双登集团二次冲击上市，曾年入超40亿、净利不到4亿

Core Viewpoint - Shuangdeng Group, after failing to list on A-shares, is now pursuing an IPO on the Hong Kong Stock Exchange, indicating a strong determination to go public [1][3]. Company Overview - Shuangdeng Group specializes in energy storage in the big data and communication sectors, focusing on the research, production, and sales of energy storage battery products, including lead-acid and lithium-ion batteries [3]. - The company's products are primarily used in communication base station storage, data center storage, household storage, and power storage [3]. Financial Performance - Revenue for Shuangdeng Group was reported as follows: 4.072 billion in 2022, 4.26 billion in 2023, and projected at 4.5 billion in 2024 [5]. - Gross profit figures were 690 million in 2022, 867 million in 2023, and projected at 751 million in 2024, with gross margins of 16.9%, 20.3%, and 16.7% respectively [5]. - Net profit showed a turnaround from a loss of 54 million in 2022 to profits of 281 million in 2023 and projected 385 million in 2024 [5]. Related Transactions - The company has significant related-party transactions, with procurement amounts from related parties being 127 million, 124 million, and 154 million from 2022 to 2024, constituting 42.3%, 43.8%, and 47.9% of total procurement [3][4]. Research and Development - R&D expenses were reported as 110 million, 113 million, and 110 million for 2022, 2023, and 2024, representing 2.5% of revenue each year, which is lower than the industry average of 4.1% [7][8]. - The company faces challenges in cost control and market positioning, as indicated by its low R&D spending relative to competitors [5][7]. Market Challenges - The company is exposed to raw material price fluctuations, with lead prices increasing by 12% year-on-year and lithium carbonate prices experiencing a 40% volatility [6]. - The competitive landscape in the energy storage battery market has intensified, leading to price reductions that have negatively impacted profit margins [6].