纳百川冲刺IPO：核心技术突破百亿赛道，优质客户矩阵锚定增长新纪元

Core Viewpoint - Nabichuan New Energy Co., Ltd. is preparing for an IPO, showcasing its strong position in the domestic battery thermal management sector for electric vehicles, driven by technological accumulation, industry layout, and stable customer relationships [1][8]. Financial Performance - Nabichuan has demonstrated robust growth since entering the battery thermal management field in 2011, with a compound annual growth rate (CAGR) of 18.17% in main business revenue, projected to rise from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024 [2]. - The company reported a significant increase in net profit for Q1 2025, reaching 13.91 million yuan, a year-on-year growth of 77.85%, indicating a recovery in profitability [2]. - For 2025, Nabichuan forecasts a revenue of 1,736.76 million yuan, a 20.86% increase, and a net profit of 104.70 million yuan, reflecting management's confidence in future performance [3]. Industry Trends - The Chinese automotive industry is shifting focus from growth speed to quality, with electric vehicles becoming a core driver of this transformation. By 2025, electric vehicles are expected to account for approximately 20% of total vehicle sales in China [4]. - The market for liquid cooling plates in the battery sector reached approximately 4.7 billion yuan in 2022, with expectations to grow to 9.6 billion yuan by 2025, reflecting a CAGR of over 95% [4]. Technological Advancements - Nabichuan emphasizes continuous innovation, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, and has secured 203 patents, including 20 invention patents [5]. - The company has made significant breakthroughs in addressing uneven heating in battery modules, achieving a temperature deviation of less than or equal to 3°C, and improving defect detection rates to 100% [5][6]. Customer Relationships - Nabichuan has established a strong presence in the supply chains of major battery manufacturers and automakers, including CATL and Volkswagen, and has received recognition as an "Excellent Supplier" from key clients [7]. - The company’s established relationships with leading customers and its first-mover advantage position it well for future growth in the battery thermal management market [7]. Future Outlook - With a solid performance foundation and clear strategic planning, Nabichuan is poised to become a leading player in the global battery thermal management sector, capitalizing on industry growth opportunities [8].