Daming Electronics relies on Changan Automobile, with 30% of its revenue coming from a single customer

Founded in 1989, Daming Electronics focuses on the design, development and production of automotive body electronic and electrical control systems. Its main products include driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, etc. From 2020 to 2022, the company's revenue was 1.139 billion yuan, 1.482 billion yuan and 1.713 billion yuan, respectively, and its net profit was 114 million yuan, 118 million yuan and 151 million yuan, respectively. In the first half of 2023, the company's revenue was 899 million yuan and its net profit was 67.3723 million yuan. Among them, the driving assistance system is the largest source of revenue, accounting for more than 30% of the total revenue. However, the company is overly dependent on Changan Automobile, which has long been the largest customer and contributed more than 30% of its revenue. This highly concentrated customer structure may weaken the company's bargaining power, thereby affecting gross profit margin.