Core Viewpoint - The IPO process of Beijing Haocreat Electric Equipment Co., Ltd. is nearing completion, but the company faces significant challenges regarding its reliance on State Grid and its innovation capabilities [1][2][6]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 560 million, 672 million, and 867 million respectively, with a compound annual growth rate (CAGR) of 24.47% [2]. - The corresponding net profit for the same period is expected to be 68.78 million, 88.32 million, and 110 million, with a CAGR of 26.40% [2]. - The sales revenue from State Grid subsidiaries accounted for 88.92%, 91.99%, and 77.38% of total revenue during the same period, indicating a high customer concentration risk [2][3]. Quality Control Issues - The company faced quality issues leading to a six-month suspension from bidding for certain products by two provincial State Grid companies due to product defects [3][4]. - The revenue affected by quality issues was 2.30 million, 1.82 million, and 5.20 million, representing 0.41%, 0.27%, and 0.60% of total revenue respectively [3]. Research and Development (R&D) Concerns - The company's R&D investment from 2022 to 2024 was 17.30 million, 23.36 million, and 32.32 million, representing only 3.09%, 3.47%, and 3.73% of total revenue, significantly lower than industry peers [6][8]. - The company holds only 14 invention patents, with most obtained after 2020, raising concerns about the authenticity of its innovation efforts [7][8]. Profitability Metrics - The company's net profit margin for the years 2022 to 2024 was 12.28%, 13%, and 12.83%, while the gross profit margin was 25.75%, 27.60%, and 25.67%, outperforming industry averages [9][10]. - The company maintains low financial and operational expenses, with financial expense rates of 0.81%, 0.67%, and 0.44% over the same period [11]. Funding and Capital Structure - The company plans to raise 477 million, with 100 million allocated for "working capital," which has raised questions about the necessity of such funding given its cash flow situation [11].

Core Viewpoint - The major shareholder of Huilong New Materials, Huilong Partnership, plans to reduce its stake in the company by up to 3% within a specified period, which may impact the stock's market performance and investor sentiment [1][2]. Shareholder Reduction Plan - Huilong Partnership holds 6,488,000 shares, accounting for 5.5884% of the total share capital, and plans to reduce its holdings by a maximum of 3,482,902 shares, which is 3% of the total share capital after excluding repurchased shares [1][2]. - The reduction will occur through centralized bidding and block trading, with a maximum of 1,160,967 shares via centralized bidding and 2,321,935 shares via block trading [1]. Company Background - Huilong New Materials was listed on the Shenzhen Stock Exchange on September 9, 2021, with an initial public offering (IPO) of 27.3 million shares at a price of 8.03 yuan per share [2]. - The company raised a total of 21.92 million yuan from its IPO, with a net amount of 16.83 million yuan after expenses [2][3]. Financial Performance - The company's revenue from 2021 to 2024 showed a growth trend, with revenues of 613 million yuan in 2021, 615 million yuan in 2022, 804 million yuan in 2023, and 838 million yuan in 2024 [4][6]. - Net profit for the same period was 72.11 million yuan in 2021, dropping to 30.93 million yuan in 2024, indicating a decline in profitability [4][6]. - The first quarter of 2025 reported a revenue of 19.41 million yuan, a year-on-year increase of 23.91%, with a net profit of 1.23 million yuan, up 44.60% from the previous year [6][7]. Fundraising Activities - The company has conducted two fundraising activities, raising a total of 339 million yuan [8]. - The second fundraising round involved issuing 7,348,438 shares at 16.33 yuan each, raising approximately 120 million yuan, with a net amount of about 115.58 million yuan after deducting expenses [7].

| 项目 | 2024年12月31 | 2023 年 12 月 31 | 2022年12月 31 | | --- | --- | --- | --- | | | 日/2024 年度 | 日/2023 年度 | 日/2022 年度 | | 资产总额(万元) | 71,195.76 | 66,654.31 | 46,209.04 | | 归属于母公司所有者权益(万元) | 43,602.25 | 32,286.29 | 23,358.10 | | 资产负债率(母公司)(%) | 37.15 | 49.31 | 47.78 | | 营业收入(万元) | 86,725.23 | 67,236.55 | 55.979.89 | | 净利润(万元) | 11,128.52 | 8,740.74 | 6.876.07 | 与行业内主要竞争对手相比，公司专注于智能环网柜、智能柱上开关和箱式变电站等产品的研发、生产 和销售，具有研发与技术优势、产品质量控制优势、管理团队优势和品牌优势。根据《电力行业关键设 备供需统计分析报告(配网协议库存篇)》，报告期内，国家电网配网物资协议库存招标的智能环网柜(一 二次融合环网箱)、智能柱上 ...

日常用电，是再熟悉不过的场景，小到手机充电，大到日常出行、商业服务、工业生产等，几乎离不开 用电。但电力系统是怎么把电能输入至千家万户、千厂万店，却是大部分人陌生的领域。 简单来说，电力系统由发电厂、送变电线路、供配电所和用电等环节组成，而为了将电能经输电、变电 和配电供应到各用户，电力系统在各个环节和不同层次还具有相应的信息与控制系统，对电能的生产过 程进行测量、调节、控制、保护、通信和调度，以保证用户获得安全、优质的电能。 北京昊创瑞通电气设备股份有限公司（以下简称昊创瑞通）便是深度参与其中的一家企业，近年来，该 企业通过对智能配电技术的前瞻布局与持续攻坚，构建了一套全面且先进的核心技术体系，也由此带来 业绩高增长，最近三年营收、净利润复合增长分别是24.47%、27.22%。如今，带着稳定且大幅增长的 业绩，昊创瑞通走进了A股投资者视野。 分析指出，昊创瑞通的崛起，是中国高端制造在关键基础设施领域自主可控的缩影。这家深耕十八年的 技术型企业，正从细分领域的"隐形冠军"蜕变为智能电网生态的核心参与者。未来，借助资本市场的力 量，还将进一步加速市场份额的拓展，提升在智能配电设备市场的占有率。 "让电网更智能 ...

2025 年 06 月 30 日 | 基本数据 | 2 0 2 5-0 6-2 7 | | --- | --- | | 当前股价（元） | 34.3 | | 总市值（亿元） | 110 | | 总股本（百万股） | 320 | | 流通股本（百万股） | 318 | | 52 周价格范围（元） | 5.38-48.8 | | 日均成交额（百万元） | 660.79 | 市场表现 资料来源：Wind，华鑫证券研究 -200 0 200 400 600 800 (%) 科泰电源 沪深300 相关研究 ▌深耕发电机组领域，数据中心业务打开增长空间 上海科泰电源是中国高端发电机组与智慧能源系统服务商， 主营智能环保发电机组、储能系统及微电网解决方案，深耕 数据中心、通信基建、工业备电等市场。 深耕发电机组领域，数据中心业务打开增长空间 —科泰电源（300153.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：臧天律 S1050522120001 zangtl@cfsc.com.cn 作为行业内少数几家国内上市企业之一，公司在数据中心和 通信等细分市场拥有良好的先发优势和领先地位，并在柴油 发电机组领域深耕二十 ...

Core Viewpoint - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. is on the verge of listing on the A-share market, marking a significant milestone in its development as a national-level specialized and innovative "little giant" in the smart distribution equipment industry [1][4]. Company Overview - Haochuang Ruitong has been dedicated to the smart distribution equipment sector for over 18 years, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [2][3]. - The company has established a robust core technology system that includes fault location and self-healing technology, IoT integration, high-precision power sensor technology, and air-insulated technology [2][3]. Financial and Investment Highlights - The company plans to publicly issue no more than 27.90 million shares, raising approximately 477 million yuan, which will be used for projects including the production of smart ring main units and the establishment of a smart distribution R&D center [1][5]. - R&D investment has increased from 17.30 million yuan to 32.32 million yuan over the past three years, with a compound annual growth rate of 36.69% [2][3]. Technological Achievements - Haochuang Ruitong has obtained 119 patents and 29 software copyrights, including 14 invention patents, and has contributed to the formulation of two national standards [3]. - The company's outdoor pole-mounted vacuum circuit breaker has been recognized for its advanced technical performance, particularly in integrated design and high-precision sensor technology [3]. Industry Context - The power equipment industry is experiencing significant growth driven by the "new infrastructure" strategy and the "dual carbon" goals, with an estimated investment in distribution network construction exceeding 1.52 trillion yuan during the 14th Five-Year Plan period [4]. - The demand for stable, reliable, and intelligent distribution networks is increasing, influenced by the integration of IoT, 5G, and digital twin technologies [4][5]. Future Outlook - The establishment of the smart distribution R&D center will focus on self-healing control technology based on big data and collaborative optimization algorithms for distributed energy access [5]. - With the successful fundraising and implementation of investment projects, the company aims to enhance its smart manufacturing capabilities, expand production scale, and solidify its market position in the smart distribution equipment sector [5].

长江商报消息 ●长江商报记者 张璐 "夫妻店"创业18年，终于走到资本市场门口。6月17日，北京昊创瑞通电气设备股份有限公司（下称"昊 创瑞通"）深交所创业板IPO通过上市委会议。 昊创瑞通主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱上开关和箱式 变电站等。国家电网以及下属企业是公司最大客户。 招股书显示，2022年—2024年（下称"报告期"），昊创瑞通业绩呈现增长趋势，但公司超77%销售收入 来自国家电网下属企业。这意味着一旦国家电网招标生变，公司可能面临"断奶"困境。 长江商报记者注意到，昊创瑞通曾因瑕疵、运输操作不当等问题，发生产品质量问题。质量问题曾导致 公司部分产品被国网下属企业实施6个月的中标资格暂停。 产能扩张是昊创瑞通此次IPO募资的重点，但大幅度扩产后能否顺利消化，备受市场和监管关注。 对国家电网下属企业高度依赖 据招股书显示，2022年—2024年，昊创瑞通研发费用分别为1730.30万元、2336.20万元和3232.70万元， 占当期营收的比例分别为3.09%、3.47%和3.73%。而同期同行业可比公司研发费用率均值分别为 5.54%、5.54%和5.58 ...

在全力推进经济社会发展全面绿色转型的关键时期，江西省生态环境监测中心（以下简称监测中心）主 动担当作为，以"服务筑基、智驱革新"为抓手，聚焦"固废评估能力建设、三服务深化、科技赋能创 新"三大攻坚方向，今年以来高效完成80余个项目评估（技术审查），为全省生态环境高质量发展注入 强劲动力。 筑牢能力基石，建立支撑体系。监测中心创新打造前端引导、过程管控和后端评估的"三位一体"技术支 撑模式，全方位提升固废评估能力。在前端引导上，通过发布江西省年度危险废物利用处置能力建设的 引导性公告，为社会资本投资危险废物利用处置项目指明方向；主动提前介入省市重大项目和重点产业 链建设，在项目受理前便开展精准"体检"技术帮扶，助力企业规避生态环境风险。在过程管控上，日常 工作中通过编制多项审查要点，起草综合评价指标体系，为小微企业危废收集试点、铅蓄电池试点等工 作提供坚实技术支撑。在后端评估上，开展多批次省管建设项目、省管土壤风险评估（效果评估）报告 质量抽查与固废成分分析，实现环境管理全流程闭环，为生态环境安全保驾护航。 科技赋能破局，点燃创新引擎。在科技赋能方面，监测中心针对环评文件审查的四大核心需求，开发基 于DeepS ...

据深交所审核官网信息，今日北京昊创瑞通电气设备股份有限公司（简称：昊创瑞通）IPO上会获审核通过，拟募资4.77亿元。 | 2025-6-17 1 创业板 吴创瑞通 北京 通过 | 721 | 电气机械和器材制 造业 | 47,653.64 | 11,128.52 | 长江证券 - - 天健 - 国浩（北京） | | --- | --- | --- | --- | --- | --- | | 上会日期 | | 所属行业 | | 拟募资金额（万元） 最近一年净利润（万元） 保荐机构 会计师事务所 律师事务所 | | 昊创瑞通本次创业板IPO于2023年6月27日获受理，在审期间答复了三轮审核问询函及一次审核中心意见落实函。对比同期申报创业板的企业来看，昊创 瑞通申报时的净利润规模并不突出，但在2023年"827"新规、新"国九条"等系列持续收紧IPO、加强监管的政策周期下，公司或依靠近年来持续增长的业 绩坚守到了上会。但同时，大客户依赖及期间费用率低于可比公司均值的情形，也让监管对其业绩稳定性产生了多番疑虑。 汉鼎咨询在本篇结合申报材料、在审期间审核问询问题及上市委审议现场主要关注问题，对昊创瑞通的基本情况及监 ...

文/梧桐数据中心 二、控股股东、实际控股人 段友涛直接持有公司38.00%的股份，并通过鼎盛盈科间接控制公司4.87%的股份，张伶俐直接持有公司32.16%的股份，二人合计控制公司75.03%的股份，二人系 夫妻关系，同时段友涛担任公司董事长兼总经理，张伶俐担任公司董事兼副总经理，因此公司控股股东、实际控制人为段友涛和张伶俐夫妇。 6月17日，北京昊创瑞通电气设备股份有限公司创业板IPO申请获得深交所上市委审核通过。 单位：万元 | | 创业板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 昊创瑞通 | 智能配电设备的研发、 | 86,725.23 | 10,989.96 | 通过 | 长江证券/国浩 (北京) | | | 生产和销售 | | | | 天健 | 昊创瑞通 是一家专注于智能配电设备及配电网数字化解决方案的高新技术企业，主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱 上开关和箱式变电站等。公司控股股东、实际控制人 ...