying HDI mainboards to eight of the top ten brands, including OPPO, vivo, and Huawei [4]. Financial Performance - Revenue has shown consistent growth, with figures of 2.205 billion, 2.340 billion, and 2.702 billion for the years 2022, 2023, and 2024 respectively [5]. - However, net profit has been highly volatile, recorded at 141 million, 105 million (a 25.4% decline), and 214 million (a 103.87% increase) for the same years, resulting in a fluctuation exceeding 129% [7][6]. Pricing and Market Dynamics - The average price of HDI boards has decreased significantly, with a 19.94% drop in 2023 and a further 5.26% in 2024, totaling over 25% in two years [8]. - The overall product average price fell by 10.57% in 2023, with a smaller decline of 1.94% expected in 2024 [8]. Capital Expansion Plans - The company plans to raise 2.057 billion for a new project aimed at producing 1.2 million square meters of high-precision circuit boards, despite current capacity utilization rates remaining below 90% [10]. - Capacity figures for 2022 to 2024 show an increase from 1.7529 million to 2.0308 million square meters, yet utilization rates have not exceeded 90% [10]. R&D Investment - Hongban's R&D expenditure as a percentage of revenue has been below industry averages, with figures of 4.56%, 4.69%, 4.63%, and 3.65% compared to the industry average of around 4.89% [11]. Dividend Policy - The company distributed a total of 1.38 billion in dividends over two years, with a notable 780 million in 2023, representing 74% of that year's net profit [14][13]. Ownership Structure - The ownership of Hongban Technology is highly concentrated, with the actual controller, Ye Senran, holding over 95% of the shares, leading to significant control over company decisions [15]. Accounts Receivable Trends - Accounts receivable have been increasing, with balances of 622 million, 758 million, 919 million, and 1.136 billion over the reporting periods, while turnover rates have been declining [17]. - The proportion of accounts receivable to revenue has risen, indicating potential liquidity concerns [18].