临工重机港股IPO：上半年收入下滑14.23% 高空作业设备收入“腰斩” 应收账款激增周转天数超200天

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, marking its second attempt to enter the capital market after an unsuccessful bid in December 2022. The company reported a revenue of 12.028 billion yuan in 2024, but faces uncertainties due to performance volatility, high debt pressure, and cyclical industry risks [1]. Revenue Stability and Business Performance - Lingong Heavy Machinery has experienced significant revenue fluctuations, with revenues of 10.529 billion yuan in 2022, 9.897 billion yuan in 2023 (a 6% decline year-on-year), and 12.028 billion yuan in 2024 (a 21.5% increase) [2]. - In the first half of 2025, the company reported a 14.23% year-on-year decline in revenue to 5.531 billion yuan, despite a profit increase of 21.6% to 635 million yuan, indicating a "profit without revenue growth" phenomenon [2]. - The mining equipment segment has become the main revenue driver, increasing its share from 54.4% in the first half of 2024 to 63.8%, although its growth rate is only 0.6% [2]. - The aerial work equipment segment saw a dramatic decline in revenue from 3.16 billion yuan to 1.36 billion yuan, a drop of 57%, which was the primary reason for the overall revenue decline in the first half of 2025 [2]. Accounts Receivable and Debt Levels - Lingong Heavy Machinery faces significant cash flow pressure, with trade and bill receivables reaching 6.147 billion yuan as of June 30, 2025, and a provision for bad debts of 542 million yuan [3]. - The company's trade receivables turnover days have been high, reaching 228 days in 2023 and 223 days in the first half of 2025, indicating low collection efficiency [3]. - Interest-bearing bank loans surged from 246 million yuan at the end of 2022 to 926 million yuan by June 2025, nearly tripling over three years [3][4]. Market Demand and Competition - The engineering machinery industry is cyclical, closely tied to global infrastructure investment and mining sector conditions, which is reflected in Lingong Heavy Machinery's revenue volatility [5]. - The significant decline in aerial work equipment revenue in the first half of 2025 was primarily due to weak domestic demand and international tariff impacts, highlighting the company's sensitivity to macroeconomic conditions and industry cycles [5]. - Lingong Heavy Machinery faces intense competition from leading companies like XCMG and SANY, which are expanding aggressively in overseas markets. By 2025, XCMG's overseas revenue accounted for 46.61%, slightly higher than Lingong's 44% [5]. - In the aerial work equipment sector, the company also competes with specialized manufacturers like Zhejiang Dingli, indicating that its fifth position globally is not secure [6]. International Growth Opportunities and Challenges - Lingong Heavy Machinery's international business has expanded rapidly, with overseas revenue share increasing from 26.8% in 2022 to 44% in the first half of 2025, with a sales network covering over 100 countries and regions [7]. - However, international operations present challenges, including varying regulatory requirements, tariffs, and trade policy uncertainties across different jurisdictions [7]. - The company faces additional risks in markets where it has limited experience, including operational complexity and cross-cultural management issues [8]. - The global engineering machinery market is projected to reach 2.1319 trillion yuan by 2030, with the new energy mining equipment market expected to grow at a compound annual growth rate of 29.3%, providing development opportunities for Lingong Heavy Machinery [8].