铂力特收入确认合规性遭监管拷问 经营质量隐忧浮现

Core Viewpoint - The company Plittech (688333), known as the "first stock of 3D printing" on the Sci-Tech Innovation Board, is under regulatory scrutiny again due to concerns regarding the reasonableness of revenue fluctuations and compliance with revenue recognition standards [1][2]. Revenue Recognition Compliance - Plittech has faced ongoing disputes regarding financial compliance, with its 2024 annual report showing a revenue of 1.323 billion yuan, a year-on-year increase of 15.02%. However, 40.21% of this revenue was recognized in the fourth quarter, raising questions about potential "end-of-year performance boosting" [2]. - The regulatory inquiry specifically questions whether there are instances of abnormal shortening of the delivery to acceptance cycle, contracts signed after delivery, and revenue recognition before delivery [2]. - In January 2025, the company received a warning from the Shaanxi Securities Regulatory Bureau for prematurely recognizing revenue in 2023, where control of products had not yet transferred [2]. - The company’s new revenue recognition policies and compliance with storage of goods under management models have also come under scrutiny, particularly regarding contracts with major state-owned enterprises that involved "shipping before signing" [2]. High Accounts Receivable and Inventory Concerns - As of the end of 2024, Plittech's accounts receivable reached 1.04 billion yuan, a year-on-year increase of 22.8%, with over 23.4% of these accounts aged over one year [4]. - The company claims that its clients are primarily large state-owned enterprises, which justifies the long collection periods, but historical data shows that its accounts receivable turnover rate has consistently been below the industry average [4]. - The inventory balance at the end of 2024 was 872 million yuan, a significant increase of 48.8%, with work-in-progress and finished goods rising by 211% and 64.6%, respectively [4]. - The company attributes the high inventory levels to preparations for new orders, but only 50.7% of finished goods were converted post-period, indicating potential issues with market demand or production planning [4]. - Despite achieving a positive operating cash flow of 346 million yuan in 2024 by extending payment cycles, this reliance on adjusting payment terms for cash flow improvement may not be sustainable [4].