Mei Ri Jing Ji Xin Wen·2025-06-04 14:59Core Viewpoint - Dalian Meidel Industrial Automation Co., Ltd. (Meidel) is planning to list on the Beijing Stock Exchange after previously aiming for the Shenzhen Stock Exchange, amid declining revenue and net profit due to high customer concentration risks [1][2]. Group 1: Company Performance - In 2023, Meidel's revenue and net profit both declined, with revenues of 1.031 billion yuan in 2022, 1.009 billion yuan in 2023, and projected 1.138 billion yuan in 2024. Net profits were 222 million yuan, 205 million yuan, and 211 million yuan for the same years [4][5]. - The company's largest customer, BYD, saw its sales contribution drop from nearly 50% in 2022 to 10.25% in 2024, with sales amounts decreasing from 509 million yuan to 117 million yuan [5][7]. - The concentration of sales to the top five customers was 59.34% in 2022, 51.29% in 2023, and 47.50% in 2024, indicating a high dependency on a few clients [5][6]. Group 2: Customer Dynamics - The new largest customer, Xian Dao Intelligent, is also facing performance pressures, with revenue and net profit declining by 28.71% and 83.88% respectively in 2024, and further declines in the first quarter of 2024 [7]. - Despite the challenges faced by major clients, Meidel claims to have a stable customer base and strong brand recognition, which helps maintain customer loyalty [7][6]. - The company is expanding its market presence and diversifying its customer base, which is expected to reduce customer concentration risks over time [6][5]. Group 3: Strategic Adjustments - The decision to shift the listing target from the Shenzhen Stock Exchange to the Beijing Stock Exchange was based on the company's operational situation and strategic planning, in consultation with advisory institutions [2]. - The company's major shareholders include Zhang Yongxin, who holds 46.15% of the shares, and Chen Libo, who holds 22.99%, with Zhang recognized as the controlling shareholder [2][3].