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author:MF manufacturerstime:2022-03-16 15:18:56

Researcher at Times Business School Sun Mu Lin

Times Business School Internship Researcher Li Ruohong


Be“first grade supplier”But I can't directly interface with automakers.,Product sales are seriously dependent on third party intermediaries,Guangzhou Jinzhong Auto Parts Co., Ltd.(Hereinafter referred to as“Jinzhong Shares”)Although it has passed,But its existence of independent business capabilities still can't ignore。


According to the official website of Shenjiao,Jin Zhong shares have been4moon22Day through the Shang Municipal Committee,Mandarin,Sponsive institution is Nanjing Securities Co., Ltd.,Sponsor representative of Feng Yan and Cui Chuanyang。The company is mainly engaged in research and development of automotive outer decorations.、Production and sales。


Times Business School reviews its statement and inquiry letter reply,Jin Zhong shares due to its own universal supplier supplier code,For years, share supplier code with the first major customer,Supplier qualification。at the same time,North American Market as the main export target market for Jinzhong shares,Its market development and product sales cannot be carried out independently,And nearly 70% of the camps in the reporting period,Self-developing customers only account for about two%,Terrorism constitutes serious dependence,Its independent business ability。

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4moon2day,Times Business School to send a letter to Jinzhong Shares on the above related issues,But as of it, the company still has not responded.。


one、Sharing supplier code with big customers,Related product relying on sale


According to Jinzhong shares official website,Jin Zhong shares is a unique professional automobile internal and outer accessories manufacturing company,Successfully entered the supply system of world main vehicle manufacturers,The production of automotive interior and outer accessories has global supply capabilities,And the technical and quality are in the international advanced level。

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However,So much“excellent”company of,But there is a big customerDAG LTD,LLC(Hereinafter referred to as“DAG”)Shared supplier code。Here,The third round of the third round of auditing inquiries inquiries to the Jinzhong shares。


Generally,Supplier code is not only a certificate of business to meet customer indicators,It is also an important identification mark that customers distinguish and record different supply business services.,Each supplier's code should be unique in the system。


According to the prospectus,Golden Clock SharesDAGGM、Ford、Chrysler and Tesla supplier。However,Chrysler and Tesla have identified the first-level supplier asDAG,Jinzhong Shares did not receive the supplier code of the above two companies。


Jin Zhong shares said to this,DAGAs a supplier with other parts companies as a supplier is its business,But aboutDAGWhether or not other companies have a shared supplier code,Jinzhong shares,DAGDo not disclose corporate privacy。


It is worth noting that,The presentation also shows,Jinzhong Shares on the supplier name displayed by the Ford Automotive American Factory and Changan Ford and Ford Asia-Pacific Factory is also inconsistent.。In the case where Ford Motors have supplied businessmat codes,Jinzhong Shares Supply the supplier name of its American factories still displayedDAG,When supplying other markets, it is displayed as Jinzhong Shares.。


Reasons for the supply of merchants from Chrysler and Tesla,Jin Zhong shares explained in the prospectus,This is because the vehicle manufacturer's audit process is strict and long,So decidedDAGComplete supplier certification,Accelerate the development of the North American market。

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If it is the beginning of the business,Jinzhong Shares do this decision still understand,However, the statement shows,The cooperation between Jinzhong Shares and Chrysler began2007year,Start with Tesla's cooperation2012year。Cooperate with two automakers14Year9Year,Why did I have not yet acquired a supplier code??This is not forbidden to be suspected whether the golden shares have defects in obtaining supplier qualifications.,In addition, it has been unable to review the supplier qualification for many years.。


Supplier indicator assessment is generally usedQCDSTAPsystem,Among the quality(Quality)、cost(Cost)Delivery with delivery(Delivery)Three indicators are the hard end of the supplier management performance,If these three indicators do not meet the standard, they will directly lead to suppliers from the supplier assessment.。


also,Due to Ford、Chrysler and Tesla's requirements for product supply,Jin Zhong shares cannot be directly docked with the above-mentioned vehicle manufacturers,Its product sales are completely dependentDAGCarry out。


According to the prospectus,2018—2020year(Hereinafter referred to as“During the reporting period”),Jinzhong Shares reliesDAGRevenue meter implemented to the above three vehicle manufacturers1.23Billion、1.4Billion1.22Billion,The proportion of business income in the same period is exceeded30%。


In the present,Jinzhong shares,Although it isDAGDependency,But does not constitute a major impact。


But the Times Business School believes,Supplier code is a comprehensive manifestation of enterprise management performance capabilities,The establishment of Jin Zhong shares that have been relying on for many yearsDAGMain business,The company's business independence。If the Comment of Jinzhong SharesDAGThere is a change in cooperation between cooperation,It is likely to directly lead to the qualifications of Chrysler and Tesla suppliers.,Product storage model will not be possible,And the endless operational capacity of the conventional shares will adversely affect。


two、Self-employed revenue is only20%,Independent customers


exist4moon22At the Shang Municipal Committee of the Municipal Party Committee,Jin Zhong sharesDAGThe degree of dependence is subject to the key inquiries of the GEM Listening Committee,In“Further implementation”Middle asked in the state“Major Tips”Part of further disclosureDAGDependency and impact on sustainable operation。

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According to the prospectus,As shown in the chart,During the reporting period,The top five major customers of Jinzhong shares are88.97%、88.43%and86.08%,Among them to the first major customerDAGSales income accounts for the proportion of operating income in various periods.50.64%、50.72%and41.84%,Far more than the30%。


Presentation,Jin Zhong shares will be ripe(603035.SH)、Xinquan Shares(603179.SH)、达(002865.SZ)And Shame Shares(603730.SH)As a peer, comparable company,And the peers can be more than the top five major customers of the company in the reporting period.63.81%、56.96%and57.47%。visible,Jin Zhong shares on the top five customers' dependence, far more than the company,This is mainly due to the first largest customerDAGHighly dependent。

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at the same time,The export income of Jinzhong Shares accounted for more than half of the company's total revenue,in8The outstanding income from North America is from North America.,And it is through the sales of vehicle manufacturers in North America.DAGRealize,And customers in the region are onlyDAGsigning the contract,Golden Clock SharesDAGSign the contract and passDAGTransaction settlement。


Here,Jinzhong Shares said itDAGsince2004This cooperation model is identified since the year.,And used to use it so far,Take a tacit understanding。But in other words,This means that Jin Zhong Shares have failed to have an independent direct supply of vehicle manufacturers in the North American market in more than ten years.。


This is unwilling to change,Still unable to change?No supplier code、Unable to connect to the whole vehicle、Product sales depend on third party implementation,Jinzhong Shares“first grade supplier”The title is still standing?


In addition to the first major customerDAGoutside,The second largest customer of Jinzhong Shares, Guangzhou Dai, Tianjin Daika(Same real person)Also for third-party middlemen,The previous two major customers reported the accumulation of the revenue provided by Jinzhong Shares during the reporting period.67%,And Jin Zhong shares independently develop customer revenue is only20%about,Independent customers with severe defects。


The above situation has also attracted two inquiry letters in the inquiry letter.。Jinzhong Shares,Since the company's self-developing customers' sales revenue is relatively low,If you have new customers in the future、The autonomous development of the new project is not good,Or adversely varying the relationship with third parties,Will adversely affect the company's business performance。


Reply in the statement and inquiry letter,Jin Zhong shares repeatedly expressed its rightDAGThere is no major dependence。according to《GEM》Article 62,The issuer should have the ability to direct market independent continuing operations。Although this regulation has no clear digital indicator,But from the existing independent of the confession of Jinzhong Shares,The company's independently developed customer realization is only about two%,Its independent sustained operation is worth discussing。

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(admiralty brass tubes suppliers)Reference:

Guangzhou Jinzhong Auto Parts Co., Ltd. first publicly issued shares and listed in the GEM(Conference).Deep exchange;

Regarding Guangzhou Jinzhong Auto Parts Co., Ltd. first publicly issued a stock and the reply of the application document on the GEM listing application document.Deep exchange;

About Guangzhou Jinzhong Auto Parts Co., Ltd. first publicly issued a stock and the second round of review questions in the GEM listing.Deep exchange;

About Guangzhou Jinzhong Auto Parts Co., Ltd. first publicly issued a stock and the third-round auditing question letter on the GEM listing application document.Deep exchange;

Growth Municipal Committee2021Year24Announcement of the results of the review meeting.Deep exchange;

(admiralty brass tubes suppliers)Jiangsu Changshu Cut Group Co., Ltd.2020Annual report;

(admiralty brass tubes suppliers)Shanghai Daimei Auto Accessories Co., Ltd.2020Annual report


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