永大股份IPO暂缓过会：光伏业务成最大不确定性因素 三大核心问题待解

Core Viewpoint - Yongda Co., a national-level "specialized and innovative" enterprise, has faced a delay in the review of its IPO application due to significant fluctuations in its photovoltaic business revenue, which is closely tied to the solar industry cycle [1] Group 1: Company Overview - Yongda Co. was established in August 2009 and specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1] Group 2: Financial Performance - The company's revenue from the photovoltaic sector showed a drastic decline, with reported revenues of 94.94 million, 25.61 million, 156.25 million, and 6.32 million yuan, accounting for 13.72%, 3.62%, 19.14%, and 1.98% of total revenue respectively [1] - Excluding photovoltaic revenue, Yongda's projected revenues for 2023 and 2024 would drop to 686 million and 662 million yuan, with corresponding net profits of 124.9 million and 100 million yuan [1] - By 2025, without photovoltaic revenue, the company's revenue is expected to further decline to between 518.9 million and 568 million yuan, with net profits falling to between 72.63 million and 86.55 million yuan [1] Group 3: Industry Challenges - The fluctuations in Yongda's revenue are linked to the solar industry's cycle, with silicon material prices plummeting over 30% in 2023, leading to a significant reduction in orders due to downstream companies establishing their own production lines [1] - Many photovoltaic equipment companies are facing challenges with accounts receivable, leading to instances of debt-to-equity swaps, as seen with companies like Maiwei Co. and Jing Shan Light Machinery [2] - The company's accounts receivable at the end of each reporting period were valued at 239.59 million, 204.60 million, 264.19 million, and 252.65 million yuan, totaling 960 million yuan, which represents 34.44%, 28.73%, 32.24%, and 39.38% of the respective revenues [2] Group 4: Regulatory Scrutiny - The review committee has raised three core issues regarding the company's income recognition and verification, the reasonableness and effectiveness of sales internal control measures, and the consistency of production and sales trends with revenue changes [3] - The committee is particularly focused on the sufficiency of income recognition for photovoltaic projects and the significant risks associated with accounts receivable recovery, which could adversely impact the company's financial performance [3]