液冷板龙头IPO生效，7.29亿加码电池热管理

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has successfully registered for its IPO on the ChiNext board, marking a significant milestone for the company as it transitions from a niche player in the thermal management sector to a publicly traded entity, aiming to leverage capital to expand production capacity and enhance technological capabilities [2][3]. Group 1: Company Overview - Nanbaichuan is recognized as a leading player in the domestic liquid cooling plate market, having established itself as the first company in Taizhou, Wenzhou, to successfully pass the IPO process [3]. - The company plans to raise 729 million yuan through the IPO, with 579 million yuan allocated to a production project for 3.6 million water cooling plates annually and 150 million yuan for working capital [3]. - The main product, battery liquid cooling plates, is widely used in the new energy vehicle and energy storage sectors, with an estimated market share of approximately 12.16% in the new energy vehicle sector in 2024 [3]. Group 2: Technological Strength - Nanbaichuan has developed a robust technological foundation, holding 203 patents, including 20 invention patents and 146 utility model patents, showcasing its innovation capabilities [5]. - The company has led the drafting of the industry standard for battery liquid cooling plates, further establishing its technical authority in the sector [5]. Group 3: Product Offerings - The core products include battery liquid cooling plates and associated components, which are adaptable to various vehicle models and battery pack structures [6]. - Nanbaichuan serves as a strategic supplier for major automotive manufacturers, including NIO, Xpeng, and Geely, and has a diverse customer network across multiple application scenarios [6]. Group 4: Financial Performance - The company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 18% in revenue over the past three years, significantly outpacing the industry average [14]. - For the first half of 2025, the company reported a revenue of 743 million yuan, a year-on-year increase of 45.88%, indicating robust growth momentum [16]. - Projections for 2025 suggest a revenue of 1.74 billion yuan, reflecting a growth of 20.86% compared to 2024, with net profit expected to reach 105 million yuan, a 9.72% increase [17]. Group 5: Development Phases - The company's journey can be divided into three key phases: the initial phase of technology accumulation (2011-2016), the growth and expansion phase (2017-2023), and the IPO phase (2024-2025) [18][19]. - The IPO represents a culmination of over a decade of focused development in the thermal management sector, coinciding with a growing demand for innovative solutions in the new energy vehicle and energy storage markets [19].