Core Viewpoint - The company, Shenzhen Lianying Laser Co., Ltd., reported a decline in overall revenue for 2024, with specific business segments experiencing varying performance, prompting regulatory inquiries regarding its financial disclosures and business operations [1][2]. Business Performance Summary - The company achieved a total revenue of 3.15 billion yuan in 2024, representing a year-on-year decrease of 10.33% [2]. - The revenue from the power and energy storage battery segment was 2.253 billion yuan, down 23.75% year-on-year, with a gross margin decrease of 3.54 percentage points [2]. - The consumer electronics segment saw a significant increase in revenue to 551 million yuan, up 261.95% year-on-year, with a gross margin increase of 2.6 percentage points [2]. - The automotive and hardware segment generated 194 million yuan, down 16.2% year-on-year, with a gross margin decrease of 4.63 percentage points [2]. Customer Sales Dynamics - The company provided insights into the sales changes among its top five customers across major business segments, indicating that sales fluctuations were due to uneven procurement and new capacity releases [9][10]. - The sales from the top five customers in the power and energy storage battery segment accounted for 60.91% of total sales, with a significant year-on-year decline of 33.51% [10]. - The company confirmed that the majority of its major customers are well-established, with long-term relationships, and that new customers do not have any significant related-party relationships [9][10]. Order and Revenue Recognition - The company reported that as of the end of 2024, its order backlog amounted to 3.5 billion yuan, with a year-on-year growth rate of 17.54%, indicating a positive trend in order acquisition [11]. - The revenue recognition for the fourth quarter of 2024 was 950 million yuan, reflecting a quarter-on-quarter increase of 27.69%, and accounted for 30.16% of the total annual revenue [19][20]. - The company confirmed that its revenue recognition practices comply with accounting standards, with detailed explanations provided for the timing of contract signing, delivery, and acceptance [20][23]. Accounts Receivable and Credit Risk - The accounts receivable balance at the end of 2024 was 1.843 billion yuan, an increase of 14.18% year-on-year, with over one year of accounts receivable amounting to 1.004 billion yuan [24][27]. - The company outlined its credit policies and the aging of accounts receivable, indicating that the transactions possess commercial substance and comply with accounting standards [27][28].

海外订单高增长，但难言拐点已至。 | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | 专注激光焊接，深度绑定宁德时代 联赢激光（688518.SH，下称公司）成立于2005年，于2015年挂牌新三板，2020年顺利登陆科创板， 并成为"科创板激光焊接第一股"。 公司控股股东为韩金龙，实际控制人为韩金龙和牛增强，第三大股东李瑾为韩金龙配偶。 公司股权结构较为分散。截至2024年三季度末，实控人合计持有上市公司12.22%的股份。 韩金龙和牛增强分别为公司董事长、副董事长，牛增强博士在创业之前曾长期在深圳大学担任讲师。 （来源：2023年报） （来源：招股书） 自成立以来，公司一直专注于激光焊接领域，主要产品为激光焊接自动化成套设备，还包括工作台、 激光器及激光焊接机，产品以定制化为主。 激光焊接与激光切割、激光打标共同构成激光加工技术的三驾马车，相比于后两者，激光焊接的发展 时间较短，工艺难度也相对更高。 公司产品广泛应用于动力电池、汽车制造、消费电子、光通讯等领域，客户包括宁德时代、比亚迪、 欣旺达、国轩高科、泰科电子、松下、三星等。 （来源：公司公告） 公司在宁德 ...