注册制新股纵览：中瑞股份：国内领先的圆柱锂电池精密安全结构件制造商

Company Overview - The company is a leading domestic manufacturer of cylindrical lithium battery precision safety structural components, specializing in power-type and capacity-type lithium battery combination cap series products [5] - Its products are positioned in the mid-to-high-end market, primarily used in the new energy vehicle sector, and widely applied in electric tools, electric bicycles, smart home appliances, and digital 3C products [5] - The company has established long-term stable partnerships with leading lithium battery manufacturers such as LG Energy Solution, E-One Moli Energy, BAK Battery, and Lishen Battery [15] Financial Performance - From 2020 to 2023 H1, the company's revenue was 4.60 billion, 6.48 billion, 7.64 billion, and 3.62 billion yuan respectively, with net profit attributable to the parent company of 0.66 billion, 1.37 billion, 1.84 billion, and 0.76 billion yuan, lower than the average of comparable companies [44] - The compound annual growth rates (CAGR) of revenue and net profit from 2020 to 2022 were 28.86% and 67.18% respectively, with the net profit CAGR higher than the average of comparable companies [44] - The company's gross profit margin from 2020 to 2023 H1 was 34.71%, 38.82%, 40.17%, and 38.42% respectively, significantly higher than comparable companies [28] - R&D expenditure as a percentage of revenue from 2020 to 2023 H1 was 4.95%, 5.81%, 6.84%, and 7.14% respectively, higher than the average of comparable companies [30] Market Position - The company's cylindrical lithium battery cap products ranked first in domestic market share in 2019 and 2020 [23] - In 2021 and 2022, the company's combination cap product sales accounted for 15.33% and 15.75% of global cylindrical lithium battery shipments respectively [23] - The company has a high market share in cylindrical lithium battery combination caps and has built strong brand advantages and customer resource barriers [8] Industry Prospects - The lithium battery precision structural components market in China is expected to grow by 256.20% from 2020 to 2025, exceeding 27 billion yuan [25] - The company is actively developing 21700 battery structural components for European customers, with mass procurement demand expected to be released in 2023 or 2024 [25] - The company is also developing steel shell products compatible with 21700 batteries and has begun small-scale production of 4680 cylindrical lithium battery structural components [25] Fundraising and Projects - The company plans to issue no more than 36.832 million new shares, raising funds for power lithium battery precision structural components projects and R&D center construction [32] - The power lithium battery precision structural components project is expected to add an annual production capacity of 1.2 billion combination caps and 312 million cylindrical lithium battery steel shells [48] - The R&D center project will enhance the company's technological accumulation in cylindrical lithium battery precision structural components [48]