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纳百川IPO:公司上市解决不了企业发展中的诸多问题
Sou Hu Cai Jing· 2025-08-31 22:45
Core Viewpoint - The successful IPO approval of Nabichuan New Energy Co., Ltd. is not surprising given the current trend of IPO approvals in the market, but there are significant concerns regarding the company's financial health and reliance on major clients [1][2]. Financial Performance - Nabichuan's main business revenue grew from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, with a compound annual growth rate of 18.17%. However, the net profit attributable to shareholders after deducting non-recurring gains and losses decreased from 111.12 million yuan in 2022 to 88.04 million yuan in 2024 [3]. - The company's predicted net profit growth of 14.05% for 2025 translates to an absolute amount of only 10.04 million yuan, which is still below the 2022 figure [3]. Client Dependency - Nabichuan has a significant reliance on its largest client, CATL, with nearly half of its sales coming from this client. The revenue from direct and indirect sales to CATL accounted for 53.73%, 48.94%, and 48.21% over the reporting period [4]. - The gross margin of Nabichuan's main product, battery liquid cooling plates, has declined from 19.69% in 2022 to 13.85% in early 2025, indicating reduced pricing power due to client dependency [5]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly from 340.15 million yuan at the end of 2022 to 592.64 million yuan at the end of 2024, with accounts receivable accounting for 29.61% of total assets and 41.24% of operating revenue by the end of 2024 [6]. - The net cash flow from operating activities was only 38.77 million yuan in 2024, and the first quarter of 2025 showed a negative cash flow of -56.53 million yuan [6]. Financial Health - The company's asset-liability ratio reached 66.80% by the end of 2024, with short-term loans exceeding 200 million yuan and current liabilities over 300 million yuan, while cash and cash equivalents stood at only 35.9 million yuan [8]. - Nabichuan's fundraising plan includes 150 million yuan for working capital, indicating a pressing need for liquidity [9]. Production Capacity and Utilization - The production capacity utilization rate for battery liquid cooling plates has shown a declining trend, from 102.11% in 2022 to 82.86% in 2024, raising concerns about the absorption of new capacity from upcoming projects [12].