"智算中心（AIDC）储能第一股"来了。 华夏能源网&零碳资本论获悉，8月26日，双登股份（HK:6960）正式在港交所上市交易，开盘上涨超过55%，报22.5元/股，总 市值达到93.8亿元。 公告显示，双登股份在全球发售5855.7万股，发售价14.51港元，募资8.5亿港元左右，募资主要用于东南亚兴建一个锂离子电池 生产设施；于泰州建立一个研发中心；加强海外销售及营销；拨付营运资金及其他一般企业用途。 | 双登股份招股资料 | | | | --- | --- | --- | | 制图/华夏能源网 | | | | 招股日期 | 8月18日-8月21日 | | | 发行股数 | 5855.7万股H股 | | | 摺股价 | 14.51 57 | | | 意资金额 | 8.5亿港元 | | | 发行比例 | 14. 05% | | | 保荐人 | 中金公司、华泰国际、建银国际 | | | 包销商 | 中金公司、华泰国际、建银国际、工银国际、农银国际、利 弗莫尔证券、中国银河国际 | | | 绿草 | 15%,最多878.35万股H股 | | | 数据来源:招股书、华夏能源网研究院 | | GINE | 双登股 ...

Core Viewpoint - Shuangdeng Group, after failing to list on A-shares, is now pursuing an IPO on the Hong Kong Stock Exchange, indicating a strong determination to go public [1][3]. Company Overview - Shuangdeng Group specializes in energy storage in the big data and communication sectors, focusing on the research, production, and sales of energy storage battery products, including lead-acid and lithium-ion batteries [3]. - The company's products are primarily used in communication base station storage, data center storage, household storage, and power storage [3]. Financial Performance - Revenue for Shuangdeng Group was reported as follows: 4.072 billion in 2022, 4.26 billion in 2023, and projected at 4.5 billion in 2024 [5]. - Gross profit figures were 690 million in 2022, 867 million in 2023, and projected at 751 million in 2024, with gross margins of 16.9%, 20.3%, and 16.7% respectively [5]. - Net profit showed a turnaround from a loss of 54 million in 2022 to profits of 281 million in 2023 and projected 385 million in 2024 [5]. Related Transactions - The company has significant related-party transactions, with procurement amounts from related parties being 127 million, 124 million, and 154 million from 2022 to 2024, constituting 42.3%, 43.8%, and 47.9% of total procurement [3][4]. Research and Development - R&D expenses were reported as 110 million, 113 million, and 110 million for 2022, 2023, and 2024, representing 2.5% of revenue each year, which is lower than the industry average of 4.1% [7][8]. - The company faces challenges in cost control and market positioning, as indicated by its low R&D spending relative to competitors [5][7]. Market Challenges - The company is exposed to raw material price fluctuations, with lead prices increasing by 12% year-on-year and lithium carbonate prices experiencing a 40% volatility [6]. - The competitive landscape in the energy storage battery market has intensified, leading to price reductions that have negatively impacted profit margins [6].