详解飞骧科技招股书：应收账款天数和经销商模式是危是机？

Core Viewpoint - Feixiang Technology is set to list on the Hong Kong Stock Exchange, showcasing strong growth and profitability in the semiconductor sector, with revenue projected to rise significantly from RMB 1.022 billion in 2022 to RMB 2.458 billion in 2024, reflecting a compound annual growth rate (CAGR) of 55.1%, surpassing the global RF front-end chip industry's growth rate of 10.1% during the same period [1] Financial Performance - The company is expected to achieve a milestone in 2024 with a net profit of RMB 76.3 million, a turnaround from net losses of RMB 361 million in 2022 and RMB 194 million in 2023 [1] - Feixiang Technology's accounts receivable have increased, a trend observed across the industry, with leading competitor Zhaoshengwei reporting accounts receivable of RMB 579 million in 2024, up 11.75% year-on-year, outpacing its revenue growth of 2.48% [1][2] Industry Context - The high growth in accounts receivable within the semiconductor industry is attributed to the industry's characteristics, market strategies, and developmental stages, including high customer concentration and strong bargaining power leading to longer payment terms [2] - The shift towards domestic substitution has prompted companies to extend credit terms to enhance competitiveness [2] Operational Efficiency - Feixiang Technology has a competitive advantage in inventory turnover, with a turnover period of only 88 days compared to competitors like Zhaoshengwei at 335 days and Weijie Chuangxin at 183 days [2] - The company primarily employs a distribution model, which allows it to focus on product development and supply chain management while distributors handle sales to end customers [3] Sales Strategy - The distribution model aids in rapidly establishing sales channels and expanding market share, allowing for quick product and capital turnover while reducing initial resource investment [3] - The company has reduced its number of distributors from 39 in 2022 to 32 in 2024, indicating a focus on high-quality distributors and efficient management [4] Market Outlook - The global RF front-end market is projected to grow to USD 25.2 billion by 2028, with the 5G segment expected to reach USD 23 billion, indicating a promising growth outlook for the industry [5]