Group 1 - The company achieved a revenue of 2.165 billion in 2024, representing a year-on-year growth of 17.9%, and a net profit attributable to shareholders of 228 million, up 15.0% year-on-year [1] - In Q4, the company reported a revenue of 750 million, showing a year-on-year increase of 56.0% and a quarter-on-quarter growth of 30.2%, with a net profit of 80 million, up 46.0% year-on-year and 42.2% quarter-on-quarter [1] - For Q1 2025, the company recorded a revenue of 707 million, reflecting an 80.3% year-on-year growth, while the net profit was 72 million, up 44.8% year-on-year [1] Group 2 - The company's gross margin and net margin for 2024 were 17.4% and 10.5%, respectively, with year-on-year changes of -1.0pp and -0.3pp [2] - In Q1 2025, the gross margin and net margin were 17.3% and 10.2%, showing year-on-year changes of -2.4pp and -2.5pp [2] - The company maintained good expense control, with sales, management, R&D, and financial expense ratios for 2024 being 0.5%, 1.4%, 2.9%, and -0.6%, respectively [2] Group 3 - The company is set to benefit from increased production capacity in battery FCC technology, with a revenue of 1.669 billion from battery connection systems in 2024, up 14.07% year-on-year [3] - The company has made significant progress in key technologies such as film, direct welding, and FCC, successfully launching direct welding and film technologies to reduce product costs [3] - Future revenue projections for 2025-2027 are 2.95 billion, 3.54 billion, and 4.27 billion, with expected net profit growth rates of 37.1%, 28.1%, and 20.8% respectively [3]

Core Insights - The company reported a revenue of approximately 2.165 billion yuan for 2024, representing a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 228 million yuan, up 14.99% year-on-year [1] - In Q1 2025, the company achieved a revenue of about 707 million yuan, a significant year-on-year increase of 80.25%, with a net profit of 72 million yuan, up 44.81% year-on-year [1] - The growth in revenue and net profit is primarily driven by increased demand from existing customers and the continuous expansion into new markets and clients [1] Revenue Breakdown - The battery connection system business showed stable growth, generating revenue of 1.669 billion yuan, a year-on-year increase of 14.07% [1] - The sales volume of battery connection system products reached 6.1274 million units, reflecting a growth of 13.96% compared to the same period last year, driven by the sustained demand in the new energy vehicle and electrochemical energy storage sectors [1] Business Segment Performance - The electric control busbar business achieved revenue of 248 million yuan, up 20.58% year-on-year, while the industrial electrical busbar generated revenue of 173 million yuan, increasing by 21.98% year-on-year [2] - The sales volume of electric control busbars reached 5.9486 million units, a significant increase of 67.57% year-on-year, benefiting from the strong demand in the hybrid and pure electric vehicle controller busbar market [2] - The sales volume of industrial electrical busbars was 423,100 units, up 45.90% year-on-year, primarily due to increased demand in the rail transit and industrial frequency conversion busbar markets [2] Market Trends - The global demand for energy storage is increasing, with a reported 301 GWh of global energy storage battery shipments in 2024, marking a year-on-year growth of 62.7% [2] - The rapid development of smart applications and the acceleration of new data center construction are becoming new drivers for the energy storage market [2] - The electrochemical energy storage sector is transitioning from the early commercialization phase to large-scale application, indicating significant future market potential [2] Technological Advancements - The company has made significant progress in new technologies and projects, achieving mass production of self-developed flexible production lines for battery connection systems [3] - Key breakthroughs have been made in film, direct welding, and FCC sampling technologies, which are now being applied to stabilize supply for certain vehicle models [3] - The expansion of the Suzhou factory has led to a gradual increase in battery connection system production capacity, while a new factory in Chengdu is expected to complete construction by the end of 2025 [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 302 million yuan, 406 million yuan, and 576 million yuan for the years 2025 to 2027, with corresponding EPS of 1.87, 2.52, and 3.56 yuan [3] - The price-to-earnings (PE) ratios are expected to be 21.52, 15.97, and 11.27 for the same period [3]

苏州西典新能源电气股份有限公司 （苏州高新区金枫路 353 号） （Suzhou West Deane New Power Electric CO., LTD.） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 ...

苏州西典新能源电气股份有限公司 （Suzhou West Deane New Power Electric CO., LTD.） （苏州高新区金枫路 353 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（上会稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 ...

苏州西典新能源电气股份有限公司 （Suzhou West Deane New Power Electric CO., LTD.） （苏州高新区金枫路 353 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（申报稿） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 苏州西典新能源电气股份有限公司 招股说明书（申报稿） 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | -- ...

（Suzhou West Deane New Power Electric CO., LTD.） （苏州高新区珠江路 521 号） 苏州西典新能源电气股份有限公司 首次公开发行股票招股说明书 （申报稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州西典新能源电气股份有限公司 招股说明书（申报稿） 声明：公司的发行申请尚未得到中国证监会核准。本招股说明书（申报 稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 在符合上市地最低发行比例等监管规定的前提下，不超过 4,040.00万股，且不低于公司发行后总股本的25.00%。若公司在 本次发行前发生送股、资本公积金转增股本等事项，则发行数 量将作相应调整。 | | | 本次发行采取全部发行新股的方式。最终发行数量将根据市场 情况及与监管机构的沟通情况和保荐机构、主承销商协商决 | | | 定。 | | 每股面值 | 人民币 1.00 元 | | ...