罕见！IPO企业CFO等关键高管均来自大客户&股东

Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange, with a target submission date of December 31, 2024, and a financing goal of 1.88 billion yuan [1][2]. Company Overview - Delijia was established in 2017 and has rapidly ascended to become the third-largest player globally and the second-largest in China in the wind power gearbox sector [7]. - The company has a close relationship with SANY Heavy Energy, as many of its executives and board members come from this parent company [10]. Key Personnel Changes - The appointment of Li Changping as CFO in July 2023 marked a significant turning point for Delijia, as she previously served as the financial vice president at SANY Heavy Energy and was involved in its IPO process [3][10]. - Li Changping holds 0.31% of the company's shares through an employee stock ownership plan [3]. Financial Performance - For the fiscal year ending December 31, 2024, Delijia reported total assets of 666.21 million yuan, a net profit of 5.34 million yuan, and a revenue of 371.53 million yuan, reflecting a decline of over 15% in both revenue and profit compared to the previous year [15]. - The company's asset-liability ratio improved to 57.20% from 65.18% in the previous year [15]. Customer Concentration - Delijia's revenue is highly concentrated, with the top five customers accounting for 94.73% of total sales in 2024. Major clients include Goldwind Technology, SANY Heavy Energy, and Envision Energy [12][13]. - SANY Heavy Energy is the second-largest shareholder, holding 28% of the company, while Envision Energy holds 15.27% through Binjing Investment [14]. Market Challenges - The company faces challenges as its major client, Envision Energy, has begun producing its own wind power gearboxes, leading to a significant reduction in procurement from Delijia by over 70% in 2024 compared to 2023 [10][14].