联讯仪器IPO：扭亏，逾期应收激增

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. plans to raise 1.711 billion yuan through its IPO to fund five major projects, showing rapid revenue growth and a turnaround from losses to profits, but faces risks related to customer concentration and increasing overdue accounts receivable [1][5][12]. Group 1: Company Overview - Lianxun Instrument is a leading domestic high-end testing instrument manufacturer, focusing on electronic measurement instruments and semiconductor testing equipment [4]. - The company holds a 9.9% market share in China's optical communication testing instrument market, ranking third among competitors, and is the only domestic company in the top five [4]. - In the carbon silicon power device testing equipment market, Lianxun Instrument leads with a 21.7% market share in 2024 [4]. Group 2: Financial Performance - From 2022 to 2024, Lianxun Instrument's revenue grew from 214 million yuan to 789 million yuan, with a net profit turning from a loss of 37.89 million yuan in 2022 to a profit of 140.88 million yuan in 2024 [5][6]. - The company distributed cash dividends of 21.06 million yuan during its loss period in 2022, raising questions about the appropriateness of such actions amid tight operating capital [6]. Group 3: Customer Concentration and Revenue Distribution - The top five customers contributed 42.64%, 52.81%, 44.21%, and 36.94% of total revenue from 2022 to 2025 [8]. - A significant "long-tail effect" is observed, where approximately 10% of customers contribute about 75% of revenue, while 90% of customers generating less than 500,000 yuan account for around 30% of total revenue [9][11]. Group 4: Accounts Receivable and Inventory Risks - Overdue accounts receivable increased significantly, with amounts rising from 27.44 million yuan in 2022 to 115.10 million yuan in early 2025, representing nearly 40% of total accounts receivable [12]. - Inventory value surged from 70.73 million yuan in 2022 to 454 million yuan by the end of Q3 2025, with a higher provision for inventory impairment compared to industry averages [13].