Core Viewpoint - The audit report confirms the revenue growth of Aizhuo Intelligent Technology is primarily driven by increased orders from key clients such as FAW and Chery, with revenue recognition compliant with accounting standards [1][5]. Revenue Growth Analysis - Aizhuo Intelligent's projected revenues for 2023 and 2024 are 218 million yuan and 369 million yuan, reflecting year-on-year growth rates of 9.93% and 68.95%, significantly surpassing industry averages of 7.93% and 15.98% [2]. - The net profit growth rate for 2024 is expected to be 65.42%, again well above the industry average of 26.48% [2]. - Key models contributing to revenue include the Hongqi H5 and Chery Tiggo 9, with the former generating 60.26 million yuan (19.23% of product revenue) and the latter 58.19 million yuan (18.57%) [2]. - The sales volume of the Tiggo 9 is projected to reach 71,000 units in 2024, leading to a revenue increase of 93.69% [2]. - The fourth-quarter revenue contributions are 26.05% for 2023 and 30.69% for 2024, aligning with industry norms due to seasonal demand [2]. Customer Structure and Order Sustainability - Aizhuo Intelligent has a stable customer base centered around FAW and Chery, with revenue contributions of 35.75% and 28.38% from these clients in 2024 [3]. - New projects for electric models are expected to contribute 2.45% of revenue from FAW in the first half of 2025 [3]. - Forecasted revenues for the years 2025-2027 from film products are 361 million yuan, 300 million yuan, and 311 million yuan, driven by models like the Hongqi H5 hybrid and Chery Tiggo 8 [3]. - New projects with Chery and Dongfeng are anticipated to add 1.03 million units in annual sales, supporting future revenue growth [3]. Cost Control and Efficiency - Aizhuo Intelligent's unit cost for film products is projected to decrease by 19% in 2024, attributed to an increase in capacity utilization from 82.20% to 104.07% [4]. - Direct labor and indirect costs have decreased by 34.86% and 25.00%, respectively, despite a temporary increase in costs due to the new factory [4]. - The company maintains a significantly lower expense ratio compared to industry averages, with sales expense ratios of 0.61% and 0.46% for 2023 and 2024, and management expense ratios of 3.50% and 3.59% [4]. - The average salary for sales personnel is 219,600 yuan in 2024, higher than the Shanghai average, but with a revenue generation of 1.843 million yuan per employee, indicating strong efficiency [4].

Core Viewpoint - The response from Jinzheng (Shanghai) Asset Appraisal Co., Ltd. provides detailed explanations regarding the asset evaluation and forecast issues related to the acquisition of assets by Fuxin Del Automotive Parts Co., Ltd., offering important insights for investors about the company's business prospects and financial status [1] Revenue Forecast - The management of the target company predicts revenues for the years 2025 to 2027 to be 341.42 million, 359.32 million, and 377.42 million respectively, with 2025 showing strong revenue realization of 261.38 million and an order backlog of approximately 88 million, indicating a 102% coverage of the forecasted revenue for that year [2] - Material costs as a percentage of revenue are projected to decrease from 68.44% to 63% over the forecast period, attributed to improved production processes and increased sales [2] - Operating profit margins for 2025 to 2029 are forecasted to range between 7.93% and 10.72%, compared to the average operating profit margins of comparable listed companies which were 8.00%, 8.81%, and 9.23% for the same period [2] Business Forecast Reasonableness Analysis - The main models supported by the target company include those for FAW and Chery, with sales data indicating strong performance and reasonable sales forecasts for models like the Hongqi H5 and Chery Tiggo series [3] - Revenue predictions are based on established projects and expected new projects, with a high degree of certainty due to long-term cooperation with major clients [3] - The target company's gross margin is expected to improve due to economies of scale and enhanced production efficiency, while the sales expense ratio is projected to remain lower than the industry average due to simpler product structures [3] - The operating profit margin is expected to be slightly above the industry average, reflecting the company's advantages in technology, customer resources, and cost control [3]

Core Viewpoint - Fuxin Del Automotive Parts Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing shares to purchase assets and raise supporting funds, focusing on Aizhuo Intelligent Technology (Shanghai) Co., Ltd. and addressing various concerns related to revenue, costs, expenses, and evaluation forecasts [1] Group 1: Performance and Growth - Aizhuo Intelligent has shown significant revenue growth, with reported revenues of 216.33 million yuan and 364.62 million yuan, reflecting growth rates of 9.93% and 68.95% respectively, driven by increased orders from major clients [2] - The net profit attributable to the parent company increased by 190.90% and 65.42%, surpassing the average growth rates of comparable companies in the industry [2] - The main business revenue of Aizhuo Intelligent accounts for over 98.50%, with growth influenced by the sales volume of key models such as Hongqi H5 and Chery Tiggo 9 [2] Group 2: Cost and Expense Management - Aizhuo Intelligent has experienced a decrease in the average procurement price of key raw materials, attributed to changes in product revenue structure and procurement scale efficiency [3] - The company maintains a low sales expense ratio compared to industry averages, due to a mature model for developing new clients and projects, as well as a streamlined sales team [3] Group 3: Evaluation and Forecasting - The revenue assessment for Aizhuo Intelligent is based on detailed predictions of expected vehicle sales, unit prices, and quantities, with a focus on both existing and anticipated projects [4] - The forecast indicates a decline followed by an increase in revenue, with material costs expected to decrease as business scales up and quality improves [4] - The predicted profit margins are expected to be higher than the reporting period and industry averages, with a cautious approach to forecasting [5]

Core Viewpoint - Del Shares (300473) has responded to the Shenzhen Stock Exchange's inquiry regarding the acquisition of assets and fundraising, focusing on the operational status and development prospects of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. [1] Group 1: Performance and Growth - Aizhuo Intelligent's revenue is projected to grow from 216.33 million yuan in 2023 to 364.62 million yuan in 2024, representing a growth rate of 68.95%, significantly higher than the industry average of 15.98% [2] - The net profit attributable to the parent company is expected to increase by 65.42%, also surpassing the industry average of 26.48% [2] - The revenue growth is primarily driven by increased orders from major clients such as Jiangsu Changshu Automotive Trim Group Co., Ltd. and China FAW Group Co., Ltd. [2] - Aizhuo Intelligent's products are widely used in popular models from brands like Hongqi and Chery, with significant revenue contributions from specific models [2] Group 2: Cost and Efficiency - The average procurement cost of key raw materials has decreased due to changes in product revenue structure and procurement scale benefits [3] - Aizhuo Intelligent's sales expense ratio is lower than the industry average, attributed to a mature model for developing new clients and projects, along with a streamlined sales team [3] Group 3: Assessment and Forecast - The revenue assessment for key models is based on historical data and market conditions, ensuring a cautious and achievable forecast [4] - The projected decline in material cost ratio is justified by business scale growth and improved yield rates [4] - The company has sufficient capacity to meet forecasted demand without the need for additional capital expenditures [4] Group 4: Fundraising and Financial Stability - Del Shares plans to raise up to 83 million yuan from no more than 35 specific investors to support Aizhuo Intelligent's projects [5] - The company has alternative funding solutions in place, including self-funding and bank loans, to address any shortfall in fundraising [5] - The fundraising outcome will not adversely affect the transaction implementation or the company's financial status [5]