梧桐树下V·2025-12-15 12:00Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is preparing for an IPO on the ChiNext board, focusing on the manufacturing of new energy battery electrode sheets and intelligent equipment in the new materials field. The company has a significant market share in its sector but faces challenges due to reliance on a limited product structure and major customer dependency, particularly on BYD [1][8]. Financial Performance - In 2024, the company reported a net profit exceeding 150 million yuan, with revenues of 396.54 million yuan, 600.60 million yuan, 636.59 million yuan, and 397.71 million yuan across different periods. The gross profit margins for its main business were 48.10%, 57.08%, 48.72%, and 53.65% respectively [2]. - The total assets as of June 30, 2025, were 2.05 billion yuan, with a debt-to-asset ratio of 65.35%. The company's net profit for the first half of 2025 was 93.71 million yuan, with a projected total for the year of 161.12 million yuan, reflecting a 5.64% increase from the previous year [3][5]. Product Structure and Market Position - The company's main product, the cyclic efficient pulping system, accounted for 89.89%, 90.21%, 93.48%, and 93.96% of its revenue in the respective years, indicating a heavy reliance on a single product line. The market share for this product has decreased from 89% in 2022 to 60% in 2024 due to increased competition [6]. - The company has invested 182.04 million yuan in R&D, representing 8.96% of total revenue, with 116 R&D personnel making up 19.33% of the workforce [6]. Customer Dependency - The company has a significant dependency on BYD, with sales to the top five customers accounting for 91.48%, 91.76%, 89.86%, and 93.65% of total revenue in the respective years. Sales to BYD alone represented 49.04%, 48.39%, 65.78%, and 36.29% of total sales, indicating a critical reliance on this customer [8][11]. Accounts Receivable and Credit Risk - The accounts receivable balance has increased over the years, with a notable rise in overdue accounts, which accounted for 55.57%, 52.93%, and 81.20% of total receivables in the respective years. The increase in overdue accounts is attributed to extended payment cycles from customers in the lithium battery manufacturing sector [13][14]. - The company has not recognized any impairment for its "Dichain" receivables, which are used for sales to BYD, indicating low credit risk associated with these transactions [17][18]. Inventory Management - The company's inventory value exceeded 1 billion yuan, with a significant increase in the proportion of inventory to current assets, reaching 63.42% by the end of 2024. The inventory write-down provisions have also increased, reflecting a growing concern over inventory management [27][31]. Project Acceptance Cycle - The average project acceptance cycle has been increasing, reaching 26.75 months in the first half of 2025. This trend is attributed to the complex internal approval processes of major clients, particularly in the lithium battery sector, which has slowed down project completions [33][38].