日常生活中，电是不可或缺的核心能源，手机、电脑等常用电器都离不开充电补给。 在 "新型电力系统" 建设的政策东风下，我国电力能源数字化市场发展迅速，2024年规模已高达3150亿元，该领域已跑 出国电南瑞、东方电子、四方股份等上市公司，如今又有一家来自广州的企业冲击A股IPO。 格隆汇获悉，9月26日，南方电网数字电网研究院股份有限公司（简称"南网数字"）将在深交所首发上会，保荐人为招 商证券。 南网数字为电力能源等行业客户提供数字化建设综合解决方案，2024年营收超过60亿元，客户包括南方电网、国家电 网、中国华能、中广核等，但公司也存在对南方电网的关联销售占比较高、存货规模上升、行业竞争激烈等风险。 01 聚焦电网及企业数字化领域，关联销售占比较高 南网数字以推动电力能源行业数字化转型为主线，逐步发展打造出AI驱动、云边端贯通、软硬件协同的电网数字化、 企业数字化和数字基础设施三大业务体系。 其中，电网数字化业务包括数字电网智能运行系统、数字电网物联感知设备两大产品类别，推动以电力系统全环节的 数据为生产要素，优化电网生产运营；融合人工智能和大数据等新一代信息技术推动电网系统高效、科学决策。 企业数字化业 ...

日常生活中，电是不可或缺的核心能源，手机、电脑等常用电器都离不开充电补给。 在 "新型电力系统" 建设的政策东风下，我国电力能源数字化市场发展迅速，2024年规模已高达3150亿元，该领域已跑 出国电南瑞、东方电子、四方股份等上市公司，如今又有一家来自广州的企业冲击A股IPO。 格隆汇获悉，9月26日，南方电网数字电网研究院股份有限公司（简称"南网数字"）将在深交所首发上会，保荐人为招 商证券。 南网数字为电力能源等行业客户提供数字化建设综合解决方案，2024年营收超过60亿元，客户包括南方电网、国家电 网、中国华能、中广核等，但公司也存在对南方电网的关联销售占比较高、存货规模上升、行业竞争激烈等风险。 01 聚焦电网及企业数字化领域，关联销售占比较高 南网数字以推动电力能源行业数字化转型为主线，逐步发展打造出AI驱动、云边端贯通、软硬件协同的电网数字化、 企业数字化和数字基础设施三大业务体系。 其中，电网数字化业务包括数字电网智能运行系统、数字电网物联感知设备两大产品类别，推动以电力系统全环节的 数据为生产要素，优化电网生产运营；融合人工智能和大数据等新一代信息技术推动电网系统高效、科学决策。 企业数字化业 ...

Core Viewpoint - The company, Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Grid Digital"), is in the process of an IPO on the A-share Growth Enterprise Market, aiming to raise 2.554 billion yuan for six projects related to digital grid technology [1][2]. Group 1: IPO and Fundraising - Southern Grid Digital plans to raise 2.554 billion yuan through its IPO to fund projects including the construction of a spatial intelligent digital twin platform and a new generation intelligent IoT perception and collaborative control system [1][2]. - If the IPO is successful, it will expand the "Southern Grid" listed company group to four, joining Southern Grid Energy Storage, Southern Grid Energy, and Southern Grid Technology [1]. Group 2: Financial Performance and Independence - The company has a high dependency on related party transactions, with sales to Southern Power Grid and its affiliates accounting for 93.70%, 86.12%, and 86.33% of total revenue in the reporting periods [3][4]. - The gross profit margins for digital grid IoT perception devices were 47.28%, 44.81%, and 37.09% over the reporting periods, with the decline attributed to initial high pricing and integration work [5]. - The gross profit margin for the enterprise asset management system increased significantly, reaching 42.05% in one period, due to reusable R&D results [5]. Group 3: R&D and Financial Health - The company's R&D expenditure as a percentage of revenue has been declining, from 8.81% in 2022 to 6.55% in 2024, which is below the median level of 12.6% for the Sci-Tech Innovation Board [6]. - As of June 2025, accounts receivable decreased by 13.48% to 1.332 billion yuan, while inventory increased by 44.00% to 2.827 billion yuan [6]. - For the first half of 2025, the company reported a revenue of 1.558 billion yuan, a year-on-year increase of 19.31%, and achieved profitability with a net profit of 13.03 million yuan [6].