应收账款不断增加，下游客户开工率低 光伏设备厂商江松科技能否成功闯关创业板？

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. plans to go public on the ChiNext board, focusing on the production of photovoltaic cell manufacturing equipment, amidst a highly competitive solar industry with low operating rates for cell production [1][5]. Group 1: Company Overview - Jiangsong Technology specializes in the research, production, and sales of photovoltaic cell automation equipment, with key products including PECVD automation equipment, diffusion annealing automation equipment, and wet process automation equipment [2][5]. - In 2024, the sales revenue from PECVD automation equipment is projected to be 593 million yuan, accounting for 29.77% of total revenue; diffusion annealing automation equipment is expected to generate 783 million yuan, making up 39.31%; and wet process automation equipment is anticipated to bring in 502 million yuan, representing 25.21% [2][3]. Group 2: Industry Context - The photovoltaic industry is experiencing "involution" competition, with cell operating rates around 60%, leading to potential slowdowns in capacity expansion [1][5]. - According to SMM data, the operating rate for Chinese photovoltaic cell manufacturers was 63.96% in April 2025, with a total output of 65.55 GW, reflecting a month-on-month increase of 14.37% [5]. - The industry is facing dual pressures from costs and demand, with Jiangsong Technology acknowledging a decline in orders by the end of 2024 due to a temporary supply-demand imbalance in the photovoltaic sector [6][5]. Group 3: Financial Performance - Jiangsong Technology's accounts receivable have been increasing, with balances of 297 million yuan, 407 million yuan, and 601 million yuan for the years 2022, 2023, and 2024, respectively, representing 36.86%, 32.91%, and 29.75% of total revenue [7][8]. - Compared to peers, Jiangsong's accounts receivable ratio is lower than that of Xian Dao Intelligent, which stands at 92.56%, but higher than that of competitors like Jiejia Weichuang and Laplace [8][7]. - The company has faced multiple lawsuits related to accounts receivable, indicating potential risks in cash flow and operational performance if customer credit conditions worsen [9].