实控人控股超7成，负债率曾达91.59％！江松科技IPO闯关

Core Viewpoint - Jiangsong Technology's IPO status has shifted from suspension to inquiry, marking a critical phase for the company in the photovoltaic equipment sector, which has been deeply affected by industry cycles and current market conditions [2][17]. Company Overview - Jiangsong Technology, established in 2007, specializes in high-end intelligent equipment for photovoltaic cells and has become a leading manufacturer in the field, serving major clients like Longi Green Energy and Tongwei Co [3][18]. - The company has shown significant revenue growth from 807 million yuan in 2022 to 2.019 billion yuan in 2024, representing a 150% increase over three years [3][18]. Financial Performance - Net profit has also increased, with figures of 88.35 million yuan, 131 million yuan, and 184 million yuan for the years 2022 to 2024, indicating a steady improvement in profitability [3][18]. - Accounts receivable have risen significantly, with balances of 297 million yuan, 407 million yuan, 601 million yuan, and 823 million yuan, which accounted for 36.86%, 32.91%, 29.75%, and 69.68% of revenue respectively [3][18][19]. Order and Inventory Trends - Despite revenue growth, the company's order backlog has decreased, with figures of 1.767 billion yuan, 5.175 billion yuan, 3.613 billion yuan, and 2.491 billion yuan over the same period, reflecting a decline due to accelerated capacity clearance in the photovoltaic sector [5][20]. - Inventory levels have fluctuated, with amounts of 921 million yuan, 3.066 billion yuan, 2.146 billion yuan, and 1.371 billion yuan, indicating potential risks associated with inventory management [26]. Cash Flow and Debt Concerns - The company reported negative net cash flow from operating activities in 2024, primarily due to increased procurement and a decline in new orders, which could lead to liquidity issues [22][23]. - The debt-to-asset ratio has been high, with figures of 81.95%, 91.59%, 82.33%, and 75.37%, raising concerns about financial stability and investor confidence [23][24]. Governance and Control Risks - The company's ownership structure is highly concentrated, with the controlling shareholder holding 71.28% of the shares, which may raise governance concerns during the IPO review process [27][28]. - There is pressure from a performance-based agreement with investors, which could influence the urgency of the IPO process [28][29]. Industry Context - The photovoltaic industry is experiencing rapid growth, with an expected global installation of approximately 530 GW in 2024, but also faces challenges such as overcapacity and supply-demand imbalances [29]. - Technological advancements in solar cell technology present both opportunities and risks, as the company must adapt to potential shifts in technology to maintain its competitive edge [29].