Ultrasonic radar sensor system is the main source of revenue for Shangfu Shares

Ultrasonic radar sensing system is the main source of revenue for Shangfu Shares, with revenues of 160 million yuan, 156 million yuan, and 228 million yuan from 2019 to 2021, respectively, accounting for 54.75%, 46.11%, and 48.23% of the total revenue in the current period, respectively, and contributing nearly half of the company's revenue. The vehicle-mounted image monitoring system is the second largest revenue-contributing business, and its revenue share has increased year by year. In 2021, it achieved revenue of 168 million yuan, a year-on-year increase of 69.56%. This is the business with the highest revenue growth rate and the strongest performance among Shangfu Shares' main businesses in 2021. It is reported that this is due to the new customers Infull and Kaimeishi developed by Shangfu Shares in 2021, coupled with the order growth of existing customers of SAIC and FAW, which has led to a rapid growth in annual business revenue. In 2021, the ultrasonic radar sensing system, which contributed nearly half of Shangfu Shares' revenue, sold 9.2881 million units. The strongest growing business, 895,700 units of vehicle-mounted image monitoring systems were sold. Products with annual sales exceeding 100,000 units include in-vehicle audio and video entertainment systems. The sales of in-vehicle intelligent terminal systems and millimeter-wave radar detection systems are relatively small. In 2021, Shangfu Co., Ltd. achieved sales revenue of 353 million yuan through these five major customers, accounting for 74.13% of total revenue, and the customer concentration is relatively high. In 2019 and 2020, the top five customers of Shangfu Co., Ltd. were relatively stable, mainly China FAW, SAIC Group, FAW Fuwei, and Geely Automobile. The customer concentration has remained high in the past two years.