南特科技闯关北交所，为美的、格力供货，客户集中度较高

Core Viewpoint - The Beijing Stock Exchange will review the IPO application of Zhuhai Nante Technology Co., Ltd. on August 8, 2025, with the aim to raise 286 million yuan for expansion and R&D projects [1] Company Overview - Nante Technology specializes in the R&D, production, and sales of precision mechanical components, with a complete production process from mold design to precision machining [1] - The company has a significant shareholding structure, with the chairman Cai Heng holding 48.82% of the shares [1] Financial Summary - The company plans to raise 286 million yuan, allocated to two main projects: the second phase of the Anhui high-end precision parts production base (30.046 million yuan) and the expansion and R&D capability enhancement project in Zhuhai (8.051 million yuan) [2] - Revenue from precision parts contributed over 80% of total revenue during the reporting period, with a notable focus on compressor manufacturers [4][5] - The company's revenue for the reporting years was approximately 834 million yuan, 938 million yuan, and 1.031 billion yuan, with net profits of about 47 million yuan, 84 million yuan, and 98 million yuan respectively [6][8] Market Position and Client Base - Nante Technology serves major clients such as Midea, Gree, and Panasonic, indicating a high client concentration risk, with the top five clients accounting for over 86% of total revenue [6][10] - The company operates in a competitive environment with numerous players in the precision mechanical components industry, facing pressure to maintain margins [15] Industry Context - China is the world's largest producer of rotary compressors, accounting for nearly 95% of global output, with significant market share held by leading companies [11] - The air conditioning market in China is growing, with a compound annual growth rate of 11.2% from 2001 to 2024, driven by economic growth and urbanization [11] - The precision mechanical components industry is characterized by high market saturation and competition, necessitating innovation and cost management for sustained growth [15]