Summary of Jinxi Axle Co., Ltd. Non-Operating Fund Occupation and Other Related Fund Transactions Audit Report Core Viewpoint The audit report provides a detailed overview of non-operating fund occupations and related transactions involving Jinxi Axle Co., Ltd., highlighting the financial interactions with its controlling shareholders and affiliated enterprises. Group 1: Non-Operating Fund Occupation - The report outlines the non-operating fund occupation by controlling shareholders and their affiliated enterprises, detailing the amounts involved and the nature of these transactions [2][3][6]. - Specific figures indicate that the total non-operating fund occupation amounts to 1,495.02 million yuan, with a cumulative occurrence of 17,295.50 million yuan [7]. Group 2: Related Party Transactions - The report lists various related party transactions, including sales of goods and provision of services, with significant amounts recorded for accounts receivable [4][5]. - For instance, transactions with Jinxi Industrial Group and other related parties show substantial figures, such as 440.00 million yuan for accounts receivable from Jinxi Industrial Group [3][5]. Group 3: Financial Relationships - The audit highlights the financial relationships between Jinxi Axle Co., Ltd. and its controlling shareholders, emphasizing the nature of these transactions as either operational or non-operational [2][6]. - The report also notes that the transactions are primarily categorized under sales of goods and service provisions, indicating a mix of operational and non-operational financial interactions [4][6].

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, indicating strong growth potential in the automotive seating business and other sectors [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.276 billion yuan, a year-on-year increase of 49.9%, and a net profit attributable to shareholders of 137 million yuan, up 50.3% year-on-year [1][2]. - For Q4 2024, revenue reached 778 million yuan, reflecting a year-on-year growth of 55.9% and a quarter-on-quarter increase of 52.2% [1][2]. - The gross margin for 2024 was 17.4%, an increase of 1.2 percentage points year-on-year, with Q4 gross margin at 19.0% [2]. Business Expansion - The company has successfully secured numerous project orders from various domestic brands and new car manufacturers, leading to increased production capacity [2][3]. - The automotive seating business is expected to grow significantly, with a core R&D team in place and collaborations with several well-known automotive companies underway [2][3]. Customer Base and Market Position - The company has expanded its customer base from the Lear Group to cover mainstream Tier 1 suppliers, with significant revenue contributions from these partnerships [3]. - New orders expected to generate a total of 60.59 billion yuan in revenue over five years, contributing approximately 12.12 billion yuan annually, which represents 53.2% of the company's total revenue for 2024 [3]. Long-term Growth Opportunities - The company is diversifying into the railway sector, having won a bid for a railway container project worth 587 million yuan, which is set to enhance future performance [4]. - The company is also preparing to supply high-speed train seats, indicating further growth potential in the transportation sector [4]. Future Projections - Revenue projections for 2025-2027 are 3.139 billion yuan, 4.091 billion yuan, and 5.114 billion yuan, respectively, with net profits expected to reach 204 million yuan, 297 million yuan, and 386 million yuan [5][6]. - The company maintains a favorable PE ratio forecast, indicating strong market confidence in its growth trajectory [5][6].

大华会计师事务所（特殊普通合伙）关于对 广东华铁通达高铁装备股份有限公司 〔2023〕第 120 号关注函的回复 大华特字[2023]000543 号 大华会计师事务所 ( 特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 大华会计师事务所（特殊普通合伙）关于对 广东华铁通达高铁装备股份有限公司 〔2023〕第 120 号关注函的回复 目 录 页 次 大 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） 关 于 对 广 东 华 铁 通 达 高 铁 装 备 股 份 有 限 公 司 〔 2023 〕 第 120 号 关 注 函 的 回 复 大华特字[2023]000543号 深圳证券交易所： 广东华铁通达高铁装备股份有限公司(以下简称华铁股份或公 司)，2023 年 1 月 31 日收到贵所的《关于对广东华铁通达高铁装备 股份有限公司的关注函》（公司部关注函〔2023〕第 120 号），针对关 注函中所涉及的会计师发表意见的事项，我们进行进一步检查和复核， 具体说明如下： 问题 1：业绩预告显示， ...