纳百川净利润毛利率下滑：依赖宁德时代，产能利用率下降仍扩产

Core Viewpoint - 纳百川新能源股份有限公司 is preparing for an IPO on the Shenzhen Stock Exchange's ChiNext board, facing challenges such as declining profit margins and increasing accounts receivable while relying heavily on major clients like CATL [1][2][3] Financial Performance - The company reported revenues of 520 million yuan, 1.031 billion yuan, and 1.136 billion yuan from 2021 to 2023, with a compound annual growth rate of 47.86% [1] - Net profits for the same period were 48.29 million yuan, 113 million yuan, and 98.25 million yuan, with a decrease in net profit of 13.3% and a decrease in net profit after deducting non-recurring gains and losses of 19.7% in 2023 [1] - Gross profit margins for the main business declined from 23.47% in 2021 to 19.84% in 2023, attributed to aggressive pricing strategies and a decrease in the proportion of mold sales [1] Accounts Receivable and Inventory - Accounts receivable increased from 248 million yuan in 2021 to 382 million yuan in 2023, with the ratio of accounts receivable to revenue being 50.27%, 33.00%, and 35.44% respectively [1] - Inventory values rose from 104 million yuan to 166 million yuan over the same period, accounting for 12.76%, 13.37%, and 10.89% of total assets, with no significant issues of product obsolescence reported [2] Customer Dependency and Production Capacity - Sales to the top five customers accounted for 64.35%, 60.05%, and 62.13% of total revenue, with a significant reliance on CATL, which represented 50.33%, 53.73%, and 48.94% of sales [2][3] - The company’s production capacity utilization rates decreased from over 100% in previous years to 83.41% in the latest year, raising concerns about the rationale behind expansion plans [3] Debt and Financial Strategy - The company’s debt-to-asset ratios were 61.60%, 65.93%, and 65.18% during the reporting period, indicating short-term debt pressures [3] - The planned IPO aims to raise 829 million yuan, with funds allocated for production expansion and working capital to improve financial stability [3] Internal Control Issues - The company previously had issues with unrecorded cash transactions through employee accounts, which have since been addressed with new internal control measures [4]