Core Viewpoint - The company, Futec Technology (301607), has responded to the Shenzhen Stock Exchange's inquiry regarding its stock issuance, highlighting its high customer concentration as a characteristic of the industry and market strategy, significant growth in overseas revenue, and stable R&D investment [1] Customer Concentration - The company's top five customers accounted for sales percentages of 95.61%, 96.14%, 93.99%, and 81.79% over the reporting periods, with over 50% of sales from a single customer, GAC Group, in 2023 [2] - The high customer concentration is attributed to the high concentration in the electric vehicle industry, with the top ten domestic manufacturers accounting for 76.74% of retail sales in 2025 [2] - The company has adopted a strategy of focusing on high-quality customers, entering the supply chains of major manufacturers like GAC, NIO, Xiaomi, and Renault, and expects a decrease in customer concentration by 14.35 percentage points by 2025 [2] Overseas Revenue Growth - The company's overseas revenue surged from 976,800 yuan in 2022 to 437,698,300 yuan in the first nine months of 2025, representing 17.14% of its main business revenue [3] - The growth is primarily driven by the Renault automotive project, which began mass production in 2024, and the company is also working on projects with Stellantis and a major European luxury brand [3] - Customs data indicates a discrepancy rate of only 0.02%-0.05% between overseas sales and accounting records, with a collection rate of 93.11% [3] Accounts Receivable and Inventory - As of September 2025, accounts receivable amounted to 1,277,089,300 yuan, representing 37.42% of operating income, an increase from 20.57% in 2023 [4] - The aging analysis shows that 97.91% of accounts receivable are within one year, with a normal collection rate of 42.05% for the top five customers [4] - Inventory at the end of the period was 728,193,200 yuan, with 89.68% being less than one year old, and a write-down provision of 6.77% for slow-moving items [4] R&D Investment - The company's R&D expenses were 113,268,600 yuan, 211,204,200 yuan, 200,082,900 yuan, and 193,994,800 yuan over the reporting periods, accounting for 6.86%-11.51% of revenue [5] - The focus of R&D investment includes fifth-generation vehicle power supplies, 800V systems, and 11kW integrated products, with all R&D expenditures being expensed in accordance with accounting standards [5] Fundraising Projects - The company plans to raise 528,222,000 yuan for automotive parts projects, a second base acquisition, new product development, and working capital [6] - The third-phase project aims to enhance automation and is expected to generate an additional annual revenue of 1.071 billion yuan and a net profit of 46.372 million yuan upon reaching full capacity [6] - The company asserts that the fundraising will not exacerbate customer concentration, as it targets both existing and new overseas customers [6]
富特科技回应定增问询 客户集中度较高符合行业惯例 境外收入占比达17.14%