本报（chinatimes.net.cn）记者叶青 北京报道 江松科技高增长遇考 据天眼查，江松科技前身为成立于2007年10月9日的无锡市江松机械设备有限公司，2021年12月整体变 更为无锡江松科技股份有限公司，法定代表人为左桂松。江松科技是一家高端智能装备生产厂商，目前 主要从事高效光伏电池智能自动化设备的研发、生产与销售，是国内光伏电池智能自动化设备领域的龙 头厂商。 公司主要产品包括光伏电池扩散退火、PECVD、湿法制程等工序的智能自动化设备和其他光伏设备， 能够为客户提供智能、高效的全流程智能装备整体解决方案。招股书显示，2022年至2024年，江松科技 实现了营收与利润的快速增长。其中，营业收入分别为8.07亿元、12.37亿元和20.19亿元，三年间增长 150%；净利润分别为8835万元、1.31亿元和1.84亿元，扣非后净利润分别为8583.64万元、1.28亿元和 1.87亿元，盈利能力稳步提升。 值得关注的是，虽然业绩持续增长，但应收账款存在回收风险。据招股书，报告期各期末，公司应收账 款账面余额分别为2.97亿元、4.07亿元、6.01亿元和8.23亿元，占当期营业收入的比重分别为3 ...

Core Viewpoint - Jiang Song Technology is seeking to go public on the Shenzhen Stock Exchange amid a speeding up of IPOs in the A-share market, despite facing challenges in the photovoltaic industry due to supply-demand mismatches and potential bad debts from clients [1][4]. Company Overview - Jiang Song Technology, established in 2007, specializes in the research, production, and sales of intelligent automation equipment for high-efficiency photovoltaic cells, with products including diffusion annealing, PECVD, and wet process equipment [2]. - The company reported revenues of 807 million yuan, 1.237 billion yuan, and 2.019 billion yuan for the years 2022 to 2024, with net profits of 85.84 million yuan, 128 million yuan, and 187 million yuan respectively [2]. - The company plans to raise 1.053 billion yuan through its IPO, primarily for expansion and working capital, including investments in a photovoltaic intelligent equipment production base, a research center, and a precision machining base [2]. Management Team - Several board members have extensive experience in the photovoltaic industry, with backgrounds in major companies such as Lin Yang New Energy and Wuxi Suntech [3]. - The founder and actual controller, Zuo Guisong, holds 71.28% of the company's shares and has a history in mechanical equipment companies prior to founding Jiang Song Technology [2]. Financial Risks - The company has faced challenges with bad debts, having made provisions for over 60 million yuan due to issues with two cross-industry photovoltaic companies, Madi Technology and Bangjie Co., which have led to significant accounts receivable [4][5]. - As of the end of 2024, accounts receivable accounted for 29.75% of the company's revenue, indicating a growing concern over cash flow and client solvency [4]. Client Issues - Jiang Song Technology has reported that two major clients, Mianyang Xinhao New Energy Technology Co. and Yangzhou Bangjie New Energy Technology Co., have contributed to potential bad debts of approximately 64 million yuan [5]. - Mianyang Xinhao, previously a subsidiary of Madi Technology, and Yangzhou Bangjie, which has undergone ownership changes due to financial difficulties, have both resulted in significant provisions for bad debts by Jiang Song Technology [4][5].