As a provider of smart electric vehicle components and solutions

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Rina7RS
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Joined: Mon Dec 23, 2024 3:33 am

As a provider of smart electric vehicle components and solutions

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United Power has cooperated with new car manufacturers such as Ideal, Xiaopeng, and Xiaomi, as well as domestic and foreign automakers such as GAC, Chery, Changan, Great Wall, SAIC, Geely, Volvo, Volkswagen, Audi, and Porsche, but its revenue is more dependent on the top five customers .

From 2021 to the first half of 2024, the total sales of United Power to its top five customers accounted for more than 66% of the current operating income, and downstream customers were relatively concentrated.

At the same time, with the expansion of business scale, United bosnia and herzegovina telegram data Power's accounts receivable amount also increased from approximately 1.4 billion yuan in 2021 to about 3.6 billion yuan in the first half of 2024, facing the risk of accounts receivable recovery .

It is worth mentioning that in 2021, WM Motor Group was one of the top five customers of United Power, but at the end of 2023, United Power had made provisions for bad debts for all of its 215 million yuan in accounts receivable and contract assets at the end of the period with WM Motor Group .

United Power also faces short-term debt repayment risks. Its debt-to-asset ratio exceeded 65% at the end of each period during the reporting period, which is a high level, and its current ratio is lower than the average level of listed companies in the same industry.
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