Core Viewpoint - Wuhan Lide Electric Technology Co., Ltd. (referred to as Lide Technology) has submitted a prospectus for an IPO on the Beijing Stock Exchange, with Open Source Securities Co., Ltd. as the sponsor [1] Company Overview - Lide Technology is based in Hongshan District, Wuhan, Hubei Province, and is controlled by Wang Songfeng, who holds 28.56% of the shares directly and controls 64% of the voting rights through indirect holdings [1] - The company specializes in non-power outage operation vehicles, specialized equipment, tools, professional services, and system solutions for power distribution networks [1] Financial Performance - Revenue for Lide Technology during the reporting period was approximately 420 million yuan, 346 million yuan, and 397 million yuan for the years 2022, 2023, and 2024 respectively [5] - Net profit for the same years was approximately 67.27 million yuan, 56.15 million yuan, and 65.69 million yuan [5] - The comprehensive gross margin for these years was 37.26%, 43.54%, and 41.52% respectively [5] Revenue Composition - The revenue share from non-power outage operation vehicles is projected to decrease from 49.35% in 2022 to 22.55% in 2024, while the shares from non-power outage specialized equipment, tools, and technical services are expected to increase [1][2] - Specific revenue figures for 2024 include: - Non-power outage operation vehicles: 89.37 million yuan (22.55%) - Non-power outage specialized equipment: 57.60 million yuan (14.54%) - Non-power outage tools: 82.29 million yuan (20.77%) - Non-power outage technical services: 88.50 million yuan (22.33%) [2] Industry Context - The power distribution network is crucial for delivering electricity from high-voltage systems to end users, ensuring stable power supply [3] - In 2023, China's grid investment reached 527.7 billion yuan, a year-on-year increase of 5.4%, with a continuous rise in non-power outage operations driven by market expansion [3] Future Prospects - Lide Technology plans to raise approximately 237 million yuan through the IPO to invest in the second phase of its non-power outage operation production base, R&D center construction, and non-power outage operation technical services [8] - The company faces risks related to its reliance on the power industry and grid companies, with significant revenue contributions from State Grid and Southern Grid [7]

Core Viewpoint - Wuhan Lide Electric Technology Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, with the sponsorship from Kaiyuan Securities [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be 420 million yuan, 346 million yuan, and 397 million yuan respectively [3] - Net profit for the same years is expected to be 67.27 million yuan, 56.15 million yuan, and 65.69 million yuan respectively [3][5] - Total assets as of December 31 for 2022, 2023, and 2024 are 771.24 million yuan, 771.44 million yuan, and 840.56 million yuan respectively [4] - Shareholder equity for the same dates is 522.94 million yuan, 580.03 million yuan, and 646.40 million yuan respectively [4] Ownership Structure - Wang Songfeng directly holds 18,170,740 shares, accounting for 28.56% of the company, and controls a total of 64.00% of the voting rights through various entities [5] - Wang Songfeng serves as the chairman and general manager of the company [5][6] Research and Development - R&D expenditure as a percentage of revenue for 2022, 2023, and 2024 is 3.68%, 4.67%, and 3.62% respectively [5]

Core Viewpoint - The development of the non-power outage operation in China's distribution network is accelerating, driven by stable electricity supply and increasing demand for reliable power supply as the economy grows [1][11]. Group 1: Industry Overview - The non-power outage operation in the distribution network refers to conducting maintenance or construction work while minimizing or avoiding power outages for users, thereby enhancing power supply reliability and increasing supply capacity [2][8]. - The market size for non-power outage operations in China's distribution network is projected to reach 131.19 billion yuan in 2024, with an expected growth to 137.89 billion yuan in 2025 [11][13]. Group 2: Market Dynamics - The industry is experiencing a shift from "power outage operations" to "non-power outage operations," with the number of non-power outage operations increasing from 904,200 times in 2016 to an estimated 1,624,400 times in 2024, reflecting a compound annual growth rate of 7.60% [13]. - The average charge for non-power outage operations is expected to rise slightly from 8,076 yuan per operation in 2024 to 8,120 yuan in 2025 [13]. Group 3: Competitive Landscape - The competitive structure of the non-power outage operation industry in China is characterized by significant differences in technology and service quality among companies, with state-owned enterprises dominating the market due to their resource integration capabilities and brand influence [18][19]. - Major companies in the industry include Wuli De Electric Science, Hailun Zhe, Xuhui Electric, and Beijing Kerui, each offering specialized products and services for non-power outage operations [19]. Group 4: Development Trends - The increasing demand for stable electricity supply necessitates the implementation of non-power outage operations, which can enhance economic efficiency for power companies and reduce economic losses caused by outages [21]. - The technology for non-power outage operations is crucial for ensuring continuous power supply and minimizing the negative impacts of outages on the economy, indicating a broad development space for the market [21].

Core Viewpoint - Wuhan Lide Electric Technology Co., Ltd. (referred to as "Lide Technology") has had its IPO application accepted by the Beijing Stock Exchange, with the sponsor being Kaiyuan Securities Co., Ltd. [2] Financial Performance - Lide Technology's revenue for the years 2022 to 2024 is projected to be 420 million yuan, 346 million yuan, and 397 million yuan respectively, while the net profit attributable to the parent company is expected to be 67.27 million yuan, 56.15 million yuan, and 65.69 million yuan for the same years [2] - The total assets as of December 31, 2024, are projected to be approximately 840.56 million yuan, an increase from 771.44 million yuan in 2023 and 771.24 million yuan in 2022 [3] - The total equity attributable to shareholders of the parent company is expected to reach 646.40 million yuan by the end of 2024, up from 580.03 million yuan in 2023 and 522.94 million yuan in 2022 [3] - The operating income for 2024 is projected to be approximately 396.67 million yuan, compared to 345.96 million yuan in 2023 and 419.61 million yuan in 2022 [3] - The gross profit margin is expected to be 41.52% in 2024, down from 43.54% in 2023 and up from 37.26% in 2022 [3] Shareholder Structure - Wang Songfeng, the chairman and general manager, directly holds 18,170,740 shares, accounting for 28.56% of the company, and controls a total of 64.00% of the voting rights through various entities [9] - The company was established by Lide Limited, which was founded on July 30, 2007, with initial shareholders being Chen Changfan and Hu Xiangwang [5][7] Company Background - Lide Technology specializes in providing safe, reliable, and efficient products and services for power distribution systems, focusing on non-power outage operations [2] - The company has undergone several changes in ownership and structure since its establishment, with significant transfers of shares occurring in 2011 [7][8]