Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. is set to list on the ChiNext board, specializing in the research, production, and sales of charging modules for electric vehicles, with products ranging from 15KW to 40KW [1] Financial Performance - For the years 2022 to 2024, Youyou Green Energy's revenue is projected to be CNY 988 million, CNY 1.376 billion, and CNY 1.497 billion, while net profits are expected to be CNY 196 million, CNY 268 million, and CNY 256 million respectively [2] - In 2024, revenue is expected to grow by 8.86% compared to 2023, but net profit is projected to decline by 4.60% [2] Profitability and Gross Margin - The comprehensive gross margins for Youyou Green Energy during the reporting period are 31.30%, 33.13%, and 31.46%, showing some fluctuations [2] - The company’s gross margin is higher than the average of comparable companies, which are 22.14%, 30.27%, and 27.67% for the same period [3] - The gross margins for external sales are significantly higher than internal sales, with external margins at 41.61%, 45.96%, and 50.19%, while internal margins are 20.28%, 22.77%, and 24.06% [3] Sales and Export Performance - In 2024, external sales revenue is expected to drop to CNY 424 million, a decrease of 31.01% year-on-year [4] - For the first quarter of 2025, revenue is reported at CNY 361 million, a 6.47% increase year-on-year, but net profit has decreased by 14.66% [4] Research and Development - R&D expenses for Youyou Green Energy from 2022 to 2024 are CNY 40.18 million, CNY 79.09 million, and CNY 109.41 million, representing 4.07%, 5.75%, and 7.31% of revenue respectively [5] - The R&D expense ratio is significantly lower than that of comparable companies, which average 9.60%, 10.55%, and 11.71% [5][6] Patent Acquisition - As of December 31, 2024, Youyou Green Energy holds 130 patents, including 31 invention patents, 48 utility model patents, and 51 design patents, which is considerably lower than its peers [6][8] - A significant portion of the patents (72.31%) were obtained between June 2022 and December 2024, raising concerns about potential rushed applications [8] Related Party Transactions - The company disclosed sales to Wanbang Digital amounting to CNY 193.03 million, CNY 209.04 million, and CNY 194.42 million from 2022 to 2024, but did not disclose related party purchases adequately [9] - There are discrepancies in the reported accounts receivable from related parties, indicating potential omissions in disclosures [10][11]
优优绿能明日上市：去年外销收入锐减31%，关联交易披露或有遗漏