镁佳股份冲击港交所，生产“依赖”代工，芯片采购集中度高

Core Viewpoint - Magnesium Technology Co., Ltd. has submitted an application for a main board listing, focusing on AI-driven integrated domain control solutions, despite incurring over 1 billion RMB in losses over the past three years [1][3]. Financial Performance - The company reported revenues of 388 million RMB, 1.513 billion RMB, and 1.42 billion RMB for the years 2022, 2023, and 2024, respectively, with cumulative losses exceeding 1 billion RMB [4][5]. - The gross profit margins for the same years were 19.0%, 12.1%, and 21.8%, indicating fluctuations in profitability [5]. - Operating cash outflows increased over the reporting period, with net cash outflows of 499 million RMB, 332.5 million RMB, and 560.7 million RMB, primarily due to investments in product development and customer acquisition [4]. Customer and Supplier Concentration - The company faces high customer concentration risk, with the top five customers contributing 92.8%, 91.2%, and 84.7% of total revenue during the reporting period [6]. - The largest single customer accounted for 52.8%, 53.0%, and 22.8% of total revenue in the respective years [6]. - Supplier concentration is also a concern, with the largest supplier providing 48.3%, 48.2%, and 34.3% of total procurement, and the top five suppliers accounting for 69.1%, 82.4%, and 77.2% of total procurement [6]. Operational Model - The company operates on an outsourcing model, relying on third-party manufacturers for the assembly and delivery of integrated domain control solutions, which exposes it to risks related to production delays and quality control [7][8]. - The absence of in-house manufacturing facilities means that any disruptions in the supply chain or production capacity at third-party manufacturers could adversely affect the company's operations [7]. Accounts Receivable and Turnover - Trade receivables have increased significantly, with amounts of 157 million RMB, 669 million RMB, and 649 million RMB reported for the years 2022, 2023, and 2024, respectively [9][10]. - The turnover days for trade receivables have also risen, indicating potential challenges in cash flow management [9]. Seasonal Fluctuations - The company's financial performance is subject to seasonal fluctuations aligned with the automotive production and sales cycles, typically peaking in the second and third quarters [11].