远信储能赴港IPO：核心产品两年降价65%、产能利用率仅62%、第一大客户贡献4成营收

Core Viewpoint - Yuanxin Energy has submitted its main board listing application to the Hong Kong Stock Exchange, showcasing significant revenue growth and profitability despite facing price pressures in its core products [1][2]. Financial Performance - In 2023, Yuanxin Energy reported revenue of 435 million yuan, which surged to 1.144 billion yuan in 2024, marking a growth rate of 163% [1]. - The company's profit for 2023 was 40.74 million yuan, increasing to 96.27 million yuan in 2024. For the first three quarters of 2025, revenue reached 881 million yuan with a profit of 70.89 million yuan [1]. Pricing Pressure - The average selling price of the core product, integrated energy storage system solutions, has significantly declined from 1.26 yuan per watt-hour in 2023 to 0.44 yuan per watt-hour in the first three quarters of 2025, representing a cumulative drop of 65% [2]. - The price of energy storage system products also decreased from 0.66 yuan/Wh in 2023 to 0.38 yuan/Wh in the first three quarters of 2025, impacting the company's profitability [2]. Profitability and Margin Fluctuations - Yuanxin Energy's gross margin was 21.6% in 2023, slightly decreasing to 17.8% in 2024, and then recovering to 18.3% in the first three quarters of 2025 [2]. - Large-scale energy storage system solutions have become a key driver for gross margin growth, with gross profit rising from 0.823 million yuan in 2023 to over 150 million yuan in the first three quarters of 2025 [2]. Customer and Supplier Risks - The company faces risks related to customer and supplier overlap, with significant procurement from a single supplier while also selling products to them. The procurement amounts from this supplier were approximately 203 million yuan, 590 million yuan, and 341 million yuan from 2023 to the first three quarters of 2025 [3]. - Customer concentration risk is notable, with the top five customers contributing 53.6%, 81.6%, and 80.8% of revenue from 2023 to the first three quarters of 2025, and the largest customer accounting for 40.7% of revenue in 2024 [3]. Production Capacity - As of September 30, 2025, Yuanxin Energy has an annual production capacity of 6.8 GWh across its facilities in Jiangsu and Yunnan, but the actual capacity utilized was only 4.9 GWh with a production of 3.1 GWh, resulting in a capacity utilization rate of 62.2% [4]. - The funds raised from the IPO will be allocated to technology research and development, overseas market expansion, and upgrading production facilities, although expanding production capacity may exacerbate underutilization issues [4].