Piotech (SH:688072) Sou Hu Cai Jing·2025-11-15 15:20Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is facing significant challenges ahead of its IPO on the Sci-Tech Innovation Board, with a notable decline in performance and increasing reliance on a major customer, which raises concerns about its long-term profitability and stability [1][2][3]. Financial Performance - In 2024, Hengyun Chang achieved a revenue of 541 million yuan, a year-on-year increase of 66.26%, and a net profit of 131 million yuan, up 88.58% year-on-year [1]. - However, in the first half of 2025, the company reported a revenue of 304 million yuan, a mere 4.06% increase year-on-year, and a net profit of approximately 69.35 million yuan, down 11.99% year-on-year [1]. - The third quarter of 2025 saw a further decline, with revenue dropping by 27.29% year-on-year and net profit plummeting by 46.16% [1]. Order Backlog and Customer Dependency - The company's order backlog has been shrinking, with only 120 million yuan in hand orders in the first half of 2025, down from 260 million yuan in 2023 and 155 million yuan in 2024 [1]. - Hengyun Chang is heavily dependent on its largest customer, Tuojing Technology, which accounted for 63.13% of its revenue in 2024 and 62.06% in the first half of 2025 [2][3]. Accounts Receivable and Credit Policy - The accounts receivable balance surged from approximately 1.99 million yuan in 2022 to 13.02 million yuan in the first half of 2025, with the proportion of accounts receivable to revenue increasing from 12.63% to 42.83% [3][4]. - In the first half of 2025, accounts receivable from Tuojing Technology represented 58.82% of total accounts receivable, indicating a significant increase of 150.55% compared to the previous year [3][4]. - Hengyun Chang adjusted its credit policy from a 30-day payment term to a 60-day term, which has led to a notable increase in accounts receivable and a decrease in accounts receivable turnover rate from 7.81 times per year to 6.19 times per year [4][5]. Market Concerns - The significant fluctuations in Hengyun Chang's performance have raised concerns about its long-term profitability, especially given the volatility in the semiconductor industry [2][4]. - The company has denied any intention to relax credit policies to boost sales, but the correlation between the credit policy adjustment and the increase in accounts receivable raises questions about revenue quality and cash flow efficiency [4][5].