净利波动，纳百川IPO迎考

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for its IPO on August 28, 2023, after nearly two years of waiting, with a revised fundraising target of 729 million yuan, down from the original 829 million yuan [1][6]. Company Overview - Founded in 2007, Nanbaichuan focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [4]. - The company has experienced significant fluctuations in net profit, with a decline expected in 2023 and 2024, followed by a projected recovery in 2025 [1][5]. Financial Performance - Revenue for 2022, 2023, and 2024 is reported at approximately 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan, respectively, with net profits of 113 million yuan, 98.25 million yuan, and 95.43 million yuan, showing a downward trend [5]. - For the first half of 2025, revenue is expected to reach 743 million yuan, a year-on-year increase of 45.88%, with a projected annual revenue of 1.737 billion yuan, up 20.86% from the previous year [5]. Fundraising and Investment Plans - The company has reduced its fundraising amount to 729 million yuan, reallocating funds primarily for the production of battery liquid cooling plates and enhancing production capacity [6][8]. - The original plan included a project for expanding production capacity at a facility in Taizhou, which has now been canceled [6]. Production Capacity and Utilization - The utilization rates for the core product, battery liquid cooling plates, were 102.11%, 83.41%, 82.86%, and 88.31% for the years 2022 to 2025 Q1, indicating a recovery trend in 2025 [7][8]. - The sales of battery liquid cooling plates accounted for approximately 79.79%, 85.34%, 83.78%, and 92.27% of the company's main business revenue from 2022 to 2025 Q1 [8]. Research and Development - The company's R&D expense ratio has consistently been below the industry average, with rates of 3.3%, 3.87%, 3.77%, and 3.01% during the reporting periods [9]. Customer Dependency - CATL has been the largest customer for Nanbaichuan, with sales to CATL and its affiliates accounting for 53.73%, 48.94%, 48.21%, and 44.39% of revenue over the reporting periods [10]. - The company asserts that its reliance on CATL does not pose a significant risk to its ongoing operational capabilities [10].