“背靠”比亚迪，尚水智能冲刺创业板IPO

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. (Shangshui Intelligent) is heavily reliant on BYD, which is both a major shareholder and the largest customer, contributing 65.78% of its revenue in 2024, indicating a significant business risk due to this dependency [2][4][8]. Group 1: Company Overview - Shangshui Intelligent was founded in 2012, focusing on micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, with applications in the new energy battery sector [4]. - The company has established partnerships with major players in the new energy battery industry, including BYD, Yiwei Lithium Energy, and CATL, as well as international manufacturers like Samsung SDI and LGES [4]. Group 2: Financial Performance - Shangshui Intelligent's revenue has shown strong growth over the past three years, with annual revenue of 397 million, 601 million, 637 million, and 398 million yuan, and a compound annual growth rate of 26.70% from 2022 to 2024 [4][5]. - Despite revenue growth, net profit has shown signs of decline, with a significant drop of 34.90% in 2024 compared to 2023, attributed to factors such as changes in VAT policies and fluctuations in gross profit [5][6]. Group 3: Dependency on BYD - The company has a significant dependency on BYD, with sales to the top five customers accounting for over 89% of total revenue, and sales to BYD alone representing 36.29% in the first half of 2025 [8][9]. - A strategic cooperation agreement was signed with BYD, extending the lock-up period for BYD's shares in Shangshui Intelligent to 36 months, indicating a long-term commitment [8]. Group 4: Risks and Challenges - Shangshui Intelligent faces risks related to its heavy reliance on BYD, as any changes in BYD's procurement strategy or market conditions could adversely affect its business [9]. - The company has reported a significant increase in inventory levels, which poses a risk of capital inefficiency and potential financial strain if not managed effectively [9]. - The gross profit margin has fluctuated, with rates of 48.10%, 57.08%, 48.72%, and 53.65% over the reporting periods, indicating potential pressure from cost control demands from clients and market competition [10][11].