江苏展芯冲刺创业板IPO获受理 面临业绩波动与高应收账款挑战

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has officially received acceptance for its listing application on the ChiNext board, marking a significant step into the capital market as a national-level specialized and innovative "little giant" enterprise focused on high-reliability analog chips and micro-module products [1] Group 1: Company Overview - Jiangsu Zhanchip specializes in the research, design, testing, and sales of high-reliability analog chips and micro-module products, primarily focusing on power management chips, including DC/DC converters and linear regulators [1] - The company is expanding its product line to include signal chain chips, with plans for current detection chips and operational amplifiers [1] - Since its establishment, the company has concentrated on military electronics applications, achieving a leading market share among private suppliers of power management chips in the domestic military electronics sector [1] Group 2: Financial Performance - The company's revenue from 2022 to the first half of 2025 was 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan, while net profits were 148 million yuan, 179 million yuan, 95.35 million yuan, and 124 million yuan, indicating a decline in both revenue and net profit in 2024 [2] - The average selling price of the main product, high-reliability power management chips, decreased from 370.77 yuan per unit in 2022 to 287.99 yuan per unit in 2024, reflecting a drop of approximately 22% [2] - The overall gross margin for the reporting period was 84.22%, 82.39%, 75.12%, and 80.21%, showing a downward trend due to increased unit costs and product price reductions [2] Group 3: Operational Risks - Accounts receivable increased significantly from 239 million yuan at the end of 2022 to 673 million yuan by mid-2025, a growth of 181% over two and a half years, raising concerns about potential bad debts due to long settlement cycles with military clients [3] - The company's inventory turnover ratio was low, at 0.68, 0.60, 0.67, and 0.89, below the industry average, which poses a risk of inventory depreciation [3] - A significant portion of procurement is concentrated among a few suppliers, with one supplier accounting for 51.85% of purchases in 2022, indicating reliance on supplier stability [3] Group 4: IPO Fund Utilization - The IPO aims to raise funds for the development and industrialization of high-reliability analog chips and micro-modules, the construction of a research and development center, and to supplement working capital [4] - The company intends to enhance its R&D capabilities and expand production capacity to solidify its market position in the military high-reliability chip sector through the funds raised from the IPO [4]