[코스닥 유동성 점검] 서진시스템, 공격적 투자 속 '현금 가뭄' 심화

Seo Jin Systems faces a critical gap between revenue growth and cash generation, with persistent negative free cash flow since 2020 driven by aggressive CAPEX expansion. Short-term debt financing increasingly substitutes for operating cash flow, raising liquidity risks and refinancing vulnerabilities. The structural mismatch suggests the company's growth strategy depends heavily on successful investment returns and continued market access.