高特电子冲刺创业板，“储能BMS第一股”，与三条越勒越紧的绳索

Core Viewpoint - The IPO approval for Gaote Electronics marks a significant milestone as it becomes the first company in the A-share market to focus on energy storage BMS (Battery Management System), despite facing declining profit margins and increasing competition in the industry [1][2]. Group 1: Company Growth and Challenges - Gaote Electronics has experienced substantial revenue growth, with main business income increasing from 346 million yuan in 2022 to 919 million yuan in 2024, reflecting a compound annual growth rate of 63.31% [1]. - The company's gross profit margin has decreased from 28.53% in 2022 to 22.01% in the first half of 2025, trailing behind the industry average [1][3]. - The company has undergone three significant business transformations since its founding in 1998, ultimately pivoting to energy storage BMS in response to market trends [2]. Group 2: Industry Context and Competition - The energy storage industry is experiencing a price war, leading to a significant drop in the average bidding price for 2-hour energy storage systems from approximately 1.50 yuan/Wh to 0.56 yuan/Wh, a decline of over 60% from 2022 to 2025 [3]. - Gaote Electronics' gross margin for its energy storage BMS modules has fallen from 30.52% to 26.82% between 2022 and 2024, indicating a broader industry trend of "increasing revenue without increasing profit" [3]. Group 3: IPO and Future Plans - The company plans to raise 850 million yuan through its IPO, with 600 million yuan allocated for building its own energy storage BMS production line, aiming for large-scale production of BMS modules and related products [4][5]. - Despite high capacity utilization rates exceeding 100% in 2023, there are concerns about the wisdom of aggressive expansion in a declining margin environment [5]. Group 4: Financial Health and Risks - Gaote Electronics' accounts receivable surged from 180 million yuan in 2022 to 577 million yuan by mid-2025, representing over 61% of its revenue, indicating cash flow pressures [6]. - The company has faced negative operating cash flow in 2022 and 2023, with significant reliance on a few large clients, which poses risks to financial independence [6].