鹰峰电子冲击北交所IPO：技术红利与资本突围的双重博弈

Core Viewpoint - Eagle Peak Electronics is seeking to leverage its technological advancements in passive components for electric vehicles and renewable energy sectors to drive growth through an IPO, aiming to capitalize on the current market dynamics and support for specialized enterprises [1][6]. Group 1: Company Overview - Eagle Peak Electronics is a leading domestic player in passive electronic components, focusing on capacitors, inductors, busbars, and resistors, primarily used in electric vehicles, wind and solar energy storage, and industrial automation [2]. - In the first half of 2025, the company's revenue from the electric vehicle sector accounted for 65.33%, while wind and solar energy and industrial automation contributed 18.57% and 12.58%, respectively [2]. - The company has invested significantly in R&D, with expenses reaching 36.46 million yuan in the first half of 2025, a 20.8% increase year-on-year, and holds 16 invention patents with 163 R&D personnel, making up 11.64% of its total workforce [2]. Group 2: Financial Performance - Eagle Peak Electronics reported a revenue of 1.841 billion yuan in 2024, a year-on-year increase of 31.94%, and 853 million yuan in the first half of 2025, up 17.78% year-on-year, despite a decline in gross margin from 19.24% to 15.84% due to rising prices of copper and aluminum [3]. - The company's net profit attributable to shareholders fell to 67.65 million yuan in 2024, a decrease of 39.90%, indicating a clear trend of revenue growth without corresponding profit increases; in the first half of 2025, net profit declined by 22.41% year-on-year [3]. - Operating cash flow has been negative for two consecutive years, with a net cash flow of -79.96 million yuan in the first half of 2025, and accounts receivable reached 655 million yuan, constituting 64.41% of current assets, highlighting the need for improved bargaining power with downstream clients [3]. Group 3: Market Challenges - The company faces customer concentration risk, with over 70% of revenue coming from its top five clients, including a significant reliance on a leading electric vehicle manufacturer, which poses risks related to order fluctuations [4]. - The business is sensitive to policy changes, particularly regarding subsidies for renewable energy; any unexpected reduction in these subsidies could adversely affect downstream demand [5]. - There is pressure from technological advancements, particularly the accelerated replacement of traditional inductors by silicon carbide (SiC) devices, with Eagle Peak's progress in SiC module commercialization lagging behind international competitors like Infineon [5]. Group 4: Market Outlook - The Beijing Stock Exchange is increasing support for specialized and innovative enterprises, positioning Eagle Peak Electronics as a "little giant" in this category, which, combined with the high growth potential in the renewable energy sector, suggests significant valuation flexibility [6]. - The upcoming IPO represents a strategic move for Eagle Peak Electronics to transition from technological leadership to capital leadership, reflecting a broader survival strategy for companies in the renewable energy supply chain amid industry cycles [6].