一场被“狙击”的IPO

Core Insights - The timing of an IPO is crucial for companies, especially in the context of external market conditions and internal performance metrics [2] - Hai Chen Energy, a leading domestic energy storage company, is currently at a high point in the industry cycle, with improved profit margins and a positive outlook for 2024 [3] Industry Context - The international lithium carbonate price has started to decline in 2023, benefiting consumers and contributing to profit margins for companies like Hai Chen Energy [3] - Hai Chen Energy's gross margin increased from 11.3% in 2022 to 12.1% in 2023, with a further projected rise to 17.9% in 2024 [3] Company Performance - Hai Chen Energy submitted its prospectus to the Hong Kong Stock Exchange in March 2025, aiming to capitalize on favorable industry conditions and strong performance metrics [3] - The company achieved profitability in 2024, aided by subsidies and an optimized profit structure [3] Legal Challenges - A lawsuit filed by CATL against Hai Chen Energy for "unfair competition" poses significant uncertainty for the company's IPO plans [6] - The lawsuit claims that Hai Chen Energy's 587Ah energy storage cell closely resembles CATL's patented technology, which could impact the company's market position [6] Financial Concerns - Hai Chen Energy's accounts receivable have significantly increased, with trade receivables projected to rise from 223 million yuan in 2022 to 4.02 billion yuan in 2024, representing a growing percentage of revenue [6] - The company's asset-liability ratio stands at 73.1%, with bank borrowings amounting to 9.983 billion yuan [6] Market Position - Hai Chen Energy's overseas business has a gross margin exceeding 40%, while domestic operations only achieve 8.1%, highlighting the disparity in profitability [7] - The bankruptcy of its largest U.S. client, Powin, could adversely affect future financial statements and market perception [7] - Compared to CATL, Hai Chen Energy's revenue and gross margin are significantly lower, indicating challenges in competing with industry leaders [7]