CATL(SZ:300750) Ge Long Hui·2025-08-26 08:16Core Viewpoint - The A-share market is experiencing a surge, with the Shanghai Composite Index surpassing 3,800 points, and companies in the automotive supply chain, such as Nabichuan New Energy Co., Ltd., are preparing for IPOs amid this positive sentiment [1] Company Overview - Nabichuan specializes in the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1][3] - The company has established a strong customer base, including major players like CATL, NIO, and XPeng Motors, and is projected to achieve over 1.4 billion yuan in revenue in 2024 [1][3] Revenue Composition - Over 70% of Nabichuan's revenue comes from battery liquid cooling plates, with a significant reliance on major customer CATL [2][8] - The revenue share from battery liquid cooling plates increased from 79.79% in 2022 to 92.27% in 2023, while the share from fuel vehicle thermal management components decreased from 16.21% to 7.27% during the same period [5] Financial Performance - Despite revenue growth, Nabichuan's net profit has declined for two consecutive years, with revenues of approximately 1.031 billion yuan in 2022 and 1.136 billion yuan in 2023, while net profits were around 113 million yuan and 98 million yuan respectively [10] - The company forecasts a revenue of approximately 1.737 billion yuan in 2025, representing a 20.86% increase year-on-year, with an expected net profit of about 105 million yuan, a 9.72% increase [10] Market Dynamics - The overall sales growth and penetration rate of the new energy vehicle industry have begun to slow down, which may impact Nabichuan's production and operations [13] - The company faces risks of declining product prices and gross margins due to increased competition and demands from major customers for cost reductions [11][14] R&D and Competitive Landscape - Nabichuan's R&D expenses have increased but remain below the industry average, with R&D costs accounting for 3.30% to 3.87% of revenue during the reporting period [13] - The company competes with both domestic and international giants in the automotive thermal management sector, necessitating increased investment in R&D to enhance competitiveness [13] IPO and Funding Plans - Nabichuan plans to raise 729 million yuan through its IPO to fund a new production project and supplement working capital [19][21]