Core Viewpoint - The recent listing of Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange marks the fourth photovoltaic company to go public in A-shares this year, with significant initial stock price volatility and concerns about the company's competitive advantages and market conditions [2][3]. Company Overview - Youli Intelligent focuses on the core components of photovoltaic brackets, with main products including Torque Tube (TTU), Bearing Assembly (BHA), Installation Structure (URA), and Purlin (RAIL) [3][4]. - The company has shown exceptional performance in a challenging market, with revenue growth from 433 million yuan in 2022 to 729 million yuan in 2024, and net profit doubling from approximately 41.95 million yuan to 89.86 million yuan over the same period [4]. Financial Performance - In Q1 2025, Youli Intelligent reported revenue of 272 million yuan, a year-on-year increase of 47.33%, and a net profit of approximately 32.87 million yuan, up 16.24% from the previous year [4]. - The company anticipates revenue for the first half of 2024 to be between 462 million and 482 million yuan, representing a growth of 24.43% to 29.82% compared to the same period in 2023 [4]. Market Dynamics - Over 70% of Youli Intelligent's revenue comes from overseas markets, with significant exports to regions including Brazil, Chile, Australia, Canada, Europe, and the Middle East [5]. - The global market for tracking brackets is highly concentrated, with NEXTracker holding a stable market share of 25%-30% [5]. Risks and Challenges - The company faces high customer concentration, with over 94% of revenue derived from its top five clients, including NEXTracker, which poses a risk if market conditions or client relationships deteriorate [6]. - Youli Intelligent's gross margin has been declining, with figures of 18.96%, 18.49%, and 18.42% from 2022 to 2024, indicating potential challenges in maintaining profitability amid rising raw material costs [7]. - The company’s accounts receivable have been increasing, with values of approximately 99.51 million yuan, 186.31 million yuan, and 198.14 million yuan over the same period, which may impact cash flow [7].

Core Viewpoint - The recent listing of Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange marks the fourth photovoltaic company to go public in A-shares this year, but the company faces significant challenges in a competitive market [2][3]. Company Overview - Youli Intelligent focuses on core components of photovoltaic brackets, including torque tubes, bearing components, installation structures, and purlins [3]. - The company has shown exceptional performance in a challenging market, with revenue growth from 433 million yuan in 2022 to 729 million yuan in 2024, and net profit doubling from approximately 41.95 million yuan to 89.86 million yuan during the same period [3][4]. Financial Performance - In Q1 2025, Youli Intelligent reported revenue of 272 million yuan, a year-on-year increase of 47.33%, and a net profit of approximately 32.87 million yuan, up 16.24% from the previous year [3]. - The company expects to achieve revenue between 462 million yuan and 482 million yuan in the first half of 2024, representing a growth of 24.43% to 29.82% compared to the same period in 2023 [4]. Market Dynamics - Youli Intelligent's overseas revenue accounts for over 70% of its total income, with significant exports to regions such as Brazil, Chile, Australia, Canada, Europe, and the Middle East [4]. - The market for tracking brackets is highly concentrated, with NEXTracker being a leading player, holding a market share of 25%-30% [5]. Customer Concentration - The company has a high customer concentration, with sales to its top five customers accounting for 94.90% to 96.44% of total revenue from 2022 to 2024 [6]. - The first major customer, NEXTracker, contributed 70% of the company's revenue in 2024, indicating a significant dependency on a few key clients [6]. Risks and Challenges - Despite revenue growth, Youli Intelligent faces risks related to high customer concentration and potential adverse changes in relationships with major clients [6][7]. - The company is also vulnerable to fluctuations in raw material prices, particularly steel, which could impact profit margins if costs cannot be passed on to customers [7]. - The gross margin has shown a declining trend, with figures of 18.96%, 18.49%, and 18.42% from 2022 to 2024 [7]. Future Outlook - The market demand for tracking brackets is expected to continue growing, driven by increased penetration rates and global installation expansion [8]. - However, trade policies, such as tariffs on Chinese photovoltaic components in the U.S., may hinder market access, while emerging markets in the Middle East and Europe could provide alternative growth opportunities [8].

Core Viewpoint - Youli Intelligent (920007) is publicly issuing shares to unspecified qualified investors and is set to list on the Beijing Stock Exchange, showcasing a growth trajectory in its main business revenue from 2022 to 2024 [1] Company Summary - Youli Intelligent's projected main business revenues for 2022, 2023, and 2024 are 416.80 million yuan, 639.45 million yuan, and 715.97 million yuan respectively, indicating a growth trend [1] - The company has been deeply engaged in the photovoltaic bracket sector since its establishment, focusing on the research, production, and sales of core components for photovoltaic brackets [1] - Main products include the photovoltaic bracket main support torque tube (TTU), photovoltaic bracket bearing assembly (BHA), photovoltaic module installation structural components (URA), and purlins (RAIL) [1] Industry Summary - The photovoltaic industry has experienced rapid development in recent years, with a continuous increase in global newly installed photovoltaic capacity [1] - The increase in shipment volumes from downstream photovoltaic bracket customers, such as NEXTracker, has driven the sustained growth of the company's revenue scale [1]

Core Viewpoint - Youli Intelligent (920007) is focusing on the public offering of stocks to unspecified qualified investors and aims to list on the Beijing Stock Exchange, emphasizing its profitability through direct sales and commitment to the photovoltaic support structure sector [1] Company Overview - Youli Intelligent has been dedicated to the research, production, and sales of core components for photovoltaic supports since its establishment [1] - The company’s main products include the Torque Tube (TTU), Bearing Assembly (BHA), Installation Structure Components (URA), and Rails (RAIL) [1] Operational Strengths - The company has continuously improved its technical processes, enhanced production delivery capabilities, and improved product quality and efficiency over its operational history [1] - Youli Intelligent has established stable partnerships with well-known domestic and international manufacturers, which significantly supports its revenue growth and profitability [1]

Core Viewpoint - Youli Intelligent (920007) is conducting a public offering of shares to unspecified qualified investors and is set to list on the Beijing Stock Exchange, highlighting its strong position in the photovoltaic support bracket sector [1] Company Overview - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic support brackets, including Torque Tubes (TTU), Bearing Components (BHA), Installation Structures (URA), and Rails (RAIL) [1] - The company has established itself as a major supplier in the non-U.S. market for NEXTracker, the world's largest tracking system solution provider [1] Industry Insights - The demand for tracking brackets is influenced by the penetration rate of tracking systems and the new installed capacity of large ground power stations globally [1] - Youli Intelligent has seen steady growth in shipment volumes, indicating a strong market presence and recognition from both domestic and international clients [1]

Core Viewpoint - Youli Intelligent (酉立智能) is conducting an IPO to raise funds for the construction of a production base for core components of photovoltaic brackets, expansion of its R&D center, and smart upgrades, aiming to share the benefits of global clean energy transition with investors [1] Group 1: Financial Overview - The IPO is expected to raise a total of 269 million yuan, which could increase to 309 million yuan if the overallotment option is fully exercised [1] - The company achieved revenue of 729 million yuan in 2024, representing a year-on-year growth of 10.8%, and a net profit of 90.05 million yuan, up 15% [2] - For Q1 2025, revenue and net profit grew by 47% and 16% respectively, continuing a strong growth trend [2] - The comprehensive gross margin remained stable between 18.4% and 19.0% from 2022 to 2024, with a positive operating cash flow of 35.74 million yuan in 2024 [5] Group 2: Market Position and Client Base - The company focuses on the photovoltaic bracket sector, producing core components such as torque tubes (TTU) and bearing components (BHA), which are widely used in large photovoltaic power station projects globally [2] - The company has established strong ties with leading global tracker manufacturers like NEXTracker, with external sales accounting for 88.19%, 73.06%, and 78.72% of main business revenue in 2022, 2023, and 2024 respectively [3] - The company is expanding its global footprint with factories in Thailand to serve the U.S. market and a subsidiary in Saudi Arabia [3] Group 3: Technological Advancements - Youli Intelligent holds 61 patents, including 11 invention patents, and has participated in drafting industry standards for intelligent photovoltaic tracking brackets [4] - R&D investment increased from 5.07 million yuan in 2022 to 12.13 million yuan in 2024, maintaining a stable proportion of around 1.7% of revenue [4] Group 4: Future Growth Prospects - Post-IPO, the company will add annual production capacity of 1.2 million TTUs and 1.8 million rails [6] - Management anticipates revenue for the first half of 2025 to be between 462 million yuan and 482 million yuan, representing a growth of 24.43% to 29.82% compared to the same period in 2024 [6] - The expected net profit for the same period is projected to be between 54.96 million yuan and 56.96 million yuan, indicating a growth of 11.12% to 15.16% year-on-year [6]

Core Viewpoint - Youli Intelligent (920007) is publicly issuing shares to unspecified qualified investors and is conducting an online roadshow for its listing on the Beijing Stock Exchange, highlighting its competitive advantages in the photovoltaic support structure industry [1] Company Overview - Youli Intelligent has established a strong presence in the photovoltaic support structure sector, focusing on the research, production, and sales of core components [1] - The company's main products include the Torque Tube (TTU), Bearing Assembly (BHA), Module Installation Structure (URA), and Rail (RAIL) [1] Market Position - The company has built a high level of recognition in both domestic and international markets, collaborating with well-known photovoltaic support enterprises such as NEXTracker, Optimum Tracker, Gonvarri Industries, Trina Solar, and Antai New Energy [1] - Youli Intelligent's products are exported to various countries and regions, including Brazil, Chile, Australia, Canada, Europe, and the Middle East [1]

Core Viewpoint - Youli Intelligent (920007) is publicly issuing stocks to unspecified qualified investors and is conducting an online roadshow for its listing on the Beijing Stock Exchange, emphasizing the importance of high-quality photovoltaic brackets in enhancing the lifespan and efficiency of solar power plants [1] Company Overview - Youli Intelligent has been deeply engaged in the photovoltaic bracket sector since its establishment, focusing on the research, production, and sales of core components of photovoltaic brackets [1] - The main products of the company include the Photovoltaic Bracket Main Support Torque Tube (TTU), Photovoltaic Bracket Bearing Assembly (BHA), Photovoltaic Module Installation Structural Parts (URA), and Purlins (RAIL) [1] Industry Insights - The rapid development of China's photovoltaic industry is supported by the national advocacy for the "Photovoltaic +" model, which encourages the integration of solar power systems with various industries such as transportation, construction, and agriculture [1] - The construction of solar power plants in complex environments such as deserts, gobi, hills, and mountainous areas is increasingly emphasized, leading to higher demands for the hardness, wind resistance, and corrosion resistance of photovoltaic brackets [1] - The complexity of the construction environment for solar power plants is increasing, which highlights the growing importance of the rational design and high-quality production of photovoltaic brackets [1]

Trading Activity - The average daily trading volume on the Beijing Stock Exchange (BSE) decreased by 5.30% to 23.773 billion yuan compared to the previous week[1] - The average turnover rate for the BSE was 26.75% during the week[7] - The BSE's trading volume accounted for 1.40% of the total market, remaining stable compared to the previous week[11] Market Indices - The North Exchange 50 Index rose by 1.56% during the week, continuing its narrow fluctuations since reaching a year-to-date high on May 21[14] - Other indices such as the Sci-Tech 50 and the CSI 1000 also saw increases of 0.65% and 2.51% respectively[13] Sector Performance - Among the 24 sectors on the BSE, 13 sectors, including petrochemicals, had a positive median increase, while 10 sectors, including transportation, had negative median changes[21] - The petrochemical sector led with a median increase of 5.01%, while the transportation sector had a median decrease of -3.55%[21] Individual Stock Performance - 51.85% of the 270 stocks listed on the BSE saw price increases, with Huami New Materials leading with a rise of 33.97%[28] - Conversely, *ST Guandao experienced a significant drop of -22.31%[28] New Listings and IPOs - Two new stocks were offered for subscription, and one stock was listed during the week[38] - The newly listed stock, Youli Intelligent, saw a first-day price increase of 271.09% compared to its issue price[41] New Third Board Activity - The trading volume on the New Third Board increased by 35.45% compared to the previous week, with a total of 6,026 listed companies[34] - The trading amounts for the innovation layer and basic layer were 1.411 billion yuan and 213 million yuan respectively, showing a decrease of 38.87% and 16.44%[35]

酉立智能8月11日交易公开信息 酉立智能（920007）今日下跌3.63%，全天换手率33.84%，成交额2.96亿元，振幅7.62%。龙虎榜数据显 示，营业部席位合计净卖出1307.14万元。 北交所公开信息显示，当日该股因日换手率达33.84%上榜，营业部席位合计净卖出1307.14万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7098.56万元，其中，买入成交额为 2895.71万元，卖出成交额为4202.85万元，合计净卖出1307.14万元。 具体来看，今日上榜营业部中，第一大买入营业部为东方财富证券股份有限公司拉萨团结路第二证券营 业部，买入金额为824.28万元，第一大卖出营业部为国投证券股份有限公司潮州城新西路证券营业部， 卖出金额为968.04万元。（数据宝） | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 824.28 | 540.97 | | 买二 | 方正证券股份有限公司鞍山胜利南路证券营业部 ...