近半营收靠奇瑞 大昌科技再闯IPO
Bei Jing Shang Bao·2026-01-08 15:57

Core Viewpoint - Anhui Dachang Technology Co., Ltd. (Dachang Technology) is attempting to relist on the ChiNext board after withdrawing its previous IPO application over a year ago, with significant revenue dependence on its largest customer, Chery Automobile [1][2]. Group 1: Company Overview - Dachang Technology specializes in the research, production, and sales of automotive parts and related tooling, with main products including body structure assemblies and chassis components [2]. - The company has experienced revenue fluctuations, with projected revenues of approximately 816 million yuan, 1.255 billion yuan, and 1.171 billion yuan for 2022, 2023, and 2024 respectively, and corresponding net profits of about 73.54 million yuan, 104 million yuan, and 91.40 million yuan [2]. Group 2: Customer Dependency - Dachang Technology's revenue is highly concentrated, with sales to its top five customers accounting for 89.24%, 88.9%, 87.33%, and 80.71% of its main business income over the reporting periods, and sales to Chery Automobile representing 57.18%, 56.95%, 59.05%, and 51.89% respectively [2][3]. - As of the third quarter of 2025, sales to the top five customers accounted for approximately 75.94% of total revenue, with Chery's contribution at about 48.82% [3]. Group 3: Financial Health - The company has a significant amount of receivables, with total accounts receivable and notes receivable amounting to 445 million yuan, 781 million yuan, 661 million yuan, and 640 million yuan at the end of each reporting period, representing 29.99%, 41.42%, 36.58%, and 34.2% of total assets respectively [3]. Group 4: IPO Details - The current IPO application aims to raise 502 million yuan, an increase from the previous target of 374 million yuan, with net proceeds intended for investment in various projects including an intelligent automotive parts factory and production lines [4]. - The company has changed its sponsor from Guoyuan Securities to Zhongyin International Securities for this IPO attempt, following regulatory scrutiny of the previous sponsor's conduct [4][5].