Core Viewpoint - The company is experiencing fluctuations in revenue and profitability within the photovoltaic inverter and distributed photovoltaic power generation sectors, influenced by market competition and changing sales dynamics in various regions [10][11][12]. Revenue and Financial Performance - From 2021 to the first nine months of 2024, the company's revenue from inverter products and distributed photovoltaic power generation was the primary source of income, with inverter sales revenue showing significant growth in earlier years but declining in 2023 [2][10]. - The company's inverter sales revenue for the respective years was 2,842.84 million, 4,002.97 million, 4,064.07 million, and 4,002.97 million CNY, with a notable decrease in growth rate in 2023 compared to previous years [2][10]. - The overall revenue for the company was 588,043.19 million, 608,814.79 million, 610,083.70 million, and 588,960.14 million CNY during the reporting periods [10][22]. Gross Margin Analysis - The company's comprehensive gross margin for the reporting periods was 28.71%, 33.52%, 32.38%, and 33.67%, with inverter business margins declining due to lower export ratios and increased sales in lower-margin regions [3][20]. - The gross margin for the inverter business was 26.13%, 28.88%, 23.14%, and 21.12%, while the distributed photovoltaic power generation business maintained higher margins of 68.69%, 65.46%, 59.93%, and 60.11% [3][20]. Accounts Receivable and Inventory Management - The company's accounts receivable increased significantly, with values of 482.37 million, 1,052.73 million, 936.07 million, and 1,509.98 million CNY, while the turnover rate decreased, indicating potential liquidity issues [4][5]. - Inventory values also rose, with figures of 1,290.84 million, 2,063.82 million, and a declining turnover rate, suggesting inefficiencies in inventory management compared to industry peers [4][5]. Debt and Liquidity Position - The total liabilities of the company increased from 4,070.70 million to 13,551.33 million CNY over the reporting period, with a debt ratio that fluctuated, indicating potential liquidity risks [5][6]. - The company's cash balance was reported at 747.33 million, 1,577.01 million, 1,078.15 million, and 1,112.21 million CNY, reflecting a need for better cash flow management [5][6]. Market Environment and Competitive Landscape - The global photovoltaic market is experiencing growth, with emerging markets in Asia, South America, and Africa contributing to increased demand for inverters [11][15]. - The company is focusing on expanding its market presence in both domestic and international markets, adapting to regional market conditions to maximize overall efficiency [11][15]. Strategic Initiatives - The company is implementing strategies to enhance competitiveness, including optimizing customer structure, improving product offerings, and maintaining a focus on high-margin clients [22]. - Continuous investment in research and development is aimed at producing higher value-added inverter products to meet market demands [22].
锦浪科技: 天健会计师事务所(特殊普通合伙)关于锦浪科技股份有限公司申请向不特定对象发行可转换公司债券审核问询函中有关财务事项的说明