联讯仪器冲击IPO！新易盛、中际旭创是客户，应收账款规模较大

Group 1 - The semiconductor sector is currently experiencing significant growth, with companies like Cambrian and Haiguang Information seeing stock price surges, contributing to a rise in the ChiNext Chip ETF by over 10% in a single day [1] - Suzhou Lianxun Instrument Co., Ltd. has submitted an IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on electronic measurement instruments and semiconductor testing equipment [2][4] - The company has completed multiple rounds of financing since 2019, with a post-investment valuation exceeding 3 billion yuan in its C round of financing in 2023 [5] Group 2 - Lianxun Instrument's revenue has shown significant growth, with reported revenues of 214 million yuan in 2022, 276 million yuan in 2023, and projected revenues of 789 million yuan in 2024, reflecting a compound annual growth rate of 91.79% from 2022 to 2024 [12] - The company has faced challenges with negative net profits in 2022 and 2023, primarily due to high operating expenses and substantial R&D investments [11][12] - The company's gross profit margins for electronic measurement instruments are higher than industry peers, while semiconductor testing equipment margins are below the industry average due to high outsourcing costs and smaller scale of individual products [17] Group 3 - Lianxun Instrument's product offerings include electronic measurement instruments and semiconductor testing equipment, with revenue contributions of 57.56% and 34.85% respectively in the first quarter of 2025 [15][16] - The company has established a strong customer base in the optical communication and semiconductor sectors, serving major clients such as BYD Semiconductor and X-FAB [19][20] - The global electronic measurement instrument market is projected to grow from $10.08 billion in 2020 to $12.93 billion by 2024, with China's market expected to reach 35.38 billion yuan in the same period [23][24] Group 4 - Lianxun Instrument plans to raise 1.954 billion yuan through its IPO, primarily for the development and industrialization of next-generation optical communication testing equipment and automotive chip testing equipment [28][29] - The company is currently in a capacity expansion phase, requiring significant capital investment, while also facing pressure from high accounts receivable and inventory levels [30]