纳百川IPO提交注册：动力电池热管理龙头业绩稳健增长，核心技术驱动未来可期

Core Viewpoint - The successful registration of Nabichuan New Energy Co., Ltd. marks strong market recognition of its technological capabilities, customer system, and development strategy, opening broader capital channels for future growth [1] Group 1: Company Overview - Established in 2007, Nabichuan is one of the early high-tech enterprises focusing on thermal management for electric vehicle power batteries in China [2] - The company's main product, the power battery liquid cooling plate, is a core component of electric vehicle battery systems, widely used in various applications including passenger vehicles and energy storage [2] Group 2: Technological Innovation - Nabichuan has consistently increased its R&D investment from 34.07 million yuan in 2022 to 54.11 million yuan in 2024, with a total of 203 authorized patents, including 20 invention patents [2] - The company has achieved industry-leading performance metrics, such as maintaining a temperature deviation of ≤3℃ and a flow resistance deviation within 5%, significantly better than the industry average of 15% [2] Group 3: Market Position and Partnerships - Nabichuan has successfully integrated into the global mainstream electric vehicle supply chain, establishing deep partnerships with industry giants like CATL and NIO, covering over 200 vehicle models [3] - The company has completed more than 300 development projects, reflecting strong market recognition of its products [3] Group 4: Financial Performance - From 2022 to 2024, Nabichuan's main business revenue grew from 1,008.13 million yuan to 1,407.81 million yuan, with a compound annual growth rate of 18.17% [4] - In Q1 2025, the company achieved a revenue of 329.42 million yuan, a year-on-year increase of 69.55% [4] Group 5: Growth Opportunities - The demand for thermal management systems in electric vehicles is expected to grow, with projections indicating that by 2025, the global liquid cooling plate market will reach 14.5 billion yuan [5] - Nabichuan plans to use IPO funds primarily for a production project in Chuzhou, which aims to produce 3.6 million sets of cooling plates annually, significantly enhancing production capacity [5] Group 6: Future Outlook - Post-IPO, the company will continue to strengthen R&D and production capacity, enhancing product competitiveness and creating sustainable value for investors [6]