87%收入尚未收回！东方测控应收账款占比急剧攀升

Core Viewpoint - Dongfang Measurement and Control Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.1 billion yuan for various projects, despite facing declining revenues and profits in recent years [1][3]. Financial Performance - The company's revenue for the reporting periods (2022 to the first half of 2025) is projected to be 603.48 million yuan, 520.91 million yuan, 567.17 million yuan, and 210.77 million yuan, indicating a significant drop in 2023, with 2024 expected to show growth but still below 2022 levels [1]. - Net profit attributable to shareholders for the same periods is expected to be 92.53 million yuan, 74.78 million yuan, 73.09 million yuan, and only 4.30 million yuan in the first half of 2025, reflecting a continuous decline over the years [1]. - The gross profit margin for the main business is reported as 42.10%, 39.16%, 41.29%, and 37.91%, with the smart control system's gross margin showing significant fluctuations [1]. Accounts Receivable and Inventory - Accounts receivable have sharply increased, with balances of 317.01 million yuan, 282.41 million yuan, 359.14 million yuan, and 367.10 million yuan, representing 52.53%, 54.21%, 63.32%, and 87.09% of revenue respectively, indicating a concerning trend in collection efficiency [2]. - Inventory balances are reported as 337.35 million yuan, 338.40 million yuan, 300.06 million yuan, and 327.02 million yuan, with provisions for inventory impairment also noted, suggesting potential risks related to inventory valuation [2]. Related Party Transactions and Financial Ratios - The company has significant related party sales and purchases, with sales to related parties accounting for 4.93% and purchases for 2.89% in 2024, asserting that pricing is fair and does not harm the interests of non-related shareholders [3]. - Liquidity ratios show a current ratio of 1.82, 2.13, 2.25, and 2.25, and a quick ratio of 1.18, 1.29, 1.52, and 1.46, indicating an upward trend but still below industry peers [3]. - The debt-to-asset ratio has decreased from 48.92% to 36.48% over the reporting periods, although it remains higher than comparable companies in the industry [3]. Ownership Structure and Fundraising - The actual controllers of the company are Bao Liangqing and Bao Caiyi, holding 9.79% and 5.27% of shares respectively, with control over 87.18% of voting rights through various entities [3]. - The company plans to raise 1.1 billion yuan for projects related to smart online analysis instruments, equipment, control systems, and the establishment of a research and development center and sales service center [3].