Core Viewpoint - The wind power sector is experiencing a value reassessment opportunity driven by the "dual carbon" goals and supportive policies, with Xihua Technology's IPO serving as a significant indicator of market perception of wind power value [2] Group 1: IPO Performance - Xihua Technology's IPO saw a final online subscription rate of 0.03181828%, with over 13.85 million online subscriptions and a 4,400-fold effective offline subscription multiple, indicating strong market interest [2][3] - The offline issuance accounted for 30.63% of the total issuance after the strategic placement, while the online issuance made up 69.37% [3] - The pricing of Xihua Technology's shares was set at 10.10 yuan per share, corresponding to a 2024 diluted P/E ratio of 33.12, which is lower than the industry average of 43.21 [4] Group 2: Company Strengths - Xihua Technology has established a strong market position in the wind power gearbox casting sector, holding approximately 20% of the global market share in this niche [6] - The company has developed several core technologies in material research and processing, ensuring high product quality and reliability [6][7] - Xihua Technology's products are increasingly being adopted in large MW wind turbine applications, with sales of products rated at 7MW and above expected to rise from 31.71% in 2024 to 58.31% in 2025 [7] Group 3: Financial Performance - The company has maintained stable annual revenues exceeding 900 million yuan from 2022 to 2024, with projected revenue growth of 33.74% to 4.185 billion yuan in 2025 [8] - The net profit for the first half of 2025 is expected to reach 94.29 million yuan, reflecting a year-on-year growth of 55.67% [7][8] Group 4: Industry Outlook - The wind power industry is in a rapid growth phase, with global installed capacity expected to reach 117GW in 2024 and 194GW by 2030, indicating a compound annual growth rate of 7.05% [9] - Despite being the world's largest market for wind power installations, China's wind power generation accounts for only about 10% of total electricity generation, suggesting significant growth potential [10] Group 5: Strategic Initiatives - Xihua Technology plans to use IPO proceeds to enhance production capacity and invest in R&D, aiming to alleviate current capacity pressures and strengthen its market position [11][12] - The company's focus on core projects is expected to improve production efficiency and reinforce its competitive edge in the high-end equipment sector [11]

格隆汇12月10日丨锡华科技(603248.SH)公布，发行人和联席主承销商根据初步询价结果，综合评估公 司合理投资价值、可比公司二级市场估值水平、所属行业二级市场估值水平等方面，充分考虑网下投资 者有效申购倍数、市场情况、募集资金需求及承销风险等因素，协商确定本次发行价格为10.10元/股， 网下发行不再进行累计投标询价。 投资者请按此价格在2025年12月12日（T日）进行网上和网下申购，申购时无需缴付申购资金。其中， 网下申购时间为9:30-15:00，网上申购时间为9:30-11:30，13:00-15:00。 ...

Group 1 - The core point of the article is that Jiangsu Xihua New Energy Technology Co., Ltd. plans to go public on the Shanghai Stock Exchange, aiming to raise 1.498 billion yuan through the issuance of up to 120 million shares [1] - The funds raised will be allocated to two main projects: 494.376 million yuan for the construction of a research and development center and 1.448405 billion yuan for the industrialization of wind power core equipment (Phase I) [1] - The company is led by Chairman Wang Rongzheng, who has a background in welding technology and political economics, and has held various positions in the industry since 1985 [1] Group 2 - As of 2025, the company employs 1,772 people, with 16 sales personnel (0.90%), 1,526 production personnel (86.12%), and 122 research and development personnel (6.88%) [2] - In 2024, the company achieved an average revenue per employee of 660,300 yuan and an average profit per employee of 98,200 yuan [2] - The main business of Xihua Technology involves the research, development, manufacturing, and sales of specialized components for large high-end equipment [2]

Core Viewpoint - The article discusses the IPOs of several companies, including 蘅东光, 天溯计量, and 锡华科技, highlighting their business models, market positions, and potential risks associated with their operations. Group 1: 蘅东光 - 蘅东光, established in September 2011, specializes in the R&D, manufacturing, and sales of passive optical devices in the optical communication field, recognized as a national high-tech enterprise [2] - The company has achieved significant technological milestones, including 111 domestic patents and 1 international patent, and has established long-term partnerships with major clients like AT&T, Verizon, and Google [2] - 蘅东光's assets and revenue are projected to grow rapidly, with a compound annual growth rate (CAGR) of 61.34% for total assets and 66.33% for revenue from 2022 to 2024 [3] Group 2: 天溯计量 - 天溯计量, founded in 2009, is an independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various fields [4] - The company has developed extensive battery testing capabilities and serves notable clients in the new energy sector, including 中创新航 and 小鹏汽车 [4] - 天溯计量's gross margin has shown a declining trend, with figures of 52.67%, 53.86%, 53.40%, and 51.56% from 2022 to the first half of 2025, indicating potential pricing pressures in the market [5][6] Group 3: 锡华科技 - 锡华科技 focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, particularly in the wind power sector, and is recognized for its comprehensive service capabilities [6] - The company has a high customer concentration risk, with revenue from its top five clients accounting for over 90% of its main business income from 2022 to 2025 [7] - 锡华科技 aims to reduce its customer concentration by expanding its production capacity and acquiring new clients, although it remains vulnerable to fluctuations in its major clients' performance [7] Group 4: 纳百川 - 纳百川, established in 2007, specializes in thermal management products for electric vehicle batteries and fuel vehicles, being one of the early entrants in the new energy vehicle sector [8] - The company has a strong partnership with 宁德时代, with significant revenue dependence on this client, accounting for over 44% of its sales from 2022 to the first quarter of 2025 [9][10] - Despite its growth, 纳百川 acknowledges the risks associated with its reliance on 宁德时代, particularly if market conditions change and demand decreases [10]

Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

Group 1: Company Overview - Tian Su Measurement, established in 2009, is a national independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across ten calibration fields, including geometric, thermal, mechanical, electromagnetic, optical, and ionizing radiation [1] - The company has developed 1,417 calibration capabilities and serves diverse sectors such as biomedicine, automotive, energy, and light industry [1] Group 2: Financial Information - Tian Su Measurement's initial public offering (IPO) price is set at 18.00 yuan per share, with an institutional offering price of 36.80 yuan per share, resulting in a market capitalization of 37.08 billion yuan [2] - The company's projected gross profit margins from 2022 to the first half of 2025 are 52.67%, 53.86%, 53.40%, and 51.56%, indicating a potential decline in profitability [4] Group 3: Investment Directions - The company plans to allocate raised funds towards enhancing measurement and testing capabilities at its Shenzhen headquarters (1.28 billion yuan), establishing regional testing laboratories (1.75 billion yuan), developing a digital center (0.32 billion yuan), and supplementing working capital (0.90 billion yuan) [3] Group 4: Industry Context - The testing and certification industry is characterized by a high number of institutions and increasing marketization, but many small companies lack comprehensive service capabilities, which may lead to price competition that could negatively impact business expansion and client relationships [5] - The average price for calibration services has shown a downward trend, with prices from 2022 to the first half of 2025 being 142.01 yuan, 135.78 yuan, 129.69 yuan, and 119.43 yuan [5] Group 5: Battery Testing Services - Since 2018, Tian Su Measurement has expanded into battery testing services, establishing 84 major testing capabilities and over 2,000 testing channels for battery cells, modules, and packs, serving notable clients in the new energy sector [4] Group 6: Competitor Overview - Xi Hua Technology, primarily engaged in the research, manufacturing, and sales of specialized components for large high-end equipment, has an IPO price of 10.10 yuan per share and a market capitalization of 36.36 billion yuan [6] - The company is one of the few in China capable of providing full-process services for wind turbine gearbox components and has developed products for wind turbines ranging from 1MW to 22MW [10]

1981年，王荣正考入大学，攻读焊接工艺与设备专业。彼时，他亲身感受到国内机械行业与国外的巨大 差距，而这恰恰点燃了他内心的火种。"我们这一代人，肩上扛着追赶西方技术的使命。"怀揣这份责任 感，他毅然投身方兴未艾的风电行业。 在200米高空稳定运行的20兆瓦风电机组，其核心奥秘不仅在于迎风旋转的叶片，更隐藏在机舱深处的 齿轮箱中。"齿轮箱堪称风机的'心脏'，齿轮箱部件则是支撑心脏稳健跳动的'筋骨与瓣膜'。"锡华科技 董事长王荣正在接受上海证券报记者专访时表示。 12月23日，锡华科技登陆沪市主板。这家创立于2001年的企业，在中国风电行业快速发展期见证并参与 了由小到大的产业全过程。 "回想创业初期，国内风电机组单机容量仅为0.75兆瓦至0.8兆瓦，如今已跃升至20兆瓦。"王荣正感慨 道。二十余年来，锡华科技始终专注于风电齿轮箱专用部件的研发、生产与销售，已成长为该领域的核 心供应商之一。公司也正凭借着多年的技术积累与持续创新，在风电大型化与深远海化的浪潮中稳步前 行。 择"难"而行，以技术筑牢护城河 14,000 3 3 3 3 0 在风机中，齿轮箱是将叶片从每分钟仅约1转的低转速，提升至发电机所需近300 ...

Weekly New Stock Performance - Four new stocks were listed from December 15 to December 19, with an average first-day price increase of 342.82%[2] - All four new stocks had first-day gains exceeding 100%, including Yuxun Co. (346.57%), Yuanchuang Co. (171.64%), Muxi Co. (692.95%), and Angrui Micro (160.11%)[2][5] - No new stocks experienced a first-day decline during this period[2] Weekly New Stock Issuance Trends - The total amount raised from new stock issuances last week was 77.82 billion yuan, an increase of 65.15 billion yuan compared to the previous week[4] - The number of new stocks listed last week was four, compared to one the week before[5] Monthly New Stock Overview - From December 1 to December 19, a total of eight new stocks were listed, raising 216.64 billion yuan with a first-day price increase average of 319.27%[11] - The first-day price increase range for these stocks was between 146.63% and 692.95%[11] Upcoming New Stock Listings - Three new stocks are scheduled to be listed this week, including one on the main board and two on the ChiNext board[18] - The expected fundraising amounts for the upcoming listings are 3.24 billion yuan for Hengtong Light, 15.55 billion yuan for Shaanxi Tourism, and 7.28 billion yuan for Xinguangyi[23]

本周新股申购将迎苹果消费电子供应链企业。 智通财经根据Wind及公开信息梳理统计，本周（12月22日至12月26日）有3只新股安排申购，分别为苏 州市新广益电子股份有限公司（下称"新广益"，301687）、陕西旅游文化产业股份有限公司（下称"陕 西旅游"，603402）、蘅东光通讯技术（深圳）股份有限公司（下称"蘅东光"，920045）。 其中，新广益是国内领先的柔性线路板特种功能薄膜材料供应商，目前抗溢胶特种膜、强耐受性特种膜 等产品已成功打破国外技术垄断。公司于2012年研发出第一代具有竞争力的成熟产品，成功打破日本索 尼、凡纳克等海外厂商的技术垄断，目前该产品不仅作为精密制程材料进入柔性线路板供应链，还作为 电子组件材料通过领益智造进入苹果消费电子供应链。据问询函回复披露，截至2025年6月末、公司已 有二十余款材料进入苹果供应链，并实现了部分产品的交付，后续有望进一步扩大相关产品销量。 | 代码 | 简称 | 2025-12-22 | 2025-12-23 | 2025-12-24 | 2025-12-25 | 2025-12-26 | | --- | --- | --- | --- | --- | ...

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