被无缝内衣带火业绩的高腾机电闯关北交所：美国关税波动下业绩同比骤降，宽松回款政策藏隐患

Core Viewpoint - The rise of the "self-economy" has significantly boosted the demand for sports bras, leading to rapid growth for Zhejiang Gaoteng Electromechanical Manufacturing Co., Ltd. (Gaoteng Electromechanical) and its upstream equipment suppliers. The company has achieved continuous revenue and net profit growth from 2022 to 2024, primarily driven by its seamless underwear machines [1][9]. Group 1: Company Performance - Gaoteng Electromechanical's revenue and net profit for 2022, 2023, and 2024 are projected to be CNY 267 million, CNY 500 million, and CNY 629 million, respectively, with net profits of CNY 33.34 million, CNY 79.60 million, and CNY 134 million, indicating a consistent upward trend [6]. - The company's seamless underwear machine revenue is expected to increase from CNY 71.24 million in 2022 to CNY 357 million in 2024, representing a growth rate of over 400% [9]. - However, in the first half of this year, revenue from seamless underwear machines dropped by 61.54%, leading to an overall revenue decline of 20.67% and a net profit decrease of 37.71% [2][12]. Group 2: Market Dynamics - The decline in performance is attributed to tariff pressures from the U.S., causing downstream customers to delay equipment purchases [3][12]. - Gaoteng Electromechanical's market share for seamless underwear machines and smart glove machines ranked among the top two from 2022 to 2024, according to data from the China Textile Machinery Association [3]. Group 3: Financial Risks - The company has adopted a lenient payment policy, including buyer credit and financing leases, which has resulted in a guarantee balance for customers that accounts for 10.6% of its total revenue, higher than its peers [3][14]. - As of mid-2024, the company's long-term receivables have increased by 75% due to the expansion of installment payments [3][17]. - The accounts receivable balance reached CNY 78.03 million by the end of 2024, with a collection rate of only 22.30% as of April 30, 2025, indicating potential cash flow issues [19].