青岛高测科技股份有限公司 编号：信评委函字2025跟踪 0731 号 青岛高测科技股份有限公司 声 明 中诚信国际信用评级有限责任公司 | 青岛高测科技股份有限公司 | | | --- | --- | | 本次跟踪发行人及评级结果 | 青岛高测科技股份有限公司 A+/稳定 | | 本次跟踪债项及评级结果 | "高测转债" A+ | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行 | | | 跟踪评级原因 | | | 跟踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | 本次跟踪维持主体及债项上次评级结论，主要基于青岛高测科技股份有限公 | | | 司（以下简称"高测股份"或"公司"）具备一体化服务优势、市场地位及 | | | 评级观点 | 竞争力较为稳定、债务期限结构有所改善以及融资渠道通畅等方面的优势。 | | 同时中诚信国际也关注到公司收入受光伏行业景气度下行影响出现较大幅 | | | 度下滑、利润产生亏损、经营获现能力有所弱化、新建产能的消化及盈利实 | | | 现情况存在不确定性等因素对其经营和整体信用状况造成的影响。 | | | 评级展望 | 12~18 个 ...

Core Viewpoint - The company, Qingdao High-tech Technology Co., Ltd. (referred to as "High-tech Co."), is facing significant financial challenges due to the downturn in the photovoltaic industry, leading to losses in 2024 and the first quarter of 2025. The founder, Zhang Xu, announced plans to diversify into the screw grinding equipment sector to explore new business opportunities [1][3]. Financial Performance - High-tech Co. experienced a net profit of 1.461 billion yuan in 2023, but the company has since entered a deep adjustment phase in the photovoltaic industry, resulting in a substantial decline in performance. By the fourth quarter of 2024, the company reported a single-quarter loss that wiped out profits from the first three quarters, leading to an annual loss and a net cash flow from operating activities dropping to -1.261 billion yuan [3]. - As of the end of 2024, accounts receivable aged 1-2 years surged 13 times to 886 million yuan, with bad debt provisions reaching 261 million yuan [3]. Industry Context - The photovoltaic industry is currently experiencing a severe downturn, exacerbated by oversupply in the silicon wafer segment, which has caused prices to plummet. High-tech Co.'s market value has decreased from over 23 billion yuan at its peak in 2022 to less than 6 billion yuan [3]. - The company has previously navigated industry challenges, such as the 2018 "531 photovoltaic policy," which temporarily led to losses. However, it managed to recover due to increased demand and product orders [3]. Strategic Shift - High-tech Co. is now focusing on the development of precision grinding technology for humanoid robots, aiming to enhance its research and development capabilities in this area. The company plans to develop screw grinding products that meet international standards, hoping to support domestic replacements in the industry [3]. - The market for screw grinding equipment is projected to reach 50 billion yuan over the next five years, indicating a significant opportunity for High-tech Co. in this new sector [3]. Industry Response - The challenges faced by High-tech Co. reflect broader pressures on photovoltaic equipment manufacturers. To alleviate accounts receivable pressure, the company has recently engaged in a debt-to-equity swap worth 100 million yuan with Runyang Co. This strategy has been adopted by other peers in the industry as well [4]. - The shift towards new business avenues is becoming a common consensus among industry players, with High-tech Co. aiming to replicate its previous successful transitions from tire testing to photovoltaic cutting and now to robot grinding [4].