NARADA(SZ:300068) Sou Hu Cai Jing·2025-08-18 07:34Core Viewpoint - The energy storage industry is experiencing a price war and a reshuffling of manufacturers, with Nandu Power facing significant challenges despite claims of a performance turnaround after a substantial loss last year [1][6]. Financial Performance - In the first half of 2025, Nandu Power reported revenue of 3.923 billion yuan, a year-on-year decline of 31.67%, and a net loss of 232 million yuan, a year-on-year decrease of 225.48% [1][2]. - The company attributed the revenue decline to strategic transformation and a reduction in the lead recycling business, while the loss was linked to lower revenue recognition in Q1 [1][6]. - In Q2 2025, Nandu Power achieved revenue of 2.784 billion yuan, a year-on-year increase of 0.93%, but the net profit attributable to shareholders was 34 million yuan, down 67.03% year-on-year [2]. Product Performance - Nandu Power's main products include lithium-ion batteries (50.83% of revenue), lead-acid batteries (21.49%), recycled lead (19.35%), and lithium battery materials (8.34%) [4]. - The gross margin for lithium-ion batteries fell by 11.61% to 17.63%, while recycled lead products had a gross margin of -11.02%, indicating significant cost coverage issues [4][5]. Industry Context - The energy storage sector is facing project delays and terminations, with many companies opting for a more rational approach amid tightening financing conditions [8]. - Despite these challenges, Nandu Power is pursuing growth, with a production capacity of 10 GWh for lithium-ion batteries and 4 GWh for lead-acid batteries, although utilization rates are only 70.4% and 62.5%, respectively [8]. IPO and Legal Issues - Nandu Power has initiated plans for an IPO in Hong Kong, aiming to expand its international business and address its high debt levels, which currently stand at 80.04% [8][9]. - The company is also embroiled in a legal dispute with New Day Co., with claims amounting to 486 million yuan, adding financial uncertainty to its IPO prospects [9]. Market Opportunities - Nandu Power has secured several significant orders, including a 2.8 GWh semi-solid battery independent energy storage project, indicating potential for future growth despite current challenges [7]. - The company is also developing a third-generation high-voltage lithium battery system, which could enhance its market position in high-density backup applications [7].