靠奇瑞汽车“撑业绩”，传感器厂商埃泰克谋上市，智能座舱毛利率远低同行、关联交易风险高悬

Core Viewpoint - Atech has restarted its A-share IPO process, changing its underwriter to Huatai United Securities, leveraging its leading position in the domestic vehicle body controller sector and the growth of the new energy vehicle industry [1][2]. Group 1: Company Overview - Atech was established in late 2002 as a joint venture between Australian-Chinese entrepreneur Chen Zejian and Chery Automobile, focusing on vehicle body control, intelligent cockpit, and autonomous driving [2][4]. - The company has seen significant revenue growth, with projected revenues of 2.174 billion, 3.008 billion, and 3.468 billion yuan for 2022, 2023, and 2024 respectively, alongside net profits of 91.75 million, 194 million, and 213 million yuan [2][3]. Group 2: Financial Performance - The main revenue source for Atech is vehicle body electronic products, expected to reach 1.917 billion yuan in 2024, accounting for 55.60% of total revenue, while intelligent cockpit electronic products are projected to generate 1.242 billion yuan, making up 36.02% [2][3]. - Atech's revenue from the top five customers accounted for 73.16%, 80.92%, and 84.38% of total sales during the reporting period, with Chery Automobile being the largest contributor [13]. Group 3: Market Position and Competition - Atech holds a 25.50% market share in the Chinese vehicle body BCM market for 2024, ranking first for three consecutive years, but faces competition from domestic firms like Desay SV and Joyson Electronics [6][12]. - The gross margin for Atech's vehicle body electronic products has improved from 12.13% in 2022 to 21.04% in 2024, although it remains lower than competitors [6][7]. Group 4: Dependency and Risks - Atech's reliance on Chery Automobile poses a risk, as over half of its revenue comes from this major customer, leading to high associated transaction risks [1][13]. - The company's accounts receivable from Chery accounted for nearly half of its total accounts receivable, raising concerns about potential impacts on operations if the partnership changes [13][15].