50%收入来自单一客户，资产负债率一度远超同行，这公司IPO

Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 171 million yuan, with significant growth in revenue and net profit observed in 2023, primarily driven by its main product, automotive fuel systems [1][3]. Company Overview - The company was established in November 2006 and transitioned to a joint-stock company in October 2021. It was listed on the New Third Board in May 2022, with a registered capital of 42.266 million yuan [2]. - The controlling shareholders are Gao Shichang and Gao Yongqiang, holding 67.20% of the total shares, with Gao Shichang serving as the chairman [2]. Financial Performance - The company reported significant revenue growth from 281.52 million yuan in 2022 to 514.86 million yuan in 2024, with net profit increasing from 17.78 million yuan to 69.95 million yuan during the same period [4]. - The gross profit margin improved from 23.54% in 2022 to 25.48% in 2024, indicating enhanced profitability [4]. Product and Market Focus - The main products are automotive plastic fuel tank assemblies, with a focus on both conventional and high-pressure tanks for traditional and new energy vehicles [3]. - In 2023, the company achieved a revenue of 51.49 million yuan from its main products, with a notable increase in sales to major clients such as Geely and Chery [6][10]. Customer Concentration - The company has a high customer concentration, with the top five clients accounting for over 95% of sales, and Geely alone representing more than 50% of total revenue [10][11]. - The sales revenue from Geely has shown fluctuations, with significant growth in certain models like the Boyue series, while other models have seen declines [6][10]. Cash Flow and Receivables - The company experienced a net cash flow from operating activities of 48.75 million yuan in 2024, a significant recovery from negative cash flows in previous years [4]. - Accounts receivable have been a concern, with their value increasing and constituting a high percentage of current assets, raising questions about revenue sustainability [5][10]. Research and Development - The company invests approximately 3.67% of its revenue in R&D, focusing on product development to meet the demands of its major clients [4]. Tax and Compliance Issues - The company has faced scrutiny regarding tax rates and internal transactions with subsidiaries, but it has reported no violations or penalties related to tax matters [21]. Employee and Labor Practices - The company has shown improvement in social insurance and housing fund contributions, with compliance rates increasing over the years, although there were instances of non-compliance [22][23].