卧龙电驱A股连涨后赴港IPO，新业务前景待考，研发支出数据存疑

Core Viewpoint - The recent surge in the A-share market's robotics sector, particularly for Wolong Electric Drive, is driven by significant mid-term performance growth and an upcoming H-share IPO plan [1] Group 1: Company Performance - Wolong Electric Drive's stock has seen two limit-up days since August, with a recent increase of 8%, pushing its market value to a historical high of 51.2 billion yuan [1] - The company reported a substantial increase in net profit for the first half of 2023, with a growth of 36.76% in net profit attributable to shareholders and 38.25% in net profit excluding non-recurring items [4] - Despite the recent performance, the company's profitability has shown volatility, with historical data indicating higher net profits in the first half of 2019 [4] Group 2: Business Contributions - Wolong Electric Drive's profitability heavily relies on its wholly-owned subsidiary, Nanyang Explosion-proof, which has contributed significantly to the company's revenue and net profit since its acquisition in 2015 and 2016 [1][4] - In 2023, Nanyang Explosion-proof accounted for 27.64% of Wolong Electric Drive's total revenue and 7.27 million yuan in net profit [2] Group 3: Strategic Developments - The company has submitted an IPO application to the Hong Kong Stock Exchange to raise funds for investments in emerging fields, particularly in electric aviation and robotics components [1][5] - Wolong Electric Drive has positioned itself as a key supplier in the global eVTOL power system market and is focusing on products in the embodied intelligence sector, including joint modules and collaborative robots [5][7] - The company plans to allocate part of the funds raised from the IPO to the development and commercialization of new businesses in electric aviation and robotics [4][5] Group 4: Financial Considerations - The financial situation of Wolong Electric Drive faces certain pressures, necessitating the IPO to support new business development [6] - There are slight discrepancies in R&D expenditure data between the A-share periodic reports and the Hong Kong IPO prospectus, raising concerns among some investors [6]