Investors seeking opportunities should refer to Jin Qilin analyst research reports for authoritative, professional, timely, and comprehensive analysis to uncover potential thematic opportunities! Shenyang Guangtai Vacuum Technology Co., Ltd., trading under the stock abbreviation Guangtai Vacuum (874200), is currently applying for an IPO on the Beijing Stock Exchange. The lead underwriter is Citic Securities Company Limited (600030.SH), with Feng Pengkai and Pang Xuemei serving as the sponsoring representatives.
Guangtai Vacuum specializes in the research, development, manufacturing, and sales of vacuum equipment. Its main product line includes vacuum sintering furnaces, vacuum melting furnaces, vacuum coating machines, and other vacuum devices. These products find extensive downstream applications in industries such as rare earth permanent magnets, hydrogen storage material processing, and photovoltaics. In recent years, the rare earth permanent magnet industry has emerged as the company's primary revenue source.
Performance data indicates robust growth in recent years. Revenue growth rates reached 21.61% and 20.21% year-over-year in 2024 and 2025, respectively, accelerating further to 26.03% for the first three quarters of this year. Net profit growth exhibited some fluctuation, showing a slight decline in 2024. However, growth rebounded impressively in 2025 and the first three quarters of this year, reaching 37.42% and 27.95%, respectively.
It is important to note, however, that the prospectus discloses an estimated full-year 2025 revenue in the range of 408 million to 414 million yuan, representing a year-over-year growth rate of only 7.70% to 9.29%. Considering the revenue of 342 million yuan already achieved in the first three quarters, if the full-year revenue meets only the lower end of the forecast, it implies less than 70 million yuan for the fourth quarter. This figure represents a significant decline compared to the approximately 100 million yuan revenue in Q4 2027 and also falls below the average quarterly revenue for the first three quarters of this year.
The picture for net profit is even more pronounced. The lower end of the estimated full-year net profit is 79.1 million yuan. Given that the company already reported a net profit attributable to shareholders of 76.6747 million yuan for the first three quarters, this suggests the fourth quarter would contribute only a marginal profit, which is not a favorable indicator.
Looking beyond these surface-level figures, let's delve into some detailed data, which is quite revealing. Firstly, examining the asset-liability ratio: the prospectus discloses that Guangtai Vacuum's ratio is higher than the average level of its industry peers, even exceeding the average of comparable companies by more than double. This has led some analysis articles to highlight that its "asset-liability ratio far surpasses that of peers."
However, this characterization is considered biased and lacks fairness. The crux of the matter is that Guangtai Vacuum's liabilities do not represent genuine debt burden; rather, they constitute what might be termed "high-quality liabilities"—the kind other companies might desire but find difficult to obtain. This is because over 70% of Guangtai Vacuum's liabilities originate from contract liabilities.
What are contract liabilities? These are advance payments made by customers to Guangtai Vacuum *before* the company delivers the goods. They essentially represent the company's "future revenue"—as subsequent orders are fulfilled and accepted by customers, these contract liabilities will gradually be converted into recognized revenue. Consider this: if a company lacks a comparative advantage within its industry or strong negotiating power with its clients, how easily could it receive substantial prepayments from customers prior to shipment? For many firms, avoiding pressure from clients to defer payments and preventing large accounts receivable from straining cash flow is often considered a fortunate situation.
Using industry peer Naura Technology Group Co.,Ltd. (002371.SZ) as a reference point highlights the difference. At the end of the third quarter, Naura's accounts receivable stood as high as 9.5 billion yuan, while its contract liabilities during the same period amounted to only about half of that receivables figure. In contrast, Guangtai Vacuum finds itself in a much more comfortable position: contract liabilities are approximately 450 million yuan, while accounts receivable are only 100 million yuan. The disparity in financial quality is immediately apparent.
Based on this single financial metric alone, the claim made in Guangtai Vacuum's prospectus—that "the issuer has currently grown into a leading domestic enterprise in the vacuum furnace segment within the vacuum equipment industry and holds a relatively advantageous position in industry competition"—appears quite credible.
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