2 1 Shi Ji Jing Ji Bao Dao·2025-09-08 23:06Core Viewpoint - The company, Shichang Co., Ltd. (920022.BJ), is set to be listed on the Beijing Stock Exchange, focusing on the development, production, and sales of automotive fuel systems, particularly plastic fuel tank assemblies for vehicles [1][2]. Group 1: Company Overview - Established in 2006, Shichang Co., Ltd. is recognized as a national key manufacturer of automotive fuel systems [1]. - The company has built a national-level CNAS laboratory and several production bases, and has been acknowledged as a "single champion" in manufacturing by the Hebei Provincial Department of Industry and Information Technology [3]. Group 2: Financial Performance - For the years 2022 to 2024, Shichang Co., Ltd. is projected to achieve total revenues of 282 million yuan, 406 million yuan, and 515 million yuan, with a compound annual growth rate (CAGR) of 35.23% [4]. - The net profit attributable to shareholders is expected to be 18.12 million yuan, 51.93 million yuan, and 69.24 million yuan for the same period, reflecting a CAGR of 95.50% [4]. Group 3: Market Position and Strategy - The company has established itself as a key supplier of high-pressure plastic fuel tanks for several major automotive manufacturers, including Geely and Chery, and is focusing on expanding its market share in the plug-in hybrid vehicle segment [3][4]. - Shichang Co., Ltd. has successfully developed plastic fuel tanks that meet the "National VI" standards, becoming one of the first companies to supply these products in bulk [3]. Group 4: Risks and Dependencies - The company heavily relies on Geely as its largest customer, with sales to Geely accounting for approximately 47.89%, 42.40%, and 50.45% of total revenue from 2022 to 2024 [5]. - There are potential risks associated with the rapid development of pure electric vehicles, which may reduce the demand for traditional fuel tanks, impacting the company's sales and financial performance [5].