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]