Core Viewpoint - Shuangdeng Co., Ltd. is set to launch its IPO from August 18 to August 21, 2023, with a listing on the Hong Kong Stock Exchange expected on August 26, 2025, backed by CICC, Huatai International, and Jianyin International [1] Company Overview - Shuangdeng Group is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1] - The company has over ten years of experience serving clients in energy storage applications for communication base stations, data centers, and power storage, positioning it to benefit from significant market opportunities in the big data era [1] - According to Frost & Sullivan, Shuangdeng is ranked first globally in terms of shipment volume among communication and data center energy storage battery suppliers, with a market share of 11.1% in 2024 [1] Financial Performance - The company generated revenue from product sales, including lithium-ion and lead-acid batteries, and other income from the sale of waste batteries and electricity [1] - Accounts receivable for 2022, 2023, and 2024 were RMB 1.862 billion, RMB 1.609 billion, and RMB 2.309 billion, respectively, with corresponding revenues of RMB 4.072 billion, RMB 4.259 billion, and RMB 4.498 billion, indicating a high accounts receivable ratio of 45.72%, 37.78%, and 51.33%, significantly exceeding the 30% warning line [5] - Revenue from data center energy storage increased nearly 120% from RMB 397 million to RMB 872 million over five months ending May 31, 2024, with its share of total revenue rising from 28.4% to 46.7%, surpassing that of communication base station energy storage [6] Industry Context - The company’s R&D investment has been low, averaging less than 3% of revenue over the past three years, which may impact its long-term competitiveness in the rapidly growing domestic new energy and energy storage industry [6] - The gross margin for data centers decreased from 15.5% to 13.7%, while the overall gross margin fell from 19.7% to 14.9%, indicating a trend of increasing revenue without corresponding profit growth [6] - The company has a reasonable valuation with an issuance market value of RMB 6 billion and a moderate entry fee of HKD 7,328.17, suggesting a relatively low pressure for price stabilization [6]
AIDC智算储能第一股！双登股份已正式开启港股招股，值得入吗？