Core Viewpoint - Hebei Shichang Automotive Parts Co., Ltd. is preparing for a listing on the Beijing Stock Exchange, with potential concerns regarding its production capacity data discrepancies and customer dependency issues being highlighted [1][2]. Production Capacity Data - The company claims a maximum production capacity of 970,000 units per year, but the prospectus for the Beijing Stock Exchange listing states the capacity is only 870,000 units, showing a discrepancy of 100,000 units or 10.31% [2]. - For 2024, the projected production capacity is 1,266,700 units, an increase from 975,000 units in 2023 and 870,000 units in 2022 [3]. Financial Performance - The company's revenue has shown consistent growth, increasing from 281.52 million yuan in 2022 to 514.86 million yuan in 2024, while net profit after non-recurring items rose from 15.70 million yuan to 61.21 million yuan during the same period [3][4]. - The production and sales rates have remained high, with a production utilization rate of 90.88% in 2024, slightly down from 92.74% in 2023 [3]. Customer Dependency - The company has a high customer concentration, with the top five customers accounting for 93.22%, 92.48%, and 95.56% of revenue over the reporting period. Notably, sales to the largest customer, Geely Automobile, increased from 134.81 million yuan to 259.74 million yuan, representing over 40% of total revenue, peaking at 50.45% in 2024 [4]. New Projects - A new project for an annual production of 850,000 plastic fuel tanks has been approved, with a total investment of 5.5 million yuan, expected to generate an annual output value of 400 million yuan upon completion in January 2025 [5][8]. - The company plans to raise 171.18 million yuan through this listing, with funds allocated to a project for producing 600,000 high-pressure fuel tanks at Zhejiang Xingchang Automotive Technology Co., Ltd. [5]. Pricing Discrepancies - There is a notable discrepancy in pricing for high-pressure fuel tanks, with the company’s reported selling price exceeding 500 yuan per unit, while a similar product from a subsidiary is priced at approximately 33 yuan per unit, indicating a difference of about 167 yuan or 33.4% [9].