光伏“卖铲人”闯关创业板！计划募资超10亿元，两跨界光伏客户埋下6千多万元坏账隐患

Core Viewpoint - Jiang Song Technology's IPO application has been accepted, aiming to raise approximately 1.053 billion yuan, but faces concerns due to high debt levels, potential bad debts from cross-industry clients, and supply-demand imbalances in the photovoltaic industry [1] Financial Performance - Jiang Song Technology's revenue and profit have shown growth, with revenues of 807.09 million yuan, 1.237 billion yuan, and 2.018 billion yuan from 2022 to 2024, and net profits of 85.84 million yuan, 128.02 million yuan, and 186.76 million yuan respectively [2] - The company's asset-liability ratios for 2022, 2023, and 2024 are 81.95%, 91.59%, and 82.33% respectively, indicating a high level of debt [1][2] Market Conditions - The photovoltaic industry is experiencing a phase of supply-demand imbalance, leading to a decline in orders for Jiang Song Technology by the end of 2024 [2] - The effective production capacity of photovoltaic cells has exceeded 90 GW, but the overall capacity utilization rate is below 60%, indicating excess inventory in the market [3] Workforce Changes - The number of employees at Jiang Song Technology decreased significantly from 1,976 in 2023 to 887 in 2024, reflecting a response to reduced demand in the photovoltaic market [4] Inventory and Receivables - As of the end of 2024, Jiang Song Technology's inventory amounted to 2.146 billion yuan, accounting for 56.26% of total assets, with a significant portion tied up in unverified products [5] - The company's accounts receivable have increased, with balances of 297.48 million yuan, 407.08 million yuan, and 600.59 million yuan from 2022 to 2024, representing 36.86%, 32.91%, and 29.75% of revenue respectively [6] Bad Debt Provisions - The company has increased its bad debt provisions significantly, from 47.51 million yuan in 2022 to 136.51 million yuan in 2024, indicating rising concerns over the collectability of receivables [6][7] - Major clients with significant receivables include companies facing operational difficulties, raising the risk of potential defaults [7]