来源：市值风云 增长乏力，急于变现。 作者 | 白猫 编辑 | 小白 气动工具又称为风动工具，以压缩空气为动力，驱动机械完成诸如拧紧、松开、切割、打磨、钻孔、喷 涂等各种工作任务。 这让风云君联想起装修时的一个场景：工人手持专业工具，随着干净利落的"咔呲"一声，钉子被快速射 出并钉入材料。原来这种高效能工具叫气动钉枪，也属于气动工具的大家族。 虽在公众视野中声量不高，气动工具实则是一个渗透汽车后市场、建筑装饰、家具制造等多领域的不可 或缺的行业，全球市场规模早已突破百亿美元。 眼下，北交所候场队伍中，一家主营气动工具的老牌企业——荣鹏股份，已经历三轮问询的"烤"验，一 起来看看。 依赖ODM模式，增长乏力 从全球供应链来看，气动工具行业的生产环节主要集中在以我国为代表的发展中国家，而流通环节的渠 道商则多以欧美企业为主。 这一格局，主要是各国工具使用场景差异以及多年来国际产业转移和分工形成的结果。 我国气动工具行业较欧美起步较晚，虽已成为气动工具制造大国，但产业仍以OEM/ODM模式为主，主 要为国际品牌商提供贴牌和代加工服务。 因此，国内气动工具生产企业虽然数量众多，但规模普遍较小，产业集中度低，市场竞争较 ...

增长乏力，急于变现。 作者 | 白猫 编辑 | 小白 气动工具又称为风动工具，以压缩空气为动力，驱动机械完成诸如拧紧、松开、切割、打磨、钻孔、 喷涂等各种工作任务。 这让风云君联想起装修时的一个场景：工人手持专业工具，随着干净利落的"咔呲"一声，钉子被快速 射出并钉入材料。原来这种高效能工具叫气动钉枪，也属于气动工具的大家族。 虽在公众视野中声量不高，气动工具实则是一个渗透汽车后市场、建筑装饰、家具制造等多领域的不 可或缺的行业，全球市场规模早已突破百亿美元。 眼下，北交所候场队伍中，一家主营气动工具的老牌企业——荣鹏股份，已经历三轮问询的"烤"验， 一起来看看。 依赖ODM模式，增长乏力 从全球供应链来看，气动工具行业的生产环节主要集中在以我国为代表的发展中国家，而流通环节的 渠道商则多以欧美企业为主。 这一格局，主要是各国工具使用场景差异以及多年来国际产业转移和分工形成的结果。 我国气动工具行业较欧美起步较晚，虽已成为气动工具制造大国，但产业仍以OEM/ODM模式为主， 主要为国际品牌商提供贴牌和代加工服务。 因此，国内气动工具生产企业虽然数量众多，但规模普遍较小，产业集中度低，市场竞争较为激烈。 这也导 ...

荣鹏股份所在的浙江台州，其工具产业也早已完成了全产业链向电动工具的转型。 甚至荣鹏股份自身，也将IPO募投项目放在了电动方向——"年产6万台智能喷涂机项目"，对应的产品 即为"电动高压无气喷涂机"。 尽管行业难言乐观，荣鹏股份的毛利率却在2022年大幅飙升，并于此后居高不下。这一时间段，恰恰是 其IPO招股书的报告期。 对于公司的百般解释，北交所依然心存疑虑，连续三轮问询都揪着毛利率问题不放。 作为一家专注于气动工具的企业，荣鹏股份（874187.NQ）已经走到了冲击上市的关键时点。 众所周知，伴随电机、电池技术持续进步，如今已步入电动工具时代。气动路线，俨然已成为过时的旧 事物，市场不断萎缩。 成立时间：2018年11月7日 控股股东：李小朋、李小荣兄弟合计持股87.56%，并分别担任公司董事长、总经理；为公司共同控股 股东、实际控制人。 主营业务：公司是一家集研发、生产、销售于一体的专业级气动工具制造厂商，主要产品包括气动钉 枪、气动喷枪、气动风炮、喷涂机及其他气动工具等。 荣鹏股份的毛利率跃升真的合理吗？ 项目介绍： 公司简称：荣鹏股份 公司全称：浙江荣鹏气动工具股份有限公司 IPO进展：三询已回复 行 ...

Core Viewpoint - Zhejiang Rongpeng Pneumatic Tools Co., Ltd. has completed the second round of inquiry responses from the Beijing Stock Exchange, with significant attention drawn to Stanley Black & Decker, which was mentioned over 30 times despite not being in the top ten customers list [1] Company Overview - Rongpeng was established in 2000 and focuses on the research, production, and sales of pneumatic tools, including pneumatic nail guns, spray guns, wind guns, and other related products [4] - The company aims to raise 202 million yuan through its IPO to fund projects such as the annual production of 60,000 intelligent spray machines and the upgrade of its digital intelligent factory [4] Financial Performance - In 2022 and 2023, Rongpeng reported revenues of 487 million yuan and 482 million yuan, reflecting year-on-year declines of 11.97% and 11.98% respectively [4] - The net profit growth rates for the same years were 397.90% and -16.50%, with a rebound expected in 2024, projecting a net profit increase of 24.61% [4] - Despite the rebound in net profit, revenue has not returned to 2021 levels, primarily due to inventory buildup from supply chain disruptions and reduced procurement demand [4] Customer Relationships - Rongpeng primarily supplies well-known foreign tool manufacturers through an ODM model, with overseas sales accounting for nearly 70% of total revenue [5] - The company has established long-term relationships with international tool companies, including Stanley Black & Decker, Einhell, Harbor Freight Tools, and TTI [5] - Notably, Stanley Black & Decker, highlighted as a core customer in the prospectus, did not appear in the top ten customer list, raising concerns about the accuracy of information disclosure [5] - Sales to Stanley Black & Decker decreased significantly from 6.8575 million yuan in 2021 to 1.7879 million yuan in 2024, with its ranking dropping from 17th to 51st [5]

Core Viewpoint - Zhejiang Rongpeng Pneumatic Tools Co., Ltd. is facing scrutiny regarding its customer relationships and revenue fluctuations, particularly concerning its long-term agreements with a limited number of major clients and the timing of collaborations with certain customers [1][3][5]. Company Overview - Founded on August 14, 2000, Rongpeng specializes in the research, production, and sales of pneumatic tools, including spray guns, nail guns, and paint sprayers [2]. - The company aims to raise approximately 202 million yuan for projects related to smart spray machines, digital upgrades of pneumatic tool factories, and the establishment of a research and development center [2]. Financial Performance - Revenue from 2021 to 2024 shows a downward trend, with figures of 553 million yuan, 487 million yuan, 428 million yuan, and 514 million yuan respectively, resulting in a compound annual growth rate of -11.98% [3]. - The decline in revenue is attributed to supply chain disruptions in 2021 and a subsequent reduction in orders from clients to manage inventory levels [3]. Customer Relationships - The company has long-term agreements with a few major clients, such as Techtronic Trading Ltd and Shanghai Shishun E-commerce Co., Ltd., while most clients operate under short-term agreements [3][4]. - The ordering pattern from major clients has shown a trend of smaller order amounts with increased frequency, raising concerns about customer retention and stability [3][4]. Pricing and Profitability - In 2022, the company raised prices due to rising raw material costs and currency fluctuations, resulting in a 9.85% increase in overall gross margin [6]. - The gross margin increased by 10.48 percentage points in 2022 compared to 2021, primarily due to price adjustments, which did not adversely affect the stability of customer relationships [8]. Regulatory Scrutiny - The company was questioned about the legitimacy of its collaborations with clients that began before their official establishment, which it justified by prior relationships with related entities [5]. - Concerns were raised regarding the pricing strategies that led to negative or low gross margins for some clients, prompting the company to clarify its pricing practices and the impact of raw material costs on profitability [5][6].