瑞财经 吴文婷近日，深圳市科金明电子股份有限公司（以下简称"科金明"）北交所IPO申请获受理，保荐机构为浙商证券股份有限公司，保荐代表人为张谢 波、朱彤，会计师事务所为华兴会计师事务所（特殊普通合伙）。 科金明主要从事智能视觉终端产品的设计开发、制造和销售，专注于新型显示技术的创新与应用。目前，公司产品矩阵以智能微投、智能云相框及智能便携 播放器为核心，致力于为全球用户提供跨场景的沉浸式视觉体验解决方案。 据招股书，2022年-2024年，科金明实现营收分别为5.19亿元、6.14亿元、8.8亿元；归母净利润分别为2461.9万元、4510.57万元、4511.07万元。 | 项目 | 2024年12月31号 | 2023年12月31日 | 2022年12月8日 | | --- | --- | --- | --- | | | /2024年度 | /2023年度 | /2022年度 | | 资产息计(元) | 719,193,074.80 | 523.044.449.06 | 495,311,231.07 | | 股东权益合计(元) | 290,374,577.95 | 252,597,595,44 | 207 ...

Core Viewpoint - The company, Guangfeng Technology, is experiencing a phenomenon of "increased revenue but decreased profit," with significant declines in net profit and cash flow due to increased operational costs and market competition in the automotive projection sector [2][3][6]. Financial Performance - In 2024, Guangfeng Technology reported an operating revenue of 2.419 billion yuan, a year-on-year increase of 9.27%, while net profit attributable to shareholders fell by 72.91% to 27.9531 million yuan [2]. - For Q1 2025, the company continued to show "increased revenue but decreased profit," with revenue of 461 million yuan, up 3.67%, but a net loss of 21.3596 million yuan, a decline of 147.95% year-on-year [2]. - The operating cost for 2024 was 1.734 billion yuan, an increase of 20.81%, leading to an overall gross margin of 28.31%, down 6.85 percentage points from the previous year [3]. Product Segmentation - The core components and complete machine business generated revenue of 2.24 billion yuan in 2024, up 11.48%, while other products and services saw a revenue decline of 12.46% to 179 million yuan [2][3]. - The automotive optical business accounted for 25% of total revenue, with 638 million yuan generated in 2024 [3]. Cash Flow and Receivables - The net cash flow from operating activities dropped by 76.04% to 87.2206 million yuan in 2024, primarily due to increased working capital needs for the automotive business [6][11]. - Accounts receivable rose to 310 million yuan, a 72.05% increase from the end of 2023, representing 7.29% of total assets [6][10]. Inventory and Liabilities - Inventory decreased to 596 million yuan, down 9.27% from the end of 2023, with inventory accounting for 13.99% of total assets [4]. - Accounts payable increased by 42.23% to 352 million yuan compared to the previous year [10]. Market Dynamics - The automotive projection market is becoming increasingly competitive, with more companies entering the sector as automotive intelligence develops [12][15]. - The overall smart projection market in China saw a revenue decline of 3.5% in 2024, despite a 3% increase in unit sales [13]. - The company has secured 13 automotive project contracts, indicating a strategic shift towards automotive applications [5][9].