联合动力：拟首发募资48.57亿元加码新能源汽车核心零部件产能与研发 9月15日申购

Core Viewpoint - The company aims to enhance its core competitiveness and sustainable development through the issuance of new shares, focusing on projects that improve production capacity, research and development capabilities, and operational efficiency [1][2]. Group 1: Fundraising and Projects - The fundraising projects include the construction of a core component production facility for electric vehicles, a research and development center, and a digital system to improve operational efficiency [1]. - The company plans to use the raised funds to expand production capacity, strengthen research and development, and enhance technical capabilities [2]. Group 2: Company Overview - Established in 2016, the company is positioned as a leading global provider of intelligent electric vehicle components and solutions, with key products including electric drive systems and power systems [2]. - The company operates under the umbrella of Huichuan Technology, which holds a 94.51% stake in the company [2]. Group 3: Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 26.53 billion yuan in 2024, up 27.5 billion yuan year-on-year [29]. - The weighted average return on equity for 2024 was 21.48%, an increase of 16.19 percentage points compared to the previous year [25]. Group 4: Revenue and Profitability - The company’s revenue composition for 2024 shows that the electric drive system generated 140.507 billion yuan, while the power system contributed 20.45 billion yuan [10]. - The company has experienced a year-on-year increase in revenue and net profit, with total revenue for 2023 reaching 77.462 billion yuan [12][6]. Group 5: Asset and Liability Changes - As of mid-2025, the company saw a 12.03% decrease in accounts receivable, while cash and cash equivalents decreased by 26.44% [39]. - Long-term borrowings increased by 54.9%, indicating a shift in the company's financial structure [42].