龙鑫智能IPO：前五大安装服务商疑点重重 1年以上应收款占比畸高但坏账计提比例偏低 重组标的贡献5成利润

Core Viewpoint - Longxin Intelligent Equipment Co., Ltd. has submitted its listing application to the Beijing Stock Exchange, with concerns raised about the legitimacy of its financial performance following a significant acquisition of Longxin Drying, which has contributed approximately 50% of its profits in a short period [1][4]. Financial Performance - Longxin Intelligent's revenue for 2022-2024 is projected to be CNY 336 million, CNY 582 million, and CNY 604 million, with net profits of CNY 87 million, CNY 143 million, and CNY 120 million respectively [2]. - The acquisition of a 65% stake in Longxin Drying in July 2022 has been a major factor in the company's profit surge, with Longxin Drying contributing CNY 138.48 million and CNY 283.91 million in revenue for 2022 and 2023, accounting for 41.20% and 48.76% of Longxin Intelligent's total revenue [2][3]. Acquisition Concerns - Investors have questioned the rapid profit contribution from Longxin Drying, suggesting potential "patchwork listing" practices [4]. - Longxin Intelligent claims the acquisition was aimed at achieving business synergy and enhancing independence [4]. Supplier and Labor Issues - There are significant doubts regarding the legitimacy of Longxin Drying's top five installation service providers, with some showing zero insured employees despite substantial transaction volumes [5][6]. - Similar concerns exist for labor outsourcing suppliers, with several newly established companies quickly becoming major suppliers while showing no insured employees [9]. Accounts Receivable Analysis - Longxin Intelligent's accounts receivable have shown a concerning trend, with over 1-year aged receivables increasing from 22.82% in 2022 to 75.24% in 2024, indicating potential cash flow issues [10][11]. - Despite the high proportion of aged receivables, the company's bad debt provision rates are lower than industry averages, raising questions about the adequacy of its financial practices [14][17]. Revenue Recognition Patterns - The company has experienced significant fluctuations in quarterly revenue, with over 50% of its revenue typically recognized in the fourth quarter, suggesting a reliance on year-end performance [18].