Core Viewpoint - N Nabachuan (301667) officially listed on the ChiNext board on December 23, with an opening price of 60.00 yuan per share, significantly increasing from its issue price of 22.63 yuan per share, reflecting strong market interest and trading activity [1][23]. Company Overview - N Nabachuan specializes in the research, production, and sales of thermal management products for electric vehicle power batteries, fuel vehicle power systems, and energy storage batteries, including battery liquid cooling plates and engine radiators [4][11]. - The company was established in 2007 and has become a key player in the domestic thermal management industry, holding 203 authorized patents, including 20 invention patents [5][17]. Market Dynamics - The global energy storage market is expected to grow significantly, with the thermal management market projected to reach 146 billion yuan by 2025, driven by increased energy storage installations and the adoption of liquid cooling solutions [5][16]. - In China, the energy storage temperature control business is becoming a core growth engine for many companies, with N Nabachuan positioned to capture a significant share of this expanding market [5][19]. Financial Performance - N Nabachuan's revenue from 2022 to Q1 2025 was reported as 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 3.371 billion yuan, respectively, with a compound annual growth rate of 204.5% in energy storage thermal management product revenue [6][8]. - For the first nine months of 2025, the company achieved revenue of 1.208 billion yuan, a year-on-year increase of 32.3%, with a forecasted annual revenue of 1.737 billion yuan for 2025, reflecting a growth of 20.86% [6][19]. Customer Base - N Nabachuan is a strategic supplier for CATL, with significant sales to other major clients such as Zhongxin Innovation and various automotive brands including NIO, Xpeng, and Geely [19][20]. - The company has a high dependency on CATL, with sales to this client accounting for 54%, 49%, and 48% of total revenue in 2022, 2023, and 2024, respectively [20]. IPO and Future Prospects - The IPO raised 729 million yuan, aimed at expanding production capacity for battery liquid cooling plates, which is expected to significantly enhance the company's output and market position [23]. - With the ongoing transition to electric vehicles and the explosive growth in energy storage installations, N Nabachuan is well-positioned to benefit from these trends, potentially increasing its international market share [11][12].
首日暴涨695%！温州储能细分龙头正式上市！