第一大客户为关联方，这公司IPO

Core Viewpoint - Chaoyang Jinda Titanium Industry Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of sponge titanium products, and has established itself as a leading player in the domestic market and a competitive entity internationally [1]. Financial Performance - In 2024, the company's revenue decreased by 7.43% year-on-year to 1.559 billion yuan, while the net profit attributable to the parent company increased by 4.35% to 121.39 million yuan [1]. - The company reported fluctuating cash flow from operating activities, with net cash flow of -31.5 million yuan in 2023 and 12.8 million yuan in 2024 [2]. Revenue and Profit Forecast - For the fiscal year 2025, the company expects revenue to be between 1.65 billion and 1.7 billion yuan, representing a growth of 5.82% to 9.03% compared to the previous year [3][4]. - The net profit attributable to the parent company is projected to be between 179 million and 184 million yuan, indicating a growth of 47.46% to 51.58% [3][4]. Customer Concentration and Risks - The largest customer is the Northwest Nonferrous Metal Research Institute, which has a significant stake in the company, contributing 33.91% of revenue in 2025 [7][9]. - The company faces scrutiny regarding the sufficiency of revenue verification and risks associated with declining performance, particularly as sales prices for sponge titanium have been decreasing [5][6]. Product Pricing Trends - The average selling price of aerospace-grade sponge titanium has decreased from 77,400 yuan/ton in 2022 to 54,200 yuan/ton in 2024, while high-quality sponge titanium prices have also seen a decline [11][14]. - Despite the drop in selling prices, the cost of raw materials has also decreased, which has helped mitigate some of the financial impact [14][16]. Regulatory Compliance - The company was fined 310,000 yuan in July 2022 for safety production violations, highlighting potential regulatory risks [18].