CFMEE(SH:688630) Sou Hu Cai Jing·2025-09-22 08:57Core Viewpoint - The company, Chipbond Technology, is facing significant challenges despite its impressive revenue growth and market share, raising concerns about its financial health and the motivations behind recent shareholder actions [1][2][10]. Financial Performance - Revenue has shown consistent growth: 2022 at 652.3 million, 2023 at 828.9 million, and projected 2024 at 953.9 million, with a growth rate peaking at 45.6% in the first half of 2025 [6][8]. - However, the company has reported negative cash flow from operations since 2023, with losses of 129.4 million in 2023 and 71.6 million in 2024 [9]. - Accounts receivable have increased significantly, from 584 million in 2022 to 1.122 billion in the first half of 2025, with collection days extending from 260 to 361 days [6][8]. Market Position - Chipbond holds a 15% global market share in PCB direct imaging equipment, making it the largest supplier in this segment and the only company with a comprehensive business covering PCB, IC substrates, advanced packaging, and masks [4][6]. Shareholder Actions - Prior to the IPO, shareholders, including the founder, cashed out approximately 218 million, raising questions about their confidence in the company's future [7][8]. Research and Development - R&D expenditure as a percentage of revenue has been declining: 13% in 2022, 11.4% in 2023, and projected 10.2% in 2024, with only 9.3% in the first half of 2025, which contrasts with competitors who maintain higher R&D investment [8][9]. Operational Challenges - The company faces increasing inventory levels, rising from 300 million to 794 million, leading to longer turnover days and potential cash flow issues [6][8]. - The financial health of the company is under scrutiny, as it balances high revenue growth with significant operational and cash flow challenges [10].