5年贡献9亿元营收，承诺清理同业竞争的交易对手，何以成为洛凯股份第一大客户？

Core Insights - The article discusses the departure of Shao Jiaxu from Luokai Co., Ltd. and highlights the significant financial impact of the company's investment in Quanzhou Qixing Electric Co., Ltd. and Jiangsu Luokai Electric Co., Ltd. since 2017, with projected revenues exceeding 600 million RMB in 2022 [1][2] Group 1: Company Operations and Financial Performance - Luokai Co., Ltd. sold Quanzhou Qixing at a price reflecting a price-to-earnings (PE) ratio of over 5 times, which significantly affected its revenue [2][20] - Quanzhou Qixing has contributed over 1.8 billion RMB in revenue to Luokai since its establishment, showcasing strong financial performance post-separation from Qixing Electric Co., Ltd. [2][11] - From 2020 to 2024, Quanzhou Qixing's revenues were approximately 1.38 billion RMB, 2.55 billion RMB, 4.16 billion RMB, 5.60 billion RMB, and 4.71 billion RMB, totaling around 1.84 billion RMB [11][12] Group 2: Business Relationships and Transactions - The relationship between Luokai and Qixing Electric evolved from competitors to a significant customer-supplier dynamic, with Qixing becoming Luokai's largest customer by 2024, contributing approximately 210 million RMB in sales [7][11] - Luokai's investment in Quanzhou Qixing involved a capital injection of 51 million RMB, alongside annual rental payments for facilities and equipment, leading to substantial revenue generation [20][18] - The ongoing rental agreements between Quanzhou Qixing and Qixing Electric for production facilities indicate a continued interdependence despite the initial separation [16][18] Group 3: Future Outlook and Strategic Decisions - Luokai plans to divest its stake in Quanzhou Qixing for approximately 100 million RMB, valuing the company at 197 million RMB, with a PE ratio of about 5.4 times based on projected profits [23][24] - The decision to sell Quanzhou Qixing is attributed to differing future business strategies between Luokai and its partners, aiming to streamline operations and reduce related party transactions [24][23] - The anticipated exit of Qixing Electric from the related business by mid-2024 is expected to allow Quanzhou Qixing to operate independently [20][21]