“小巨人”富士智能冲刺北交所，索尼、科大讯飞为主要客户

Core Viewpoint - On December 26, 2023, five companies, including Zhuhai Fuji Intelligent Co., Ltd. ("Fuji Intelligent"), had their IPO applications accepted by the Beijing Stock Exchange, marking the highest single-day IPO acceptance in December [1]. Group 1: Company Overview - Fuji Intelligent, established in 2004, focuses on the R&D, production, and sales of precision structural components for consumer electronics and automotive applications, recognized as a national-level specialized and innovative "little giant" enterprise [1]. - The company's products are primarily used in smart TVs, digital cameras, and new energy vehicle batteries, with a fully autonomous production system from material development to product manufacturing [1]. Group 2: Financial Performance - Fuji Intelligent's revenue for the years 2022 to 2024 is projected to be 569 million yuan, 862 million yuan, and 975 million yuan, respectively, with 542 million yuan achieved in the first half of 2025 [1]. - The net profit attributable to the parent company for the same period is expected to be 29.72 million yuan, 30.93 million yuan, and 81.84 million yuan, with 47.47 million yuan in the first half of 2025 [1]. - R&D investment as a percentage of revenue for the respective years is 4.32%, 3.23%, 3.55%, and 2.93% [2]. Group 3: Client Base and Market Dynamics - Major clients in the consumer electronics sector include Sony, LGE, Hisense, TCL, Skyworth, Changhong, iFlytek, and Fujifilm, while in the automotive precision components sector, products are supplied to companies like CATL and EVE Energy through clients such as Zhenyu Technology and Zhejiang Zhongze [2]. - The concentration of sales from the top five clients decreased from 58.11% in 2022 to 41.81% in 2024, indicating improved customer diversification [2]. Group 4: New Business and Challenges - In June 2023, Fuji Intelligent launched a new business in battery cell structural components, generating revenues of 70.63 million yuan, 149.62 million yuan, and 129.14 million yuan for the periods of July to December 2023, the fiscal year 2024, and the first half of 2025, respectively [2]. - However, the overall sales growth of the domestic new energy vehicle industry has begun to slow, which may adversely affect the production and operation of this new business [2]. Group 5: IPO Details - Fuji Intelligent is pursuing an IPO under the first set of listing standards on the Beijing Stock Exchange, with expected market capitalization of no less than 200 million yuan and net profit requirements met for the last two years [3]. - The company aims to raise approximately 308 million yuan, which will be allocated to projects including precision structural components for battery cells and vehicle-mounted cameras, as well as R&D innovation center construction and working capital [3]. - The sponsor for this IPO is Changjiang Securities Co., Ltd., and the auditing firm is Zhongxinghua Accounting Firm [3].