联合动力IPO迎考！朱兴明拓A背后关注点

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd. (联合动力), is preparing for its IPO on the ChiNext board, with significant attention on its high related-party transactions and the rationale behind its fundraising projects [1][4]. Group 1: IPO Progress and Company Overview - The IPO of United Power is scheduled for June 12, following a six-month waiting period [1]. - The company is primarily engaged in the research, production, sales, and technical services of electric drive and power system solutions for electric vehicles [4]. - As of the signing date of the prospectus, Huichuan Technology holds 94.51% of United Power's shares, making it the controlling shareholder [4]. Group 2: Financial Performance - United Power's revenue for 2022, 2023, and 2024 is approximately 50.27 billion, 93.65 billion, and 161.78 billion respectively, with net profits of -1.79 billion, 1.86 billion, and 9.36 billion [4]. - The company has seen a significant increase in related-party transactions, with major recurring sales of 9.61 billion, 19.68 billion, and 44.49 billion from 2022 to 2024, representing 19.11%, 21.01%, and 27.5% of total revenue [4][5]. Group 3: Related-Party Transactions - Major related-party transactions involve sales to subsidiaries of Huichuan Technology and a joint venture with Li Auto, with sales amounts increasing significantly over the reporting period [5]. - Li Auto has been a major customer, accounting for 29.01%, 19.93%, and 34.69% of sales from 2022 to 2024 [5]. Group 4: Fundraising and Investment Projects - United Power plans to raise approximately 48.57 billion, with 26.12 billion allocated for the production of core components for electric vehicles [6]. - The company’s production capacity utilization rates for electric drive systems were 76.88%, 84.77%, and 93.7% from 2022 to 2024, indicating that capacity is not yet fully saturated [6]. Group 5: Financial Health and R&D Investment - The company's asset-liability ratio has been increasing, reaching 65.3%, 68.45%, and 73.24% over the reporting periods, which may impact operational flexibility [7]. - R&D investment as a percentage of revenue has decreased from 11.37% in 2022 to 5.62% in 2024, although it was initially higher than industry averages [8].