星标 ★ IPO日报 精彩文章第一时间推送 1月13日，杭州高特电子设备股份有限公司（下称"高特电子"）将在深交所创业板上会，为深交所2026年首家上发审会的IPO项目。 此次IPO，高特电子计划募资8.5亿元，其中6亿元用于自建储能电池管理系统生产线，2.5亿元用于补充流动资金。 IPO日报发现，高特电子业绩稳定增长的背后是经营性现金流长期净流出、应收账款增加且期后回款效率恶化。公司的研发投入力度不足，重要产品价格 不断下滑，继而引发毛利率下滑危机。 张力制图 增长背后 高特电子成立于1998年，聚焦于电池监测和电池管理相关领域，公司从铅酸电池监测起步到锂电池管理系统，持续技术创新和产品迭代开发，逐步发展成 为一家以技术创新为驱动的国家级高新技术企业和专精特新"小巨人"企业。 报告期内，公司主要面向新能源产业提供安全、可靠、高效、稳定且更具经济性的新型储能电池管理系统相关产品，连续三年在大型储能领域BMS产品 出货量保持行业前列，相关产品及服务广泛应用于电源侧/电网侧大型高压储能电站，以及工商业储能、户用储能等领域，同时也涵盖应用于数据中心、 通信基站、轨道交通等领域的后备电源BMS产品，应用于新能源汽车、 ...

Core Viewpoint - Gaote Electronics is focusing on IPO to raise 850 million yuan for the development of its energy storage battery management system (BMS) products, aiming to enhance its production capacity and maintain its leading position in the industry [1][3]. Company Overview - Gaote Electronics is a national high-tech enterprise and a specialized "little giant" company, driven by technological innovation, providing safe, reliable, efficient, and economical new energy storage BMS products [1]. - The company has maintained a leading position in the shipment volume of BMS products in the large-scale energy storage sector for three consecutive years [1]. Product and Market Position - The BMS serves as the "nerve center" of new energy storage systems, ensuring safe, reliable, stable, and economical operation through multi-dimensional data collection, diagnosis, safety management, and proactive maintenance [1]. - Gaote's BMS products are widely used in various fields, including large high-voltage energy storage power stations, commercial and residential storage, backup power for data centers, communication bases, rail transit, and power detection [1]. Industry Recognition - According to the CESA's 2024 China New Energy Storage Industry Development White Paper, Gaote Electronics ranked first among the top 10 new energy storage BMS companies in China for 2023 [2]. - The company is recognized as a key player in the third-party storage BMS sector, with core clients including major energy storage integrators and battery cell manufacturers [2]. Financial Performance - From 2022 to 2024, Gaote Electronics achieved revenues of 346 million yuan, 779 million yuan, and 919 million yuan, with net profits of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan respectively [3]. - The IPO proceeds will be used for the construction of an intelligent manufacturing center for energy storage BMS and to supplement working capital [3]. Future Plans - The intelligent manufacturing center project aims to expand the production capacity of existing main products, addressing the growing demand from downstream customers [3]. - The project will enhance automation in production lines, reduce outsourcing, and strengthen the company's competitive advantage in the new energy storage BMS market [3].