CATL(SZ:300750) 3 6 Ke·2025-09-04 08:22Core Viewpoint - The company Nabaichuan New Energy Co., Ltd. is set to become the first A-share listed company in Taishun County, Wenzhou, with its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 729 million yuan for production projects [1][4]. Company Overview - Nabaichuan was founded in October 2007 by Chen Rongxian and has evolved from a traditional auto parts manufacturer to a key player in the new energy vehicle sector, focusing on thermal management systems for power batteries [1][4]. - The company is controlled by the Chen family, with Chen Rongxian holding 24.96% of shares, and family members collectively controlling over 75% of the company [2][3]. Financial Performance - Nabaichuan's revenue for the reporting period was approximately 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan, with net profits showing a downward trend [7][9]. - The company reported a compound annual growth rate of 21.09% in revenue from battery liquid cooling plates from 2022 to 2024, while revenue from fuel vehicle thermal management components has been declining [5][6]. Client Relationships - Nabaichuan has established strong partnerships with leading battery manufacturers and automotive companies, with CATL being its largest customer, contributing over 44% of its revenue in recent years [4][9]. Future Projections - For the first quarter of 2025, Nabaichuan expects to achieve a revenue of approximately 1.743 billion yuan, a year-on-year increase of 20.86%, and a net profit of about 105 million yuan, reflecting a growth of 9.72% [10].