CATL(SZ:300750) Xin Lang Cai Jing·2025-11-06 08:56Core Viewpoint - The company, Hai Chen Energy, is making a third attempt to go public after previous failures, with significant revenue growth but potential reliance on external policies and government subsidies for profitability [1][2]. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of 36.15 billion, 102.02 billion, and 129.17 billion from 2022 to 2024, representing a compound annual growth rate of 89% [1]. - In 2024, the company is expected to turn a profit with a net profit of 2.59 billion, following a significant government subsidy of 4.14 billion [2]. - The company's revenue from the U.S. market was 26.2% in 2024, with a gross margin of 43%, significantly higher than the domestic margin of 8% [2]. Financial Risks - The company has high accounts receivable, with amounts reaching 51.97 billion, 96.46 billion, and 96.61 billion from 2022 to 2025, representing 28% of total assets as of mid-2025 [3]. - The accounts receivable turnover days have increased significantly, indicating a longer collection period, which could strain liquidity [3][4]. - The company's debt ratio has risen to 74.95% by mid-2025, raising concerns about leverage management [3][4]. Legal Issues - The company is involved in a legal dispute with CATL, initiated by allegations of unfair competition and breach of non-compete agreements by its founder, Wu Zuyu [5][6]. - CATL has filed multiple lawsuits against Hai Chen Energy, including claims for patent ownership and damages, which could impact the company's operations [6].