Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-11-11 14:40Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue but decreasing sales concentration among its top five customers, alongside a significant proportion of accounts receivable relative to total assets [1][2][4]. Financial Performance - The company reported revenues of 491 million, 539 million, and 627 million yuan for the years 2022, 2023, and 2024 respectively, with net profits after deducting non-recurring items of 87.26 million, 114 million, and 135 million yuan for the same years [2][4]. - Total assets increased from 558.96 million yuan in 2022 to 911.80 million yuan in 2024, while equity attributable to shareholders rose from 411.95 million yuan to 642.49 million yuan during the same period [3][4]. - The company's net profit margin improved, with net profits of 91.31 million, 116.95 million, and 141.03 million yuan for 2022, 2023, and 2024 respectively [3][4]. Customer Concentration - Sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with their contribution to total sales dropping from 10.94% to 7.15% [4]. - The sales amount to the largest customer also declined from 15.89 million yuan in 2022 to 11.15 million yuan in 2024, indicating a diversification in the customer base [4]. Accounts Receivable - Accounts receivable accounted for over 30% of total assets, with values of 214 million, 237 million, and 294 million yuan at the end of 2022, 2023, and 2024 respectively [4][6]. - The proportion of accounts receivable to total revenue was 43.53%, 44.08%, and 46.84% for the respective years, indicating a growing reliance on credit sales [4][6]. Cost Management - The gross profit margin improved from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [9]. - The company's selling expense ratio was significantly lower than industry averages, at 4.17%, 4.49%, and 4.52% compared to the industry average of 11.71%, 9.91%, and 9.84% [9][10]. - Management expense ratios were also below industry averages, at 3.98%, 4.09%, and 4.51% compared to the industry averages of 9.72%, 8.93%, and 8.73% [9][10].