电科蓝天报考上市：业绩有所波动，计划募资15亿元

Core Viewpoint - The company, China Electronics Technology Group Corporation's subsidiary, is seeking to raise 1.5 billion RMB for the industrialization of aerospace power systems through its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3]. Company Background - The company, known as Electric Power Blue Sky Technology Co., Ltd., was established in 1992 and has undergone several transformations, including a change from a state-owned enterprise to a limited liability company in 2014, and then to a joint-stock company in 2022 [3][5]. - The current registered capital of Electric Power Blue Sky is approximately 1.563 billion RMB, with major shareholders including China Electronics Technology Group [5][7]. Financial Performance - Projected revenues for the years 2022, 2023, and 2024 are approximately 2.521 billion RMB, 3.524 billion RMB, and 3.127 billion RMB, respectively, with net profits of about 215 million RMB, 190 million RMB, and 339 million RMB for the same years [8]. - The company’s total assets are expected to reach approximately 727.76 million RMB by the end of 2024, with a debt-to-asset ratio of 46.40% for the parent company [9]. Business Segments - Electric Power Blue Sky operates in three main business segments: aerospace power, special power, and new energy applications and services [9]. - Revenue from aerospace power systems accounted for approximately 53.96%, 48.23%, and 63.42% of total revenue in 2022, 2023, and 2024, respectively [9]. Competitive Landscape - The company faces potential competition in the photovoltaic power station construction sector from subsidiaries of China Electronics Technology Group, which has led to strategic decisions to avoid overlapping business areas [10]. - Future operations in the lithium-fluorocarbon battery sector will be limited to existing projects, with no plans for new business expansion in this area [10].