登录新浪财经APP 搜索【信披】查看更多考评等级 过会≠过关、被BYD卷价格更卷账期的维通利应对毛利率下滑已采取措施的有效性以及期后经营业绩增长的可持续性被追问、"高 新"资质堪忧 上亿的收入凭证神秘失踪，主力产品价格腰斩，现金流由正转负，这家头顶国内电连接行业第一桂冠的公司，正试图在上市委的审 视下证明自己"大而不倒"。 2025年12月30日，深交所上市审核委公布，北京维通利电气股份有限公司的IPO申请获得了"符合发行条件、上市条件和信息披露 要求"的审议结果。 但这绝不意味着闯关成功——委员们抛出的问题直指公司最痛的软肋：如何应对毛利率下滑？业绩增长能否持续？ 01 现金流警报，业绩含金量受疑 然而，靓丽的业绩数字背后，现金流却拉响了警报。 2025年上半年，公司经营现金流转为负值-4336.88万元。这与同期1.39亿元的净利润形成了冰火两重天的对比。 现金流与净利润背离的问题并非一日之寒。数据显示，公司销售商品收到的现金与营业收入之比从2022年的0.84持续下滑至2024年 的0.70。 经营活动现金流量净额从2023年的1.63亿元下降到2024年的1.03亿元，再到2025年上半年直接转为负值 ...

Core Viewpoint - The company, Weitongli Electric Co., Ltd., is facing challenges in its IPO process due to legal issues and administrative penalties, despite strong financial growth and a prestigious client list in the renewable energy sector [2][11][19]. Financial Performance - Weitongli's revenue is projected to reach nearly 2.4 billion yuan in 2024, with a net profit of 271 million yuan, showing consistent growth over the past three years [2][5]. - Revenue increased from 1.437 billion yuan in 2022 to 2.39 billion yuan in 2024, while net profit rose from 114 million yuan to 271 million yuan during the same period [5]. - In the first nine months of 2025, revenue surged by 32.73% to 2.212 billion yuan, with net profit growing by 10% to 216 million yuan [5]. - The company leads the industry in revenue from hard and flexible connections, with hard connections revenue rising from 529 million yuan in 2022 to 681 million yuan in 2024 [5]. Client Base - Weitongli serves a prestigious list of clients across various sectors, including Siemens, Schneider Electric, BYD, and BMW, indicating its strong market position [3][5]. Business Segments - The company's revenue from the electric power and electrical segment grew from 554 million yuan in 2022 to 807 million yuan in 2024, but its share of total revenue decreased from 42.43% to 36.04% [7]. - The new energy vehicle segment saw significant growth, with revenue increasing from 344 million yuan in 2022 to 825 million yuan in 2024, becoming the largest revenue source by mid-2025 [7]. Legal and Compliance Issues - Weitongli has received seven administrative penalties over two and a half years, raising concerns about its internal governance and compliance [11][14]. - The company is currently involved in two major lawsuits related to commercial secret infringement, with claims exceeding 1 million yuan [16][19]. Family Ownership Structure - The company is predominantly family-controlled, with the founder holding 56.57% of the shares and the family collectively controlling 85.51% [11][12]. - This concentrated ownership structure has implications for governance and decision-making within the company [11][14]. Cash Flow and Financial Health - The company's accounts receivable reached 1.042 billion yuan, representing nearly 70% of current assets, which may impact cash flow [10][14]. - The cash flow from operating activities has shown volatility, with a net cash flow of -43 million yuan in the latest reporting period [10].

Core Insights - Yilian Technology has achieved a significant milestone with a cumulative global shipment of over 100 million CCS (Cell Connection Components), reflecting strong market recognition and showcasing its technical and manufacturing capabilities [2] - The company has evolved into a leading provider of comprehensive electric connection solutions over more than 30 years of focused development in the electric connection sector [3] Company Development - Founded in 1991, Yilian Technology initially focused on household appliance wiring harnesses and later expanded into the automotive sector in 2000, establishing partnerships with major automotive brands [3] - A key partnership with CATL in 2013 laid the groundwork for the company's explosive growth over the past decade [3] Competitive Advantage - The company's competitive edge stems from a combination of technological innovation and deep integration with major clients, which provides insights into market demands and stable order sources [3] - Yilian Technology emphasizes a "coexistence effect" between technology and ecosystem, allowing it to stay at the forefront of innovation and participate in setting industry standards [4] Cost Reduction and Efficiency - The company adheres to a "three no" principle: no reduction in quality, no delays in delivery, and no shirking of responsibility, focusing on systematic optimization to enhance cost advantages without compromising quality [4] - Future developments in the CCS sector will focus on lighter, thinner, and more integrated components, driven by advancements in materials science and thermal management technologies [4] Product Innovation - Yilian Technology's CCS products are critical in the supply chain, directly impacting the safety and efficiency of power systems, with a 99.99% welding yield rate achieved through advanced laser welding technology [6] - The company has expanded its product line to include FPC (Flexible Printed Circuit) technology, which complements CCS by providing integrated solutions for battery systems [7] Manufacturing Excellence - The company has established a high-end manufacturing system that integrates precision processing, laser welding, and intelligent detection, achieving CMMM Level 3 certification in August 2025 [8] Strategic Partnerships - As a core supplier to major companies like CATL, Yilian Technology maintains its bargaining power and technical independence through innovation and quality assurance [9] - The company balances deep service to core clients while standardizing capabilities to efficiently serve a diverse customer base, facilitating broader market expansion [9] Market Expansion - Yilian Technology is actively expanding its expertise in electric connection and thermal management technologies into new sectors such as energy storage and industrial control, anticipating significant growth in these areas over the next three to five years [10]

Core Insights - Yilian Technology has achieved a significant milestone with a cumulative shipment of over 100 million CCS (Cell Connection Components), reflecting strong market recognition and robust technical capabilities [1] - The company has evolved into a global leader in providing comprehensive electric connection solutions after over 30 years of focused development in the electric connection field [1] Group 1: Competitive Strengths - The company emphasizes that technological research and large-scale manufacturing are foundational to ensuring high reliability and low costs, while deep partnerships with leading clients provide insights into market demands and stable order sources [2] - Yilian Technology's competitive advantage stems from a "symbiotic effect" between technology and ecosystem, allowing for innovation that aligns closely with market trends and participation in industry standard-setting with major clients [2] - The company adheres to a "three no" principle: no compromise on quality, no delays in delivery, and no shirking of responsibility, focusing on systematic optimization to enhance cost advantages without sacrificing quality [2] Group 2: Future Outlook - The future of the electric connection sector is expected to evolve towards lighter, thinner, and more integrated CCS components, driven by continuous breakthroughs in materials science and thermal management technologies [3] - The demand for CCS components will be propelled by advancements in digital technologies (AI, 6G), energy revolutions (electric vehicles, green grids), smart societies (industrial IoT), and extreme explorations (deep space, deep sea) [3] Group 3: Product Development - Yilian Technology's CCS products are critical in the battery pack industry, directly influencing the safety and efficiency of power systems, with high reliability requirements from manufacturers [3] - The company has successfully expanded its product line from CCS to FPC (Flexible Printed Circuit) boards, driven by customer needs and technological extensions, enhancing its overall solution capabilities for battery systems [4] - Innovations in multi-material composite welding processes have significantly improved connection reliability and lifecycle, while advancements in FPC have increased bend resistance to over 100,000 cycles [4] Group 4: Manufacturing Excellence - The company has established a high-end manufacturing system integrating precision processing, laser welding, and intelligent detection, achieving CMMM Level 3 certification, indicating industry-leading standards in smart manufacturing [5] Group 5: Market Expansion Strategy - As a core supplier to major companies like CATL, Yilian Technology maintains its bargaining power and technical independence through innovation and quality assurance [6] - The company balances deep service to core clients with the standardization of capabilities to efficiently empower a diverse customer base, facilitating broader market expansion [6] - Yilian Technology is actively expanding its electric connection and thermal management technologies into new sectors such as energy storage and industrial control, anticipating these areas to drive future growth [6][7]

Investment Rating - The report gives an "Accumulate" rating for the company [3]. Core Views - The company has significant technological advantages and is expected to increase its contribution from the energy storage business. The management team has a strong technical background and emphasizes R&D investment, leading to high operational efficiency. The introduction of a new generation of products in 2024 is anticipated to enhance cost-effectiveness and automation, facilitating broader market adoption [1][7][30]. Summary by Sections Company Overview - The company, Suzhou Xidian New Energy Electric Co., Ltd., was established in 2007 and focuses on research, development, and application of electrical connection technology. It has expanded into various sectors, including industrial frequency conversion and new energy generation, with a strong presence in the electric vehicle market [12]. Financial Data and Valuation - The company is projected to achieve total revenue of 3,286 million yuan in 2025, reflecting a year-on-year growth of 52%. The net profit attributable to shareholders is expected to reach 339 million yuan in 2025, with a corresponding PE ratio of 24.2 [2][8]. Technological Advantages and Customer Resources - The management team prioritizes R&D, with a high-quality team and significant investment in technology. The company has developed key production equipment in-house, enhancing its competitive edge. The introduction of the new film technology is expected to reduce costs and improve reliability, positioning the company favorably in the market [30][36]. Market Potential - The demand for large-scale energy storage in overseas markets, particularly in regions like California and Texas, is expected to grow significantly. Legislative support in the U.S. and EU for energy storage solutions further enhances the market potential for the company [7][30]. Profit Forecast - The company is expected to achieve a net profit of 3.39 billion yuan in 2025 and 4.22 billion yuan in 2026, with a PE ratio of 19x for 2026. The report emphasizes the company's strong growth trajectory and profitability outlook [8][30].