春光集团拟创业板IPO，公司经营性现金流连降，应收账款激增，单一技术路线或藏风险

Core Viewpoint - Shandong Chunguang Technology Group Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 751 million yuan for projects related to smart power magnetic materials, R&D center upgrades, and working capital [1]. Financial Performance - The company reported operating revenues of 1,015.10 million yuan, 929.60 million yuan, 1,076.55 million yuan, and 546.16 million yuan over the last four reporting periods, with net profits of 77.14 million yuan, 87.03 million yuan, 98.89 million yuan, and 58.51 million yuan respectively [1][2]. - The net profit attributable to the parent company was 58.51 million yuan for the first half of 2025, down from 98.89 million yuan in 2024, indicating a declining trend [2]. Cash Flow and Accounts Receivable - The company's operating cash flow has been decreasing, with net cash flow from operating activities reported at 80.10 million yuan, 31.37 million yuan, 28.65 million yuan, and -2.47 million yuan over the reporting periods, significantly lower than net profits [5]. - Accounts receivable have increased, with balances of 237 million yuan, 259 million yuan, 338 million yuan, and 338 million yuan, representing 23.35%, 27.85%, 31.38%, and 61.90% of operating revenue respectively, indicating a growing concern for cash flow [5]. Business Segments - The company primarily engages in the R&D, production, and sales of soft magnetic ferrite powder, soft magnetic ferrite cores, electronic components, and power supplies, with soft magnetic ferrite powder accounting for 82.18% of total revenue in the first half of 2025 [3][4]. - The sales volume of soft magnetic ferrite powder was 76,800 tons, 82,200 tons, 101,600 tons, and 50,100 tons over the last four reporting periods, maintaining the company's leading position in the domestic market [3]. Market and Customer Dynamics - The company is focusing on maintaining existing customers, with new customer revenue contributing a low percentage to total income, although the number of new customers and conversion rates remain high [5]. - Some customers have the capability to self-supply magnetic powder, which could negatively impact the company's sales scale and revenue if these customers increase their self-supply ratio [6].