快驴科技IPO：过度依赖超威集团、毛利率仅4.1%净利率0.5% 科技含量低研发费用率仅0.04%

Core Viewpoint - Kuailu Technology has submitted an IPO application to the Hong Kong Stock Exchange, revealing its reliance on a single supplier, Super Battery Group, which poses significant risks to its business model and sustainability [1][2][4]. Company Overview - Kuailu Technology, founded in 2014, primarily sells lead-acid and lithium-ion batteries, serving light electric vehicle users and logistics companies [2]. - The company claims to be a "short-distance green travel technology service provider," but its core business is more akin to a distributor of lead-acid batteries, with over 99% of its revenue derived from battery sales [2][4]. Supplier Dependency - Kuailu Technology's revenue is heavily dependent on Super Battery Group, with procurement from this supplier accounting for 99.2% of total purchases in 2024 [2][4]. - The company has no independent production capabilities and lacks a diversified supplier network, making it vulnerable to supply chain disruptions [6]. Financial Performance - Kuailu Technology's revenue for 2022, 2023, and 2024 is projected to be 1.31 billion, 1.22 billion, and 1.63 billion respectively, with year-on-year changes of -6.68% in 2023 and +33.36% in 2024 [6][7]. - The company's gross margin is extremely low, at 4.1% in 2024, with a net profit margin of only 0.5% [4][6]. Research and Development - Kuailu Technology's R&D expenditures are minimal, with only 32,100, 53,400, and 72,000 yuan spent in 2022, 2023, and 2024, respectively, representing a mere 0.02% to 0.04% of revenue [9]. - The R&D team consists of only 16 members, which is less than 7% of the total workforce, indicating a strong focus on sales rather than innovation [9]. Future Plans - The company plans to use IPO proceeds to expand its service network, enhance store image, and establish new product experience zones, as well as to extend its upstream supply chain through the development of battery and magnesium alloy frame factories [3].