98%净利要靠下半年、客户集中度超八成，南网数字冲关IPO

Core Viewpoint - Nanfang Electric Power Digital Research Institute Co., Ltd. (Nanfang Digital) is progressing towards its IPO on the ChiNext board, having submitted its registration on September 28, 2025, just three months after its application was accepted [1][2]. Company Overview - Nanfang Digital, a subsidiary of China Southern Power Grid, focuses on digitalization in the power industry and was established in March 2017, transitioning to a joint-stock company in 2023 [3]. - The company is primarily controlled by the State-owned Assets Supervision and Administration Commission, with a 74% direct stake held by its parent company [3]. IPO Details - The company plans to issue 300 million to 480 million shares, representing 10% to 15% of the total post-issue share capital, with an expected fundraising amount of 2.55446 billion yuan [2][3]. Business Segments - Nanfang Digital's operations are divided into three main segments: grid digitalization, enterprise digitalization, and digital infrastructure [5]. - The grid digitalization segment has the largest revenue share, increasing from 28.31% in 2022 to 48.64% in the first half of 2025 [5]. Market Potential - The digitalization market for China's power energy sector is projected to grow from 315 billion yuan in 2024 to 370 billion yuan in 2025, with a compound annual growth rate of 10.86% from 2020 to 2025 [6]. Financial Performance - In 2023, Nanfang Digital experienced a revenue decline of 14.52 billion yuan, a 25.53% year-on-year drop, and a net profit decrease of 2.76 billion yuan, down 42.22% [6]. - However, in the first half of 2025, the company reported a revenue of 1.558 billion yuan, a 19.31% increase year-on-year, and a net profit of 13.03 million yuan, reversing a loss from the previous year [6]. Revenue Projections - The company anticipates second-half revenues between 4.85 billion and 5.15 billion yuan, with total annual revenues projected at 6.4 billion to 6.7 billion yuan and net profits between 572 million and 600 million yuan [7][8]. Client Dependency - Nanfang Digital has a high client concentration, with sales to its largest customer, Nanfang Electric Power, accounting for over 84% of its revenue from 2022 to the first half of 2025 [11][12]. - The company is working to diversify its client base, having established relationships with several major state-owned enterprises [12]. R&D Investment - The company invests significantly in R&D, with expenses of 5.01 billion yuan in 2022, representing 8.81% of revenue, although its R&D personnel ratio is lower than that of comparable companies [14].