奇瑞依赖症待解 埃泰克IPO迎考

Core Viewpoint - Wuhu Aiteke Automotive Electronics Co., Ltd. (referred to as "Aiteke") is approaching a critical milestone in its IPO process, with a scheduled review by the Shanghai Stock Exchange on January 20, 2026, after nearly seven months of waiting [1][3]. Group 1: Company Overview - Aiteke specializes in the research, production, and sales of automotive electronic products, providing intelligent automotive electronic solutions and services across four core functional domains: body domain, intelligent cockpit domain, power domain, and intelligent driving domain [3]. - The company has shown consistent growth in revenue and net profit over the reporting periods, with revenues of approximately CNY 2.174 billion, CNY 3.003 billion, CNY 3.467 billion, and CNY 1.522 billion for the years 2022 to 2025 H1, and net profits of approximately CNY 917.034 million, CNY 1.91 billion, CNY 2.12 billion, and CNY 924.609 million for the same periods [3][4]. Group 2: Key Customer Relationship - Chery Automobile is both a major shareholder, holding 14.99% of Aiteke, and the largest customer, with sales to Chery increasing significantly over the years, reaching approximately CNY 600 million, CNY 1.057 billion, CNY 1.868 billion, and CNY 765 million, accounting for 27.6%, 35.21%, 53.89%, and 50.26% of Aiteke's revenue respectively [4][6]. - The increase in sales to Chery is attributed to the rising sales volume of Chery's vehicles and the growing intelligence level of the models sold [4]. Group 3: Accounts Receivable and Financial Metrics - Aiteke's accounts receivable have shown a growing trend, with balances of approximately CNY 745 million, CNY 1.081 billion, CNY 1.221 billion, and CNY 1.122 billion at the end of each reporting period, representing 34.26%, 36%, 35.22%, and 36.88% of the company's revenue respectively [6][7]. - The accounts receivable turnover ratio has been declining, recorded at 3.59 times, 3.29 times, 3.01 times, and 2.6 times for the years 2022 to 2025 H1, consistently below the average of comparable companies [7]. - The decline in turnover ratio is explained by increased sales to Chery, which often utilizes the Baoxiang supply chain platform for payments, leading to higher accounts receivable balances [7].