Jiwei Network News On December 23, the Shenzhen Stock Exchange officially accepted the listing application of Zhuhai Shangfu Electric Technology Co., Ltd. (hereinafter referred to as Shangfu Shares) on the ChiNext board.
According to the data, Shangfu Co., Ltd. is mainly engaged in the research and development, design, manufacturing and sales of automotive intelligent driving sensors and perception systems, and the main products are ultrasonic radar sensing systems, on-board image monitoring systems, on-board intelligent terminal systems, in-vehicle audio and video entertainment systems and millimeter-wave radar detection systems. The company adheres to the strategy of large customers and has formed a diversified customer group represented by traditional mainstream car companies, technology companies, new car manufacturing forces, and international parts giants.
High customer concentration
From 2018 to the first half of 2021 (hereinafter referred to as the reporting period), Shangfu Co., Ltd. achieved operating income of 249 million yuan, 295 million yuan, 341 million yuan and 261 million yuan respectively, and the corresponding net profit was 8.6256 million yuan, 20.4051 million yuan, 44.0140 million yuan and 32.8068 million yuan, respectively. Whether it is revenue or net profit, it has achieved a year-on-year growth trend.
Shangfu shares said that from 2018 to 2020, the revenue of the company's ultrasonic radar sensing system remained basically stable; from January to June 2021, thanks to the growth of purchase orders from FAW, SAIC and AUTOWATCH, the company's ultrasonic radar sensing system revenue grew rapidly.
In addition, the revenue of the company's on-board image monitoring system has grown rapidly, mainly because the company has continuously developed the business of in-stock customers such as Infull and Kemax on the basis of the growth of orders from existing customers FAW and SAIC. The company's vehicle intelligent terminal system and vehicle audio and video entertainment system are mainly supplied to FAW, with the company comprehensively strengthen the service to China FAW, FAW's orders in the company have increased year by year, so the company's vehicle intelligent terminal system and car audio and video entertainment system revenue growth during the reporting period is relatively fast.
During the reporting period, the sales revenue of Shangfu to the top five customers accounted for 69.78%, 79.15%, 74.58% and 79.70% of the operating income of each period, respectively. Among them, the company's sales revenue to the first major customer, China FAW and its subsidiaries, accounted for 29.43%, 43.68%, 45.15% and 53.88% of the operating income in each period, respectively, with a high degree of concentration and an upward trend.
Shangfu shares said that if the company fails to win the bid in the next year to continue to serve as a supplier of China FAW, or the company's supply share of China FAW is obtained by a large proportion of other competitors in the same industry, or the operating performance of China FAW fluctuates significantly, or the company's new customer expansion work progress is lower than expected or the expansion fails, it will adversely affect the company's future operating performance.
Raise 600 million yuan to invest in the construction of intelligent driving and other projects
According to the prospectus, The IPO of Shangfu Shares intends to raise 600 million yuan to build the intelligent driving headquarters base project, the construction project of the intelligent sensor and automatic driving technology (Chengdu) research and development center of Shangfu Zhigan Automobile and supplementary working capital.
Shangfu co., Ltd. pointed out that the intelligent driving headquarters base project will optimize the process production line of the innovative company's ultrasonic radar sensing system, vehicle image monitoring system, vehicle intelligent terminal system, and millimeter wave radar detection system, add multiple production lines for the above major products, introduce various production equipment to meet the process requirements of product patching, assembly, packaging, etc., and develop the AEB and ACC system research and development application fields of ultrasonic, imaging and millimeter wave technology multi-sensor integration.
At the same time, the construction project of Shangfu Zhigan Automotive Intelligent Sensor and Autonomous Driving Technology (Chengdu) R&D Center will promote the company to establish a more efficient R&D system, enhance continuous innovation capabilities, and rely on its own technological innovation to achieve continuous development of business scale and market position, and comprehensively enhance the innovation, creativity and creativity of the company's business.
Regarding the company's development strategy, Shangfu shares said that intelligent cars with autonomous driving functions have become the strategic direction of the development of the global automotive industry, and the company has always been the ultimate mission to achieve safer car driving, focusing on the research and development of intelligent driving sensors and perception systems for automobiles, and has always been around the strategic direction of intelligent driving assistance systems (ADAS) for product development and manufacturing. Through continuous research and development and manufacturing of high-quality automotive intelligent driving sensors and perception systems, automotive intelligent driving assistance system products, the company strives to become a world-class supplier of automotive intelligent driving sensors and perception systems.
(Proofreading/New)