Core Viewpoint - Huzhou Anda Automotive Parts Co., Ltd. has completed the second round of inquiry responses from the Beijing Stock Exchange, but the significant decline in its order amount for 2024 raises concerns about the sustainability of its performance growth [2] Company Overview - Anda Co. was established in 2005 and primarily engages in the R&D, production, and sales of precision aluminum alloy die-casting parts for automobiles, including components for power transmission systems, new energy systems, and suspension systems [4] - The company reported revenues of 658 million, 771 million, 924 million, and 469 million from 2021 to the first half of 2024, with net profits of 22 million, 18 million, 58 million, and 38 million respectively [4] Financial Performance - In 2024, Anda's revenue decreased by 1.44% year-on-year, while net profit saw a slight increase of 0.68%, a significant drop in growth rate of 213.41 percentage points compared to 2023 [4] - Historical data shows a decline in net profit from 63 million in 2018 to 18 million in 2022, indicating instability in performance [4] Order and Receivables Situation - As of the end of 2024, the company's order backlog was 78 million, down 14.57% year-on-year, posing a potential risk to annual performance stability [5] - Accounts receivable have been increasing annually, with balances of 100 million, 163 million, 205 million, and 193 million over the reporting period, representing 15.14%, 21.07%, 22.13%, and 20.54% of revenue respectively [5] - The accounts receivable turnover rate decreased from 5.94 to 4.72, indicating declining efficiency in capital turnover [5] Cash Flow and Debt Pressure - With reduced cash inflows from operating activities, the company's cash balance at the end of Q1 2025 was 60 million, compared to at least 217 million in short-term interest-bearing loans, indicating significant short-term debt repayment pressure [5]
安达股份IPO：业绩不稳定性加剧 短债偿还压力逐年加大
Xi Niu Cai Jing·2025-07-18 05:42