【看新股】江苏展芯冲刺创业板：2025上半年实现营收3.4亿，应收账款风险需关注

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. is planning to go public on the Shenzhen Stock Exchange's ChiNext board, aiming to expand its product range and enhance market competitiveness through the use of raised funds for the construction of smart testing and R&D centers [1][4]. Group 1: Company Overview - Jiangsu Zhanchip was established in 2018 and focuses on the R&D, design, testing, and sales of high-reliability analog chips and micro-modules, primarily power management chips [2]. - The actual controllers of the company, Wen Zhenlin and Xu Ligang, hold a combined 54.77% voting rights through various entities [2]. Group 2: Financial Performance - The company's revenue has shown overall growth, with figures of 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan from 2022 to the first half of 2025, reflecting an annualized growth rate of 22.87% [5]. - Net profit figures for the same period are 148 million yuan, 179 million yuan, 95 million yuan, and 124 million yuan, indicating volatility due to temporary market adjustments [5]. Group 3: Revenue Structure and Pricing Pressure - Integrated circuit products account for a significant portion of revenue, exceeding 58% from 2022 to 2024, with approximately 187 million yuan in revenue from integrated circuits in the first half of 2025, representing 55.1% of total revenue [5]. - The average price of integrated circuit products has been declining, with prices of 370.77 yuan, 316.17 yuan, 287.99 yuan, and 289.78 yuan per unit from 2022 to the first half of 2025, which may adversely affect future operating performance if the trend continues [6]. Group 4: Accounts Receivable and Collection Risks - As the company's operational scale expands, accounts receivable and notes receivable have also increased, with values of 238.84 million yuan, 339.73 million yuan, 436.29 million yuan, and 673.21 million yuan from the end of 2022 to June 2025 [7]. - The collection period is prolonged due to factors such as budget approvals and payment processes from clients, primarily military research institutes, which may lead to increased risks of bad debts if clients face significant operational difficulties [7].