实控人控股超7成，负债率曾达91.59％！江松科技IPO闯关，订单下滑胜算几何？

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, despite challenges such as overcapacity and declining orders [1][2]. Company Overview - Jiangsong Technology, established in 2007, specializes in high-end intelligent automation equipment for photovoltaic cells and has become a leading player in the industry, serving major clients like Longi Green Energy and Tongwei Co. [3][1]. - The company has shown rapid revenue and profit growth from 2022 to 2024, with revenues increasing from 807 million to 2.019 billion yuan, a 150% growth, and net profits rising from 88.35 million to 184 million yuan [3][4]. Financial Performance - Despite revenue growth, accounts receivable have increased significantly, with balances rising from 297 million to 823 million yuan, representing 69.68% of revenue in the latest period [3][4]. - The company reported a decline in backlog orders from 5.175 billion to 2.491 billion yuan, influenced by accelerated capacity clearance in the photovoltaic sector [5][6]. Cash Flow and Liquidity - Jiangsong Technology's net cash flow from operating activities has been inconsistent, with negative cash flow reported in 2024 due to increased procurement and reduced customer prepayments [8][12]. - The company's liquidity ratios, including current and quick ratios, are below industry averages, indicating potential short-term solvency issues [12][11]. Debt and Financial Risks - The company's debt-to-asset ratio has been high, peaking at 91.59%, raising concerns about financial stability and investor confidence [11][9]. - The high level of contract liabilities, driven by increased prepayments from customers, has contributed to the elevated debt ratio [11][12]. Governance and Control - The ownership structure is highly concentrated, with the controlling shareholder holding 71.28% of the voting rights, which may raise governance concerns during the IPO review process [15][16]. - The company faces pressure from a performance-based agreement with investors, which could influence its IPO timeline and strategy [16][17]. Industry Context - The photovoltaic industry is experiencing rapid growth, with global installations projected to reach approximately 530 GW in 2024, but challenges such as overcapacity and supply-demand imbalances are emerging [17][18]. - Technological advancements in solar cell technology present both opportunities and risks, as the company must adapt to potential shifts in industry standards [17][18].