CATL(300750) 每日经济新闻·2025-03-25 22:41Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. is facing challenges in its IPO process due to pricing issues with key clients, including CATL and Nantech, which have led to unfavorable cooperation situations [1][5]. Group 1: Client Relationships and Sales Performance - Dingjia Precision's products are primarily used in the consumer electronics sector, with a high client concentration. The top five clients contributed 51.49%, 47.46%, and 50.07% of revenue from 2021 to 2023, respectively [2][3]. - The largest client, Compal Electronics, accounted for 18.77%, 18.29%, 22.76%, and 21.94% of revenue from 2021 to 2024, indicating a strong dependency on this client [2][3]. - Sales to Compal Electronics fluctuated in line with the company's overall revenue, which was 392 million, 329 million, and 367 million from 2021 to 2023, showing a correlation with Compal's purchasing needs [5][6]. Group 2: Pricing and Market Conditions - In 2024, Dingjia Precision's sales prices for major clients generally decreased, with a notable drop of 6.89% for Compal's functional products and 16.08% for products sold to Jiteng International [11][12]. - The company has been unable to meet Nantech's price reduction demands, leading to a temporary halt in orders from this client [1][11]. - The overall pricing pressure is attributed to increased competition and changing market demands in the consumer electronics industry [11][12]. Group 3: IPO and Fundraising Plans - Dingjia Precision initially aimed to raise 400 million for various projects but later reduced the target to 303 million after shifting its IPO focus to the Beijing Stock Exchange [13][14]. - The company canceled a project related to protective materials production, citing market conditions and internal resource optimization as reasons for the change [14][17]. - The planned expansion of production capacity for functional products is significant, with an expected increase of approximately 1.5 billion units annually, despite concerns about the ability to absorb this new capacity [17].