
Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is positioned as a leading enterprise in the domestic new energy thermal management sector, with strong growth momentum driven by the increasing penetration of new energy vehicles and the booming energy storage industry [1][2]. Financial Performance - The company's main business revenue is projected to grow from 1.008 billion yuan in 2022 to 1.408 billion yuan in 2024, reflecting a compound annual growth rate of 18.17%. In the first quarter of 2025, revenue reached 329.42 million yuan, a year-on-year increase of 69.55% [2]. - The core product, battery liquid cooling plates, is expected to generate sales of 1.179 billion yuan in 2024, accounting for 83.78% of total revenue [2]. - The energy storage sector has emerged as a significant growth driver, with product revenue increasing from 36.40 million yuan in 2022 to 337 million yuan in the first quarter of 2025, representing a revenue share increase from 3.61% to 30.19% [2]. Customer Base - The company has established strong relationships with leading industry players, including major battery manufacturers like CATL and suppliers for over 200 vehicle models from companies such as Tesla, NIO, and XPeng [3]. - In the energy storage sector, the company supplies to top firms like CATL and Sungrow, while also providing thermal management components for fuel vehicles to international giants like Valeo and Mahle [3]. Technological Advancements - Nanbaichuan has developed a robust core technology system in new energy thermal management, holding a total of 203 patents, including 20 invention patents and 183 utility model patents [4]. - The company has achieved breakthroughs in thermal simulation and fluid simulation technologies, maintaining temperature differences within 3-5°C and flow resistance deviations within 5%, significantly better than the industry average of 15% [4]. Production Capacity and Investment - To address capacity constraints due to increasing demand, the company plans to raise 729 million yuan, primarily for a new production project in Chuzhou with an annual capacity of 3.6 million sets of water cooling plates [6]. - The Chuzhou project is expected to alleviate current capacity pressures and enhance logistics efficiency by being closer to key clients like CATL [6]. Strategic Positioning - Nanbaichuan has established a threefold advantage in the new energy thermal management sector, characterized by performance growth, technological barriers, and a solid customer base. The upcoming investment projects are anticipated to further strengthen its market position in the battery liquid cooling plate segment [7].