多家光伏大客户业绩大跌，冲上市的江松科技高增长能否持续？

Core Viewpoint - Jiangsong Technology has officially applied for listing on the ChiNext board, aiming to raise approximately 1.053 billion yuan for various projects including the construction of a photovoltaic intelligent equipment production base and a research and development center [1] Group 1: Company Overview - Jiangsong Technology, established in 2007, specializes in the research, production, and sales of high-efficiency photovoltaic cell automation equipment, providing integrated solutions for major clients in the photovoltaic industry [2] - The company has reported significant revenue growth, with projected revenues of 807 million yuan, 1.237 billion yuan, and 2.018 billion yuan for 2022, 2023, and 2024 respectively, alongside net profits of 85 million yuan, 128 million yuan, and 186 million yuan [2] Group 2: Industry Challenges - Despite Jiangsong Technology's strong performance, the overall photovoltaic industry is experiencing a downturn, with major clients reporting substantial revenue declines and losses in 2024 [3][4] - The financial struggles of key clients such as JinkoSolar and Longi Green Energy indicate potential pressure on Jiangsong Technology's future performance [5] Group 3: Financial Health - As of the end of 2024, Jiangsong Technology's contract liabilities decreased by 23.26% to 1.626 billion yuan, and cash reserves fell by 45.9%, indicating reduced demand and new orders [7] - The company reported a negative cash flow of -117 million yuan due to a decline in new orders, which may lead to a lag in revenue recognition [7] Group 4: Asset Risks - Jiangsong Technology has increased its provision for bad debts to 136 million yuan, a rise of 189.36%, reflecting concerns over customer contract cancellations and potential asset impairment [8] - New clients, such as Xinhao New Energy, have also shown signs of financial distress, leading to significant provisions for bad debts [9] Group 5: R&D and Profitability - Jiangsong Technology's R&D expenses have been relatively low compared to peers, with rates of 5.83%, 5.26%, and 2.86% from 2022 to 2024, while competitors maintain higher R&D investment levels [11][12] - Despite having superior technical specifications, Jiangsong Technology's gross margins are lower than the industry average, with rates of 26.11%, 24.08%, and 25.11% during the same period [13]