2024年扣非净利润同比下降20%，这公司北交所IPO

Core Viewpoint - Shenzhen Peicheng Electronic Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of battery power control systems and component application solutions, with a strong emphasis on innovation and technology [1][4]. Financial Performance - In the first half of 2025, the company achieved a revenue of 574.08 million yuan, a decrease from 732.89 million yuan in 2024, reflecting a year-on-year decline of 4.02%. The net profit attributable to the parent company was 81.68 million yuan, down 20.13% from the previous year [4]. - The company's revenue from battery power control systems was 371.89 million yuan, accounting for 64.78% of total revenue, while component application solutions generated 202.18 million yuan, making up 35.22% [3]. - The company reported a significant increase in revenue for the first nine months of 2025, reaching 885.53 million yuan, a growth of 76.49% year-on-year, driven by increased demand from downstream customers [4]. Client Relationships - BYD, a significant client in previous years, is no longer among the top five customers in the first half of 2025, although it remains the second-largest debtor in accounts receivable [7][10]. - The top five clients in 2025 accounted for 26.38% of total revenue, with the largest client contributing 8.49% [8]. Human Resources - The company has a total of 611 employees, with only two core technical personnel, both holding associate degrees, which raises concerns about the depth of technical expertise [13][14]. IPO and Fundraising - The company plans to raise 500 million yuan through its IPO, with 620 million yuan allocated for working capital and the remainder for capacity enhancement projects and R&D center construction [17][20]. - The feasibility and necessity of the fundraising projects have been highlighted as key points of inquiry by the Beijing Stock Exchange [17][21]. Asset Management - As of June 30, 2025, the company's fixed assets, particularly machinery and equipment, have a book value of 650.78 million yuan, representing 81.41% of total fixed assets [24][26]. - The company operates primarily on a light asset model, with most production and operational sites being leased rather than owned [24][26].