应收账款不断增加，下游客户开工率低 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 photovoltaic cell production equipment, amidst a competitive environment in the solar industry that may hinder revenue growth [1] Company Overview - Jiangsong Technology specializes in the research, production, and sales of automation equipment for photovoltaic cells, with key revenue sources being PECVD automation equipment (5.93 billion yuan, 29.77%), diffusion annealing automation equipment (7.83 billion yuan, 39.31%), and wet process automation equipment (5.02 billion yuan, 25.21%) [2] Industry Context - The photovoltaic industry is experiencing "involution" competition, with the operating rate of cell manufacturers remaining low at around 60%, which may lead to a slowdown in capacity expansion [2][3] - As of April 2025, the operating rate for Chinese photovoltaic cell manufacturers was 63.96%, with a total output of 65.55 GW, reflecting a month-on-month increase of 14.37% [2] Financial Concerns - Jiangsong Technology has reported a decline in orders due to a temporary supply-demand imbalance in the photovoltaic industry, which may affect future revenue and market expansion [3] - The company has a high proportion of accounts receivable, 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 revenue [4] - Compared to peers, Jiangsong's accounts receivable ratio is lower than that of leading competitor Xian Dao Intelligent but higher than others like Jiejia Weichuang and Laplace [4] Legal Issues - Jiangsong Technology is involved in multiple lawsuits with clients, including disputes over sales contracts with companies such as Yangzhou Bangjie and Xuzhou Heou [4][5]