永大股份IPO“暂缓审议” 光伏项目“惹的祸”？

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) has had its IPO review status updated to "meeting postponed" by the Beijing Stock Exchange, raising concerns about revenue recognition, internal control measures, and the stability of operating performance [2] Company Overview - Yongda Co. was established in 2009 and is engaged 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 [5] - The company aims to raise 608 million yuan through its IPO, which will be used for the construction of a heavy chemical equipment production base and to supplement working capital [5] Industry Context - In the context of improving conditions in the photovoltaic industry, Yongda Co. entered the sector in 2021 through the Leshan GCL-Poly Energy Silicon Project [5] - Since the second half of 2023, there has been a phase of supply-demand imbalance across the entire photovoltaic industry chain, leading to a significant drop in new orders for Yongda Co.'s products in this sector, from a peak of 271 million yuan in 2023 to just 17 million yuan in 2024, with expectations of no orders in the first half of 2025 [5] Financial Performance - Revenue from Yongda Co.'s pressure vessel products in the photovoltaic sector from 2022 to the first half of 2025 was 95 million yuan, 26 million yuan, 156 million yuan, and 6 million yuan, accounting for 13.74%, 3.62%, 19.30%, and 1.99% of total revenue, respectively [6] - As of the end of the third quarter, the company's accounts receivable balance was 194 million yuan, with 60 million yuan attributed to photovoltaic sector clients, and a bad debt provision of 37 million yuan, representing over 60% of the total [6]