Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange, focusing on thermal management products for electric vehicle batteries and fuel vehicles, with significant concerns regarding governance, financial performance, and reliance on major clients [1][6][18]. Group 1: Company Overview - Nanbaichuan specializes in the research, production, and sales of thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries [1]. - The company was established in October 2007 and underwent a shareholding reform in February 2023, increasing the number of shareholders to 14, with the controlling shareholder being Chen Rongxian [3][5]. Group 2: Shareholding Structure - The actual controllers, Chen Rongxian, Zhang Liqin, and Chen Chaopengyu, collectively hold approximately 79.45% of the voting rights, indicating significant control over the company's operations [5][6]. - Chen Rongxian has a background in management and currently serves as the chairman and general manager of Nanbaichuan [5]. Group 3: Financial Performance - Revenue has shown steady growth from 1.031 billion yuan in 2022 to 1.437 billion yuan in 2024, with year-on-year increases of 98.37%, 10.21%, and 26.48% respectively [16]. - However, net profit has fluctuated, with a decline from 113 million yuan in 2022 to 95 million yuan in 2024, indicating a trend of increasing revenue without corresponding profit growth [16]. Group 4: Product Performance - The battery liquid cooling plate contributes approximately 80% of the company's revenue, but its gross margin has decreased from 19.69% to 14.32% over the past two years [16]. - The company has faced challenges with the battery box product line, which has not met revenue expectations, achieving only 377.5 thousand yuan in 2024 compared to a forecast of 2.748 million yuan [14]. Group 5: Client and Supplier Concentration - Nanbaichuan's revenue is heavily reliant on a few major clients, with the top five clients accounting for over 60% of sales, including significant dependence on CATL [18]. - The company also has a high concentration of suppliers, with the top five suppliers representing over 68% of procurement costs, raising concerns about supply chain risks [20]. Group 6: Accounts Receivable - Accounts receivable have been increasing, reaching 560 million yuan in 2024, which constitutes 40.9% of current assets, indicating potential liquidity issues [20]. - The company has also seen a rise in bad debt provisions, reflecting concerns over the collectability of receivables [21].
纳百川IPO:实控人表决权近8成,融资超7亿,宁德时代是大客户