被央企拉黑一年，天溯计量IPO的脚步应再缓缓

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. is set to undergo an important IPO review on October 16, 2023, after a lengthy two-year wait, marking a significant step forward in its IPO process [1][2] Company Overview - Established in June 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, and rail transportation [2] - The company has served notable clients in the new energy battery sector and electric vehicle manufacturers, including Zhongxin Innovation, Giga Energy, and Xpeng Motors [2] IPO Process - The IPO application was accepted in June 2023, but the company has faced multiple interruptions and inquiries, setting a record for the number of interruptions in the ChiNext review process [2] - Despite the progress, the company’s IPO may need to be delayed due to being blacklisted by China Huadian Corporation as a "bad behavior supplier," which raises concerns about compliance and governance [2][4] Financial Performance - The company has shown revenue growth from CNY 597.20 million in 2022 to CNY 800.12 million in 2024, with a compound annual growth rate (CAGR) of 15.75% [5] - Net profit attributable to shareholders increased from CNY 84.39 million to CNY 111.06 million during the same period, although growth rates are slowing, with 2023 and 2024 revenue growth projected at 21.52% and 10.25%, respectively [5] Accounts Receivable Concerns - Accounts receivable have been increasing, with balances rising from CNY 142.94 million in 2022 to CNY 296.43 million in 2024, representing a growing percentage of revenue [5] - The accounts receivable turnover has decreased, indicating longer collection periods, with turnover rates dropping from 5.23 times to 3.95 times over the reporting period [5] R&D and Sales Expenses - The company has a low investment in R&D compared to peers, with R&D expenses accounting for only 4.13% of revenue in 2024, while sales expenses are significantly higher at 25.89% [6][8] - Compared to industry averages, Tian Su Measurement's sales expense ratio is substantially above the average of 11.35%, raising concerns about operational efficiency [8] Fundraising and Financial Health - The company plans to raise CNY 424 million for various projects, including enhancing measurement testing capabilities and establishing regional laboratories [10] - However, the necessity of raising funds for working capital is questioned, especially after a significant dividend payout of CNY 24.46 million in 2023, suggesting potential concerns about financial management [10]