纳百川创业板IPO过会：核心技术驱动业绩稳健增长

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has received approval for its IPO application on the ChiNext board, highlighting its position as a leading player in the thermal management systems for electric vehicle battery applications in China [1] Group 1: Company Overview - The company has focused on the research and development of thermal management systems for electric vehicle batteries since 2011, establishing a strategic partnership with industry leader CATL in 2015 [1] - Nanbaichuan has developed a robust customer base, including major automotive manufacturers such as NIO, Xpeng, and SAIC, and has adapted over 200 vehicle models [1] - The company has completed over 300 development projects, showcasing its strong system matching and rapid response capabilities [1] Group 2: Research and Development - R&D is a strategic priority for the company, with R&D expenses increasing from 34.07 million yuan in 2022 to 54.11 million yuan in 2024 [2] - The company holds 203 authorized patents, including 20 invention patents and 183 utility model patents, covering key technology areas such as thermal management design and lightweight processes [2] - Nanbaichuan is advancing its production transformation towards intelligent and green manufacturing, implementing fully automated production systems to enhance efficiency and product consistency [2] Group 3: Financial Performance - From 2022 to 2024, the company's main business revenue is projected to grow from 1.008 billion yuan to 1.408 billion yuan, with a compound annual growth rate of 18.17% [3] - In the first quarter of 2023, the company achieved a revenue of 329.42 million yuan, reflecting a year-on-year growth of 69.55% [3] - The company anticipates a revenue of 1.737 billion yuan in 2025, representing a year-on-year growth of 20.86% [3] Group 4: Market Expansion - Beyond the electric vehicle sector, Nanbaichuan has made significant strides in the energy storage thermal management market, entering the supply chains of leading companies like CATL and Sungrow [3] - The global energy storage battery shipment is expected to reach 449 GWh by 2025, with a year-on-year growth of approximately 21.42%, indicating a potential second growth curve for the company [3] Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used for the production project of 3.6 million sets of water-cooled plates at Nanbaichuan (Chuzhou) New Energy Technology Co., Ltd., with a total investment of 579.40 million yuan [3] - This project, located in Chuzhou, Anhui Province, is expected to significantly enhance the company's production capacity and better meet market demand [3]