联讯仪器：连续2年亏损却分红3606万、有2.54亿元现金、8000万理财，募1.5亿补流，陷专利诉讼、应收款与坏账计提暴增 一边是连续亏损仍坚持给股东分红，一边是应收账款和存货规模如滚雪球般膨胀，这家成立仅八年的测试仪器公司，正带着一身争议向资本市场发起冲 刺。 苏州联讯仪器股份有限公司的科创板IPO申请，在2025年8月15日获受理后，迅速吸引了市场的目光。这家公司计划募集19.54亿元资金，这一数额相当于 其当前总资产的1.35倍，更是净资产的2.75倍。 在光通信与半导体测试设备领域，联讯仪器确实展现出了令人瞩目的成长性。它的营收从2022年的2.14亿元跃升至2024年的7.89亿元，并在2024年成功扭 亏为盈，实现净利润1.4亿元。 但在这份光鲜的业绩增长背后，客户集中度高企、应收账款与存货规模激增、经营性现金流转负等问题也如影随形。 尽管身处黄金赛道，联讯仪器的财务表现却呈现出一种外热内冷的复杂图景，几个关键指标亮起了警示灯。 公司对少数大客户的依赖程度相当高。2022年至2025年一季度，其向前五大客户实现的销售收入占比，最低为42.64%，最高达到了62.64%。 这意味着，公司超过六成的 ...

Group 1 - As of August 20, 623 private enterprises in the A-share market have disclosed their semi-annual performance reports for 2025, with 528 companies achieving profitability, accounting for over 80% [1] - Among the profitable private enterprises, leading companies like CATL, Industrial Fulian, WuXi AppTec, and Great Wall Motors reported net profits exceeding 5 billion yuan in the first half of the year, with CATL leading at 304.85 billion yuan in net profit, a year-on-year increase of 33.33% [3] - The electronic, basic chemicals, and machinery equipment industries are the main profit drivers, with 67, 66, and 62 companies respectively achieving profitability [3] Group 2 - In the 318 companies with positive performance growth, small and medium-sized enterprises showed remarkable results, with 59 companies experiencing net profit growth exceeding 100%, and 17 companies with a market value below 5 billion yuan achieving profit doubling [3] - Continuous R&D investment and innovation capability are identified as key drivers for performance growth, with 125 companies having R&D expenditure accounting for over 5% of revenue, and 92 companies increasing their R&D intensity compared to the previous year [3] Group 3 - Seizing opportunities in emerging industries has become a significant engine for performance growth among private enterprises, with companies like Zhenlei Technology capitalizing on commercial aerospace and low-altitude economy, transitioning products from experimental to mass delivery [4] - Industrial Fulian and Weicai Technology are benefiting from the global surge in computing power demand, while Rockchip has seen a 191.61% year-on-year increase in net profit due to its AIoT product line's wide application in automotive electronics and robotics [4]

Core Viewpoint - The stock of 伟仕佳杰 (00856) has seen a price increase of over 3% during trading, currently at 9.29 HKD with a trading volume of 86.90 million HKD, indicating positive market sentiment towards the company [1] Group 1: Business Performance - 天风证券 reports that 伟仕佳杰's Southeast Asia business has established a diversified presence in nine countries, including Thailand, Singapore, the Philippines, and Malaysia, focusing on GPU, AI infrastructure, and consumer electronics [1] - The projected revenue for the Southeast Asia region is expected to increase significantly by 74% year-on-year in 2024, with net profit contribution around 51% [1] Group 2: Growth Drivers - The company is anticipated to benefit from three main drivers: rapid global demand for computing power, accelerated channel expansion in Southeast Asia, and the implementation of new directions such as electric vehicles and cross-border payments [1] - Forecasted net profit for the company from 2025 to 2027 is estimated at 1.251 billion, 1.532 billion, and 1.883 billion CNY, with corresponding growth rates of 30%, 22.4%, and 22.9% respectively [1] Group 3: Valuation Outlook - Given the sustained high growth in global computing power, accelerated digital infrastructure development in Southeast Asia, and the effectiveness of the company's diversified business layout, the current valuation of 伟仕佳杰 is believed to have significant upside potential [1]