CATL(SZ:300750) Zhi Tong Cai Jing·2025-12-07 22:41Core Viewpoint - Nabaichuan (301667.SZ) has initiated its subscription on December 8, with an issue price of 22.63 yuan per share and a maximum subscription limit of 0.65 million shares, reflecting a price-to-earnings ratio of 28.7 times [1] Group 1: Company Overview - Nabaichuan focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - The company has been collaborating with CATL since 2012 and is a strategic supplier for various automotive brands including NIO, Xpeng, and Geely [1] Group 2: Financial Performance - The company reported revenues of approximately 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of about 113 million yuan, 98.25 million yuan, and 95.43 million yuan during the same periods [3] - For the first nine months of 2025, the company expects a revenue growth of 22.26% to 35.18% compared to the same period in 2024, and a net profit increase of 19.79% to 33.10% [3] Group 3: Financial Metrics - As of December 31, 2022, the total assets were 1.265 billion yuan, with equity attributable to shareholders at 431 million yuan [4] - The company’s asset-liability ratio was 56.26% in 2022, decreasing to 51.91% by March 31, 2025 [4] - The basic earnings per share were 1.35 yuan in 2022, dropping to 0.18 yuan in the first quarter of 2025 [4]