莱普科技IPO隐现债务迷局：有息负债两年激增2亿，暗藏流动性危机

Core Viewpoint - Chengdu Leap Technology Co., Ltd. is facing multiple risks including soaring debt, high customer concentration, and significant guarantees from its actual controllers, despite its impressive revenue growth as it prepares for an IPO on the Sci-Tech Innovation Board [1][31]. Group 1: Financial Performance - Leap Technology's revenue grew from 74 million yuan in 2022 to 281 million yuan in 2024, reflecting a compound annual growth rate of 94.68% [2]. - The company's short-term debt increased from 57.52 million yuan in 2022 to 540.75 million yuan in 2024, while long-term debt surged from 4.72 million yuan to 171 million yuan, totaling 225 million yuan by 2024 [4][5]. - By the first quarter of 2025, total debt reached 266 million yuan, more than tripling since 2022 [5][6]. Group 2: Cash Flow and Receivables - Operating cash flow has been negative for most periods, with net cash flows of -28.27 million yuan in 2022 and -27.17 million yuan in Q1 2025 [6][7]. - Accounts receivable increased significantly, with balances of 37.77 million yuan in 2022 and 111 million yuan in Q1 2025, representing 319.25% of revenue [14][15]. - The accounts receivable turnover ratio was significantly lower than industry averages, indicating poor collection efficiency [17][19]. Group 3: Customer Concentration - The sales to the top five customers accounted for 66.86% of revenue in 2022, rising to 97.67% by Q1 2025, with one customer alone contributing 81.74% of revenue [8][10]. - The relationship with the major customer raises concerns about business independence due to shared control and property leasing arrangements [11][13]. Group 4: Investment Projects and Capacity Issues - The company plans to raise 850 million yuan, with significant allocations for wafer manufacturing and advanced packaging equipment development [20][21]. - However, the lack of disclosed design capacity for these projects makes it difficult to assess current capacity utilization [20]. - Production of key products has shown a declining trend, raising questions about the ability to absorb new capacity [22][25]. Group 5: Risks from Actual Controllers - The actual controllers of Leap Technology have a history of legal issues, including a criminal record for dangerous driving [28]. - They also have provided guarantees totaling 741 million yuan for debts of other companies, which could jeopardize their control over Leap Technology if these debts default [29][30].