胜软科技港股IPO遇阻：净利润率暴跌至-66.8% 账期飙至1662天 财务内控与市值门槛双重承压

Core Viewpoint - Shandong Victorysoft Technology Co., Ltd. (Victorysoft) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing its solutions, R&D, sales network, and exploring strategic investments, despite facing significant financial challenges and high customer dependency [1][2]. Financial Performance - The company reported a net profit margin of -66.8% and a gross profit margin of 24.6% for the first four months of 2025, indicating severe short-term performance pressure [2][3]. - Revenue for 2022, 2023, and 2024 was 391 million, 502 million, and 525 million RMB respectively, with net profits of 37.6 million, 53.7 million, and 59.3 million RMB, reflecting a steady increase in profitability [2]. Business Model and Seasonality - Victorysoft's revenue is highly concentrated in the fourth quarter, leading to a pattern of "annual profit, short-term loss," which poses risks if project deliveries do not meet expectations [3][4]. - The company relies heavily on project acceptance in the second half of the year, which can significantly impact annual profitability [4]. Gross Margin Decline - The gross margin has declined from 41.4% in 2022 to 24.6% in the first four months of 2025, with significant drops across all business segments [4][5]. - The gross margin for the smart energy solutions segment fell from 42.7% in 2022 to 26.9% in the first four months of 2025, while the smart manufacturing solutions segment saw a drop from 71.2% to 15.1% [4][5]. Customer Dependency and Accounts Receivable - Victorysoft's top five customers accounted for over 70% of its revenue, with Sinopec being the largest contributor, indicating a high dependency on a limited customer base [6][7]. - Accounts receivable turnover days surged to 1662 days by April 2025, reflecting significant cash flow issues and reliance on delayed payments from government and state-owned enterprise clients [8][9]. Market and Competitive Landscape - The growth rate of the smart energy solutions market in China is projected to slow to 15.6% from 2019-2024, which may impact Victorysoft's revenue growth [10]. - The company ranks tenth in the smart energy solutions market by revenue, facing competition from state-owned enterprises with their own IT teams [10]. R&D Investment - Victorysoft's R&D expenditure as a percentage of revenue has been below the industry average, with figures of 7.4%, 6.3%, and 6.2% from 2022 to 2024, which may hinder its long-term competitiveness [11]. Financial Control Issues - The company has faced regulatory warnings due to financial control issues, including accounting errors that have necessitated multiple corrections [12]. - As of now, Victorysoft's market capitalization is only 2.6 billion RMB, below the Hong Kong Stock Exchange's minimum listing requirement of 4.65 billion RMB [12].