联讯仪器：盈利质量不佳叠加股权乱象，高募资合理性遭拷问｜IPO观察

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is set to go public on the Sci-Tech Innovation Board, aiming to raise 1.954 billion yuan through an IPO, despite significant concerns regarding its financial health and valuation growth [2][11]. Financial Performance - The company reported substantial revenue growth from 214.39 million yuan in 2022 to 788.63 million yuan in 2025, with net profits turning from losses of 37.89 million yuan and 56.70 million yuan in 2022 and 2023 to profits of 140.88 million yuan and 97.68 million yuan in 2024 and the first nine months of 2025 [3][4]. - However, the quality of earnings remains poor, with operating cash flow to net profit ratios below 1, indicating potential issues with cash generation [3][4]. Accounts Receivable Concerns - Accounts receivable have surged, with balances increasing from 89.63 million yuan at the end of 2022 to 400.02 million yuan by September 2025, representing 41.81% to 37.24% of revenue during the same period [4][5]. - The overdue accounts receivable also rose significantly, with overdue amounts increasing from 27.44 million yuan in 2022 to 155.88 million yuan in 2025, raising concerns about the company's credit policies and collection efficiency [4][5]. Stock Incentive Issues - The company has consistently implemented stock incentives, with share-based payment expenses remaining around 39.44 million yuan to 48.45 million yuan annually, totaling 165.16 million yuan over three and a half years [5][6]. - Notably, stock incentives were granted to individuals who had not yet joined the company, raising questions about the transparency and rationale behind these decisions [6][8]. Valuation and Fundraising Scrutiny - The company's valuation skyrocketed by 2.7 times within nine months in 2022, with a post-investment valuation reaching 3 billion yuan by December 2022, raising concerns about the sustainability and justification of such rapid growth [9][12]. - The proposed fundraising of 1.954 billion yuan is 2.42 times the company's net assets of 809 million yuan, prompting market skepticism regarding the rationale behind this high fundraising target [11][12].