产品均价跌跌不休，客户集中度高达84%，埃泰克募资15亿冲刺资本市场

Group 1 - The core viewpoint of the article is that Wuhu Aiteke Automotive Electronics Co., Ltd. is seeking to raise 1.5 billion yuan through its IPO, but faces significant dependency on a single customer, Chery, which poses risks to its independent growth [2][10] - Aiteke's main clients include domestic automakers such as Chery, Changan, and Geely, as well as new energy vehicle manufacturers like Li Auto and Xpeng [2][3] - The company has seen rapid revenue growth, with projected revenues of 2.174 billion yuan, 3.008 billion yuan, and 3.468 billion yuan from 2022 to 2024, alongside net profits of 94.14 million yuan, 197 million yuan, and 213 million yuan respectively [3][4] Group 2 - The average price of Aiteke's main products has been declining, with the average price of body domain electronic products dropping from 82.65 yuan per unit in 2022 to 72.48 yuan in 2024, despite a significant increase in sales volume [5][6] - The company's customer concentration is high, with sales to the top five customers accounting for 73.16%, 80.92%, and 84.38% of revenue from 2022 to 2024, indicating a heavy reliance on Chery, which contributed over 50% of revenue in 2024 [6][10] - Aiteke's gross margin for smart cockpit electronic products is significantly lower than industry peers, with margins of 11.49%, 13.78%, and 10.61% compared to an industry average of around 20% [12][13] Group 3 - The company has a high asset-liability ratio, with a consolidated asset-liability ratio of 62.43% in 2024, which is above the average of comparable companies [14] - Aiteke's R&D expenses as a percentage of revenue are lower than industry averages, at 5.19% in 2024 compared to an average of 9.78% for comparable companies, indicating potential underinvestment in innovation [14] - The company has a complex relationship with Chery, with significant historical ties and a high percentage of revenue derived from sales to Chery, raising concerns about its ability to diversify its customer base [7][10]