【看新股】联讯仪器拟科创板IPO：2024年实现盈利，应收账款与存货高企需关注

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.954 billion yuan for projects related to its main business [1][2]. Financial Performance - The company has shown rapid growth in revenue and net profit, with a compound annual growth rate (CAGR) of 91.79% in revenue from 2022 to 2024, and is expected to achieve profitability in 2024 [1][6]. - Revenue figures for the years 2022 to Q1 2025 are approximately 214 million, 276 million, 789 million, and 201 million yuan respectively [6][10]. - The gross profit margin has increased significantly from 43.61% in 2022 to 65.33% in Q1 2025, driven by higher sales of communication testing instruments and power device testing equipment [10]. Accounts Receivable and Inventory - As of Q1 2025, accounts receivable reached 305 million yuan, accounting for 37.95% of the revenue for that period, indicating a rapid increase in accounts receivable over the years [10][13]. - Inventory value as of Q1 2025 was approximately 406 million yuan, with a significant increase from 70.73 million yuan at the end of 2022, reflecting a more than fivefold growth [13]. - The company faces potential risks related to high accounts receivable and inventory levels, which could impact cash flow efficiency and operational performance [13]. IPO Fund Utilization - The IPO proceeds of 1.954 billion yuan will be allocated to several key projects, including the development of next-generation optical communication testing equipment, automotive chip testing equipment, storage testing equipment, digital testing instruments, and the establishment of R&D and manufacturing centers [2][3][4].