Core Viewpoint - Kesheng Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for core technology research, innovative molten salt energy storage technology deployment, and smart production facilities to enhance operational efficiency [2][4]. Financial Performance - From 2022 to 2024, Kesheng Technology's revenue surged from 20.85 million to 2.189 billion, with a compound annual growth rate of 924.64%. Net profit transitioned from a loss of 91.25 million to a profit of 540 million, indicating rapid growth [2][9]. - However, in the first half of 2025, revenue and net profit growth significantly slowed, raising questions about the sustainability of high growth rates [2][9]. - The company's revenue heavily relies on the sale of concentrated solar power systems, with 99.6%, 95%, and 99% of total revenue from these systems in 2023, 2024, and the first half of 2025, respectively, indicating a highly concentrated product structure [9][10]. Profitability Concerns - Approximately 60% of Kesheng Technology's net profit in 2023 came from the sale of several joint ventures, suggesting potential "water" in profitability [2][10]. - The company reported significant other income, which included government subsidies and interest income, contributing to net profit in the reporting period [10][11]. Customer and Supplier Risks - Kesheng Technology has a high customer concentration, with revenue from the top five customers accounting for about 99.9% in most years, indicating a significant dependency risk [12][13]. - The company has seen a substantial increase in accounts receivable and contract assets, which accounted for over 33% of total assets as of June 30, 2025, raising concerns about potential impairment risks [12][13]. Operational Model - The company operates on a light asset model, focusing on core technology output and high-value system assembly, which helps reduce initial fixed asset investments [14][15]. - However, reliance on outsourced production poses risks related to supply chain coordination, quality control, and operational execution, which could impact financial performance [15][16]. Cost and Margin Trends - Rising prices of key materials like reflective glass and molten salt could increase production costs, squeezing profit margins. The company's gross margin has shown a declining trend, from 36.1% in 2023 to 31.7% in 2024, with a slight recovery to 31.9% in the first half of 2025 [16].
可胜技术港股IPO：客户集中度接近100% 业绩增速大幅放缓是否后劲乏力？ 生产高度依赖外包毛利率持续下滑
Xin Lang Zheng Quan·2025-09-26 09:24