Inovance(SZ:300124) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-14 23:07Core Viewpoint - The company, United Power (301656.SZ), is set to be listed on the ChiNext board, having been spun off from the major A-share company, Inovance Technology (300124.SZ), focusing on the electric vehicle power system sector [1][3]. Company Overview - United Power was established in 2016 and specializes in providing core components for power systems, including electric drive systems and power supply systems for electric vehicles [1]. - The company is a leading player in the electric vehicle power system industry and is positioned at the core of the supply chain [3]. Financial Information - The initial offering price is set at 12.48 CNY per share, with an institutional pricing of 13.79 CNY per share, and a market capitalization of 26.41 billion CNY [2]. - The company has a projected revenue growth rate of 450% from 2022 to 2024, with significant increases in net profit and operating income [2]. Investment Plans - United Power plans to allocate raised funds towards several projects, including: - 26.12 billion CNY for the production of core components for electric vehicles (53.77% of total funds) - 13.23 billion CNY for R&D center construction and platform development (27.24%) - 1.22 billion CNY for digital system construction (2.52%) - 8.00 billion CNY for working capital (16.47%) [2]. Client Base and Market Position - The company serves over 40 vehicle manufacturers and more than 170 vehicle models, including major domestic brands like Li Auto, Xiaomi, and international brands such as Volvo and Porsche [3][4]. - In 2024, it is expected that 8 out of the top 10 electric vehicle manufacturers in China will have deep collaborations with United Power [4]. Research and Development - United Power has established an innovative R&D system with over 1,800 personnel, of which more than 50% hold master's or doctoral degrees [4]. - The company has led or participated in over 20 national standard formulations and key national R&D projects in the electric vehicle sector [3][4]. Risks and Challenges - The company acknowledges potential risks related to declining performance growth due to price wars among manufacturers, which could lead to profit distribution imbalances within the supply chain [4]. - There is also a risk associated with accounts receivable, with projected values increasing significantly from 1.85 billion CNY in 2022 to 5.68 billion CNY in 2024, representing a growing percentage of total assets [5].