Ailo Energy Prepare for the IPO of the Science and Technology Board, it is planned to raise funds exceeding 800 million yuan

Recently, Capital State learned that Zhejiang Ailuo Network Energy Technology Co., Ltd. (hereinafter referred to as "Ai Luo Energy") broke through the Customs Creative Board IPO and was accepted by the Shanghai Stock Exchange. This time, it was planned to raise 809 million yuan.

Picture source: Shanghai Stock Exchange official website

Ailo Energy is an internationally renowned photovoltaic energy storage system and product provider. It mainly provides overseas customers with photovoltaic energy storage inverters, energy storage batteries, and grid -connected inverters. It is used in distributed photovoltaic energy storage and grid -connected fields.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 389 million yuan, 389 million yuan, and 833 million yuan, respectively; net profit corresponding to the mother of mother -in -law was 134,000 yuan, 33.064 million yuan, and 62.9359 million yuan, respectively.

The proposed fundraising for energy storage batteries and inverter production projects, light storage smart energy research and development center construction projects, overseas marketing and service system projects, and supplementary mobile fund projects.

Picture source: company prospectus

As of the signing of this prospectus, Li Xinfu and Li Guomei couples were the controlling shareholders and joint actual controllers of the issuer. Li Xinfu is the company's chairman and general manager, and directly holds 25.8693%of the company's shares; Li Guomei is the company's director and directly holds 20.8774%of the company.

Ailo Energy admits that the company has the following risks:

(1) R & D risk of failure

The company is mainly engaged in the research and development, manufacturing and sales of related products in the field of energy storage. Product research and development has the characteristics of long cycles and large investment. It is necessary to accurately grasp the development trend of the industry and the needs of customers.

The company attaches great importance to the investment in new technologies and new products. From 2019-2021, the company's R & D expenses were RMB 30,418,200, 33.718 million yuan, and 55.5883 million yuan, respectively, accounting for 7.83%, 8.66%, and 6.68%of operating income, respectively. If the company's judgment of technological development trends or customer demand has a deviation, it may cause the research and development of products to not match the market demand, and it cannot bring effective income to the company, which will adversely affect the company's operating performance and long -term development.

(2) Risk of changes in industry policy

It is encouraged to the photovoltaic industry abroad, and promotes the construction of photovoltaic power stations, household energy storage, and power storage energy storage projects by issuing administrative instructions, issuing subsidies, and tax return. For example, the "Rebuilding Act" in the United States in 2021, for the energy storage system higher than 5kWh, will give a maximum 30%ITC tax refund by 2026; the Australian federal government provides financial incentives for the installation of renewable energy systems. Since the beginning of the year, it has launched support for households (family) energy storage including subsidies and energy repurchase; the German government promulgated the current new subsidy plan for "solar energy plus storage device" in 2019, which is the energy storage system in southern Germany in southern Germany. Provide subsidies; the Netherlands issued a dual taxation for energy storage in 2021; Britain launched the "Large -scale Energy Storage" plan in 2019 to provide financial support for innovative large -scale energy storage demonstration projects; Italy than 2017 in 2017 The "Solar Energy Storage Rebate Plan" was launched to improve the use of energy storage systems in residential and commercial photovoltaic systems.

In 2021, my country issued a number of documents, including the construction of the "new energy+energy storage" project, the establishment of a new energy storage price mechanism, and steadily promoting the incremental "landscape (storage) integration", which is conducive to storage The cost reduction and efficiency of power generation has promoted the commercialization and large -scale development of the energy storage industry.

If the global energy storage related policies have undergone major adverse changes in the future, for example, the government has reduced subsidies and advancement of energy storage projects, which may lead to a slowdown in the development of the energy storage industry to slow down and intensify competition, which will adversely affect the company's operating performance.

(3) International trade risks

During the reporting period, the company's products were mainly sold to overseas countries, including Europe, the United States, Australia and other countries.

If the company sells the country and regions in the future, a trade protection policy, such as a measure to increase tariffs or restrict the purchase of the company's products, and the company fails to adjust the overseas business strategy in time, it may adversely affect the company's operating performance. Essence

(4) The risk of leakage of core technology

The company's core technologies such as energy storage inverters and energy storage batteries are essential to enhance the company's core competitiveness. The company has signed a confidentiality agreement with the core technicians to make strict regulations on core technical personnel in intellectual property ownership, confidentiality obligations, and the competition after leaving to protect the company's intellectual property rights and other relevant legitimate rights and interests. Essence If there is a major loophole in the default of resignated workers or the company's core technology confidentiality, it may cause the company's core technology to leak, which will adversely affect the company's operating performance and market competitiveness.

(5) exchange rate fluctuation risk

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