汽车零部件生产商杰锋动力闯关北交所：七成收入靠奇瑞 去年前三季度净利下滑12%

Core Viewpoint - Jiefeng Power is planning to list on the Beijing Stock Exchange, but its heavy reliance on a single customer, Chery, raises concerns about its internal controls and sustainability of performance [1][4]. Group 1: Company Overview - Jiefeng Power focuses on the R&D, design, production, and sales of core automotive components, including exhaust systems, power systems, hydrogen fuel cell components, and intelligent suspension components [2]. - The company was established in partnership with Chery in 2005, with Chery initially holding a 75% stake [2]. - As of now, Jiefeng Power's largest shareholder is the American Jiefeng, while Chery remains the second-largest shareholder with a 15.34% stake [2]. Group 2: Customer Concentration - Chery has been a significant customer for Jiefeng Power, contributing over 70% of the company's revenue in 2024, with sales to Chery consistently accounting for 59% to 72% of total sales [4][5]. - The long-term partnership with Chery has led to an expansion of product offerings from exhaust systems to core components like engines and automatic transmissions [5]. Group 3: Financial Performance - In the first three quarters of 2025, Jiefeng Power's net profit decreased by 12% year-on-year, with revenue growth slowing to 8.77% [6]. - The company reported adjusted revenues of 10.63 billion, 17.07 billion, 21 billion, and 16.66 billion for the respective years, with net profits of 558.73 million, 1.31 billion, 1.45 billion, and 874.75 million [6]. - The gross profit margin for the reporting period was 19.18%, 20.37%, 18.13%, and 18.50%, with a noted decline in 2024 due to competitive pressures in the automotive market [6]. Group 4: Pricing and Sales Dynamics - The sales revenue from exhaust systems, Jiefeng Power's main product, accounted for 76.94%, 82.37%, 76.92%, and 76.91% of total revenue during the reporting period [7]. - The average selling price of exhaust systems has been declining, with prices dropping from 77.33 yuan per unit in 2023 to 69.67 yuan per unit in the first three quarters of 2025, a decrease of approximately 9.91% [7][8]. Group 5: Financial Structure and Cash Dividends - Jiefeng Power has a high debt-to-asset ratio, reported at 78.72%, 77.66%, 67.55%, and 69.73%, significantly above the industry average of 38.71% to 45.73% [10]. - Despite financial pressures, the company distributed nearly 1.49 billion in cash dividends during the reporting period [11]. - The company faces challenges with accounts receivable, which increased by over 20% compared to the end of 2024, indicating potential liquidity issues [9].