顺利拿下批文，昊创瑞通上市在即，智能配电领域再添新锐力量

Core Viewpoint - The company, Haocreat Ruitong Electric Equipment Co., Ltd., has received approval for its IPO on the ChiNext board, marking a significant step towards its entry into the capital market and future growth opportunities [1][5]. Company Overview - Established in 2007, Haocreat Ruitong specializes in the research, production, and sales of smart distribution equipment and digital solutions for distribution networks, with key products including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, a national green factory, and a high-tech enterprise, indicating its strong market position and commitment to innovation [4]. Financial Highlights - The company plans to issue up to 27.9 million shares to raise approximately 477 million yuan, with funds allocated to three core projects: smart ring main unit production, smart pole-mounted switch production, and the establishment of a smart distribution R&D center [1][14]. - Over the past three years, the company has shown impressive financial growth, with revenues increasing from 560 million yuan in 2022 to 867 million yuan in 2024, and net profits rising from approximately 68.76 million yuan to 111 million yuan during the same period [8][10]. Market Potential - The smart distribution equipment industry is poised for significant growth, driven by the increasing demand for electricity and the transition towards low-carbon and intelligent energy systems. The investment in distribution network construction during the 14th Five-Year Plan is expected to exceed 1.52 trillion yuan [2][3]. - The aging of existing distribution equipment and the need for upgrades due to technological advancements present further opportunities for market expansion [3]. Technological Innovation - Haocreat Ruitong has developed a robust technological foundation with a core technology system that includes fault location and self-healing technologies, IoT integration, and high-precision power sensor technologies. The company holds 132 patents, including 15 invention patents [6][7]. - The company has significantly increased its R&D investment, with expenditures rising from approximately 17.3 million yuan in 2022 to 32.3 million yuan in 2024, reflecting a compound annual growth rate of 36.69% [7]. Customer Base and Market Position - The company has established strong relationships with major clients in the power industry, including the State Grid, which covers a vast area and serves over 1.1 billion people, indicating a high level of market concentration and recognition of product quality [12]. - Haocreat Ruitong ranks competitively in the bidding for key equipment in the power sector, achieving notable positions in the procurement of smart ring main units and smart pole-mounted switches [12]. Future Strategy - The company aims to strengthen its customer relationships while actively exploring new markets, including international opportunities along the Belt and Road Initiative, with initial collaborations in Saudi Arabia [13]. - The IPO proceeds will enhance production capabilities and R&D efforts, positioning the company to better meet market demands and improve its competitive edge [14][15].