纳百川IPO：新能源汽车+储能双轮驱动，携手行业龙头撬动百亿热管理市场

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is positioned as a leading player in the domestic new energy thermal management sector, with significant growth potential driven by the dual carbon strategy and the increasing demand in the new energy vehicle and energy storage markets [1][8]. Group 1: Company Overview - Founded in 2000, Nanbaichuan initially focused on thermal management solutions for fuel vehicles and pivoted to new energy battery thermal management in 2011, collaborating with industry leader CATL [2][3]. - The company has developed a comprehensive business system, providing diverse thermal management solutions across various applications, including mobile, fixed, and specialized thermal management [3]. Group 2: Market Position and Performance - Nanbaichuan's annual production capacity for battery liquid cooling plates is 4.4056 million units, generating sales revenue of 1.179 billion yuan, with an estimated market share of approximately 12.16% in 2024 [3]. - The company's main business revenue is projected to grow from 1.008 billion yuan in 2022 to 1.408 billion yuan in 2024, reflecting a compound annual growth rate of 18.17% [7]. Group 3: Technological Innovation - Nanbaichuan has established a strong core technology barrier through systematic innovation, addressing industry challenges such as uneven heating in battery modules and achieving precise temperature control [4][5]. - The company holds 203 patents, including 20 invention patents, and has led the drafting of industry standards for battery liquid cooling plates, reinforcing its technical leadership [5]. Group 4: Customer Base and Ecosystem - The company has built a robust customer network, focusing on top-tier enterprises in the industry, including partnerships with CATL and major automotive brands, covering over 80% of domestic new energy vehicle manufacturers [6][7]. - Nanbaichuan's deep collaboration with leading clients has resulted in stable revenue growth, with significant orders from core customers like CATL and Zhongchuang Innovation [7]. Group 5: Industry Trends and Growth Drivers - The new energy vehicle market is experiencing rapid growth, with production and sales expected to rise significantly from 7.058 million units in 2022 to 12.888 million units in 2024, indicating a maturing market [8][11]. - The energy storage sector is also expanding, with installed capacity projected to reach 73.76 million kilowatts by the end of 2024, driven by the shift towards liquid cooling solutions [11][14]. Group 6: Future Prospects - Nanbaichuan plans to raise 729 million yuan for a new production project to address capacity saturation and align with industry growth [15]. - Ongoing technological advancements, such as the development of integrated liquid cooling solutions, are expected to enhance product value and open new profit growth avenues [15].