从深交所折戟到北交所过会，鼎佳精密仍藏行业需求萎缩、产能消化等隐忧

Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, with its prospectus submitted on April 30, 2023. The company specializes in the design, research and development, production, and sales of functional and protective products for consumer electronics, facing challenges such as high customer concentration, surging accounts receivable, and doubts about capacity digestion [1][2]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is reported as 329 million yuan, 367 million yuan, and 408 million yuan respectively, while the net profit for the same years is 53.57 million yuan, 51.95 million yuan, and 59.55 million yuan, indicating some volatility in performance [2]. - In 2022, the company experienced a revenue decline of 15.99% and a net profit decrease of 30.10% due to reduced orders from the consumer electronics sector. In 2023, revenue began to recover, but net profit still saw a slight decline of 3.03% [2][4]. Market Conditions - The consumer electronics industry, particularly the notebook computer segment, has been significantly impacted by macroeconomic fluctuations and global health events, leading to a notable decline in demand. The global shipment of notebook computers fell to approximately 220 million units in 2022, a year-on-year decrease of 11.2%, and further declined to about 199 million units in 2023, down 10.90% [4][5]. Customer Concentration and Accounts Receivable - The top five customers of Dingjia Precision, including Compal Electronics and Delta Electronics, accounted for 47.46%, 50.07%, and 46.10% of total revenue in the respective years of 2022, 2023, and 2024. The accounts receivable at the end of each year were 148 million yuan, 199 million yuan, and 220 million yuan, representing 44.86%, 54.26%, and 53.86% of total revenue, indicating a high level of accounts receivable [6][7]. Production Capacity and Utilization - The production capacity for functional products was 62,433.81 units in 2024, with a utilization rate of 86.50%, while protective products had a capacity of 8,536.27 units and a utilization rate of 75.45%. The company plans to expand its production capacity significantly through fundraising efforts [8][7]. Ownership Structure - The actual controllers of Dingjia Precision, Li Jieping and Cao Yun, are a married couple, holding a combined 89.77% of the voting rights in the company. The presence of family members in various management positions raises concerns about governance and potential conflicts of interest [9][10].