Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue while reducing customer concentration and improving profit margins due to declining raw material prices [1][2][4]. Revenue Growth - Jinqiao Dek's revenue for the reporting period was 491 million, 539 million, and 627 million yuan, with net profit after deducting non-recurring items at 87.26 million, 114 million, and 135 million yuan respectively [2]. - Despite revenue growth, sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with the proportion of sales to these customers dropping from 10.94% to 7.15% [2]. Accounts Receivable - The book value of accounts receivable was 214 million, 237 million, and 294 million yuan, accounting for 38.24%, 34.02%, and 32.22% of total assets, and representing 43.53%, 44.08%, and 46.84% of revenue for the respective years [3]. - The proportion of overdue accounts receivable was 23.37%, 22.71%, and 28.48%, with collection rates of 96.89%, 95.07%, and 79.49% [3]. Profitability and Cost Management - The gross profit margin increased from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [4]. - Sales expense ratios were significantly lower than industry averages at 4.17%, 4.49%, and 4.52%, while management expense ratios were 3.98%, 4.09%, and 4.51%, also below industry averages [4].

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue but decreasing sales concentration among its top five customers, alongside a significant proportion of accounts receivable relative to total assets [1][2][4]. Financial Performance - The company reported revenues of 491 million, 539 million, and 627 million yuan for the years 2022, 2023, and 2024 respectively, with net profits after deducting non-recurring items of 87.26 million, 114 million, and 135 million yuan for the same years [2][4]. - Total assets increased from 558.96 million yuan in 2022 to 911.80 million yuan in 2024, while equity attributable to shareholders rose from 411.95 million yuan to 642.49 million yuan during the same period [3][4]. - The company's net profit margin improved, with net profits of 91.31 million, 116.95 million, and 141.03 million yuan for 2022, 2023, and 2024 respectively [3][4]. Customer Concentration - Sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with their contribution to total sales dropping from 10.94% to 7.15% [4]. - The sales amount to the largest customer also declined from 15.89 million yuan in 2022 to 11.15 million yuan in 2024, indicating a diversification in the customer base [4]. Accounts Receivable - Accounts receivable accounted for over 30% of total assets, with values of 214 million, 237 million, and 294 million yuan at the end of 2022, 2023, and 2024 respectively [4][6]. - The proportion of accounts receivable to total revenue was 43.53%, 44.08%, and 46.84% for the respective years, indicating a growing reliance on credit sales [4][6]. Cost Management - The gross profit margin improved from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [9]. - The company's selling expense ratio was significantly lower than industry averages, at 4.17%, 4.49%, and 4.52% compared to the industry average of 11.71%, 9.91%, and 9.84% [9][10]. - Management expense ratios were also below industry averages, at 3.98%, 4.09%, and 4.51% compared to the industry averages of 9.72%, 8.93%, and 8.73% [9][10].