莱普科技单一客户依赖度升至82% 实控人身背7.41亿担保现金流承压

Core Viewpoint - Chengdu Leap Technology Co., Ltd. (Leap Technology) has changed its IPO review status to "inquiry," raising market concerns due to its high customer concentration and financial risks [1][3]. Group 1: Company Overview - Leap Technology, established in 2003, is a high-tech enterprise focused on the R&D, manufacturing, sales, and service of specialized laser equipment [2]. - The company specializes in semiconductor laser equipment, particularly in laser thermal processing and specialized laser processing equipment [4]. Group 2: Customer Concentration - The sales proportion to the top five customers increased from 66.86% in 2022 to 97.67% in Q1 2025, with a single customer contributing 81.74% of sales [5]. - This level of customer dependency is rare in the semiconductor equipment industry, where leading companies typically have less than 50% sales concentration among their top customers [5]. Group 3: Financial Performance - Leap Technology's revenue and net profit figures from 2022 to 2024 show significant fluctuations, with revenues of 74.15 million, 191 million, and 281 million yuan, and net profits of -8.80 million, 23.03 million, and 55.64 million yuan respectively [5]. - The company reported a revenue of 0.37 billion yuan and a net profit of 0.6832 million yuan in Q1 2025, indicating volatility in performance [6]. Group 4: Accounts Receivable and Cash Flow - The accounts receivable balance reached 112 million yuan in 2024, accounting for 42.02% of revenue, with a turnover rate significantly below the industry average [7]. - The company experienced negative cash flow from operating activities during the reporting period, with net cash flows of -28.27 million, -32.72 million, 32.03 million, and -27.17 million yuan from 2022 to Q1 2025 [8]. Group 5: Risks Related to Control and Governance - The actual controllers of Leap Technology have guaranteed debts totaling 741 million yuan, raising concerns about the company's governance stability and potential risks to the IPO process [9]. - One of the controllers has a history of legal issues, including a DUI conviction, which may impact the company's reputation and governance [9].