莱普科技IPO：应收账款高企，有息负债率超50%

Core Viewpoint - Chengdu Leap Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, focusing on advanced precision laser technology and semiconductor innovation processes, with significant growth in revenue and net profit during the reporting period [1][9] Revenue and Profit Growth - The company demonstrated strong growth, with revenue increasing from 74.15 million yuan in 2022 to 281 million yuan in 2024, achieving a compound annual growth rate of 96.25% [2] - Net profit turned from a loss of 9.38 million yuan in 2022 to a profit of 54.91 million yuan in 2024, with a slight profit of 683,200 yuan in Q1 2025 [2] R&D Investment Analysis - R&D expenses increased during the reporting period, with amounts of 15.28 million yuan, 23.95 million yuan, 58.74 million yuan, and 10.50 million yuan respectively [2] - The proportion of R&D expenses to revenue showed significant volatility, with figures of 20.61%, 12.56%, 20.9%, and 28.66% [3] - A notable increase in R&D expenses in 2024 by 145.23% was driven by external validation services and fixed asset investments, raising concerns about the sustainability of core technology development [3] Profit Quality and Asset Efficiency - Despite rapid profit growth, the company exhibited weaknesses in profit quality and asset operational efficiency, with negative cash flow from operating activities in most periods except for 2024 [4] - The net cash flow in 2024 was primarily due to an increase in operating payables, indicating a weak ability to convert revenue into cash [4] Accounts Receivable and Inventory Management - Accounts receivable increased significantly, with balances of 40.73 million yuan, 50.57 million yuan, 118 million yuan, and 117 million yuan, reflecting a rising proportion of accounts receivable to revenue [5] - Inventory value rose from 90.44 million yuan in 2022 to 226 million yuan in Q1 2025, with an increasing provision for inventory impairment, indicating potential issues in inventory management [5] Expense Control and Compliance - Management expenses increased from 14.71 million yuan in 2022 to 28.09 million yuan in 2024, with fluctuations in the proportion of revenue [6] - The company has a history of non-compliant dividend distributions, which raises concerns about internal governance and financial accounting practices [7] Financial Structure and Debt Pressure - The company’s financial structure shows a significant increase in liabilities, with a debt ratio rising from 28.91% in 2023 to 49.12% in Q1 2025 [8] - The company faces increased financial risk due to a declining short-term solvency ratio and a heavy reliance on long-term debt [8] Overall Assessment - Leap Technology has achieved rapid revenue and profit growth in the high-end semiconductor equipment sector, but faces scrutiny regarding profitability quality, asset management efficiency, and financial compliance as it seeks to meet the listing requirements of the Sci-Tech Innovation Board [9]