精智达遭股东大举减持，回购仅2万股“杯水车薪”！背后现业绩隐忧

Core Viewpoint - The significant reduction in shareholding by major shareholders of Jingzhida (688627.SH) raises concerns about the company's future prospects, especially in light of its recent performance challenges and the competitive landscape in the semiconductor testing equipment industry [3][4][5]. Shareholder Reduction and Buyback - Multiple shareholders plan to reduce their holdings by up to 2.82 million shares, representing a maximum of 3% of the total share capital, within three months following the announcement [3][4]. - The company has only repurchased 20,000 shares, which is a mere 0.02% of its total share capital, indicating a lack of confidence in the buyback's impact compared to the scale of the shareholder reduction [3][6]. Financial Performance - In 2024, the company reported a revenue increase of 23.83% year-on-year, reaching 803 million yuan, but the net profit attributable to shareholders decreased by 28.93% to approximately 82.22 million yuan, and the net profit after deducting non-recurring gains and losses fell by 19.61% to about 67.80 million yuan [8][9]. - The company faces operational pressures, with a significant reliance on a few major clients, as the top five clients accounted for 86.76% of total revenue in 2023 [9][10]. Market and Operational Risks - The company operates in a technology-intensive industry with long R&D cycles, and it has increased R&D spending by 57.60% year-on-year to approximately 77.58 million yuan, which constitutes 12.28% of its revenue [9][10]. - High customer concentration poses a risk, as losing a major client could severely impact revenue and increase operational risks [9][10]. Cash Flow and Financial Health - The company reported a negative net cash flow from operating activities of 115 million yuan for the first three quarters of 2024, indicating potential challenges in daily operations and funding [10]. - Accounts receivable and contract assets combined represent 24.71% of total assets, which could affect profitability and cash flow if clients face financial difficulties [10].