Core Viewpoint - The article highlights the rapid transformation of China's renewable energy sector, particularly in the photovoltaic and energy storage industries, with Shenzhen SOFAR New Energy Co., Ltd. (首航新能) emerging as a key player following its recent listing on the Shenzhen Stock Exchange [1] Company Overview - Shenzhen SOFAR New Energy specializes in the research, production, sales, and service of renewable energy power equipment, focusing on photovoltaic grid-connected inverters, energy storage inverters, and storage batteries [1] - The company has achieved over 75% of its revenue from overseas markets, showcasing its competitive edge against international giants like SMA and SolarEdge [1][8] Market Trends - The photovoltaic industry is expected to stabilize with silicon wafer prices and profit margins rebounding, with projections indicating a return to over 15% gross margin by Q2 2025 [2] - The global energy storage market is anticipated to reach a scale of 200 billion yuan by 2025, with a shipment volume exceeding 449 GWh, reflecting a year-on-year growth of 30% [2] Business Strategy - SOFAR New Energy has adopted a dual-track strategy focusing on both photovoltaic and energy storage sectors, allowing it to adapt well to industry cycles [2] - The company has developed a product matrix that includes photovoltaic grid-connected inverters, energy storage inverters, and storage batteries, which has contributed to its robust growth [5] Financial Performance - The revenue from grid-connected inverters increased from 1.177 billion yuan in 2021 to 2.06 billion yuan in 2023, while energy storage inverters saw a 226% increase in 2022, reaching 1.373 billion yuan [5] - The company's R&D expenses have totaled 749 million yuan, accounting for 6.51% of its revenue, indicating a strong commitment to innovation [6] Technological Advancements - SOFAR New Energy's photovoltaic inverters have achieved a maximum efficiency of 98.4%, and the company has developed advanced grid interaction technologies [6] - The company has established a solid technological moat through significant R&D investments and partnerships with academic institutions [6] Global Expansion - The company has successfully penetrated international markets, with over 75% of its revenue coming from abroad, and has established a strong presence in emerging markets like India and Brazil [10] - SOFAR New Energy's strategic partnerships and localized marketing efforts have facilitated its global expansion [10] Future Outlook - The company plans to use the funds raised from its IPO to enhance its energy storage systems, R&D capabilities, and marketing networks, positioning itself for accelerated growth in the renewable energy sector [10]

Company Overview - Shenzhen Shouhang New Energy Co., Ltd. will list its ordinary shares on the Shenzhen Stock Exchange's ChiNext board on April 2, 2025, with a total of 41,237.1135 million shares post-IPO [1][3] - The company will issue 41.237114 million new shares, accounting for 10.00% of the total share capital after the issuance [1] Financial Information - The IPO price is set at 11.80 CNY per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 15.88 times based on the lower of the 2023 net profit attributable to shareholders after deducting non-recurring gains and losses [3][4] - The average static P/E ratio for comparable companies in the electrical machinery and equipment manufacturing industry is 23.24 times, while the industry average P/E ratio as of March 19, 2025, is 19.26 times [2][3] Industry Context - The company operates in the electrical machinery and equipment manufacturing industry (C38), which is characterized by high investment risks, including unstable performance and significant operational risks [2] - Investors are advised to consider the market risks associated with the ChiNext board, which may include volatility and potential for irrational speculation [4]

每经资本眼专栏记者发现，明日也将迎来4月份的首只新股首航新能（301658），其也是宁德时代 （300750）的小伙伴，获得包括宁德时代在内的多家巨头注资。那么，首航新能明日上市会有怎样的表 现？光伏逆变器出货量全球第十，获宁德时代全资子公司注资 公开资料显示，首航新能主营业务为从事新能源电力设备研发、生产、销售及服务。2022、2023年，公 司光伏逆变器出货量位列全球第十位，2022年市占率约为3%。公司境外销售收入占比较高，主要销售 地区为意大利、德国、捷克、英国和波兰。 近一个月来指数虽然持续震荡，但新股的打新收益却相当亮眼。今年3月份，上市的14只新股在上市首 日平均涨幅高达221.7%。 所以，从近期新股的平均涨幅来看，200.68%-221.7%的涨幅区间是一个重要的参考区间。 其次，从估值的角度来看，首航新能相对于可比公司有一定差距。 新股雷达数据显示，截至2025年3月21日，首航新能的动态市盈率为18.8倍；首航新能的可比公司为上 能电气（300827）、固德威、德业股份（605117）、艾罗能源、锦浪科技（300763）、阳光电源 （300274）等公司。剔除市盈率为负和指标异常的公司后 ...

深圳市首航新能源股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰君安证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，深圳市首航新能源股份有限公司（以下简称 "发行人"或"本公司"）发行的人民币普通股票将于2025年4月2日在深圳证券 交易所创业板上市，上市公告书全文和首次公开发行股票并在创业板上市的招股 说明书全文披露于中国证券监督管理委员会指定的信息披露网站（巨潮资讯网， 网址www.cninfo.com.cn；中证网，网址www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券 时报网 ，网址 www.stcn.com ；证券日 报网， 网址 www.zqrb.cn ；经 济参 考网 ， 网址 www.jjckb.cn ；中 国 金融 新闻 网 ，网 址 www.financialnews.com.cn；中国日报网，网址www.chinadaily.com.cn），供投资 者查阅。 所属网页二维码：巨潮资讯网 一、上市概况 4、首次公开发行股 ...

股票简称：首航新能 股票代码：301658 深圳市首航新能源股份有限公司 Shenzhen SOFARSOLAR Co., Ltd. （深圳市宝安区新安街道兴东社区 67 区高新奇科技楼 11 层） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路618号） 二〇二五年四月 深圳市首航新能源股份有限公司 上市公告书 特别提示 如无特别说明，上市公告书中的简称或名词的释义与本公司首次公开发行 股票招股说明书中的相同。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露 的风险因素，审慎做出投资决定。 本上市公告书中若出现总计数与所列数值总和不符的情形，均为四舍五入 所致。 深圳市首航新能源股份有限公司（以下简称"首航新能"、"发行人"、 "公司"或"本公司"）股票将于 2025 年 4 月 2 日在深圳证券交易所创业板上 市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 深圳市首航新能源股份 ...

国泰君安证券股份有限公司 关于 深圳市首航新能源股份有限公司 首次公开发行股票并在创业板上市 之 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年四月 上市保荐书 本保荐机构和本保荐机构委派参与本项目发行保荐上市工作的保荐代表人 刘怡平、强强承诺：根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《首次公开发行股票注册管 理办法》（以下简称"《注册办法》"）、《证券发行上市保荐业务管理办法》（以下 简称"《保荐业务管理办法》"）、《深圳证券交易所创业板股票上市规则（2023 年 8 月修订）》（以下简称"《上市规则（2023 年 8 月修订）》"）、《深圳证券交易所 股票发行上市审核规则（2024 年修订）》（以下简称"《审核规则（2024 年修 订）》"）、《深圳证券交易所股票发行上市审核业务指引第 2 号——上市保荐书内 容与格式》（以下简称"《格式指引》"）等有关法律、法规和中国证监会及深圳证 券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行 业自律规范出具本上市保荐书，并保证所出具文件真 ...

关于深圳市首航新能源股份有限公司 首次公开发行股票在深圳证券交易所创业板上市的 法 律 意 见 书 中国 深圳 福田区 益田路 6001 号太平金融大厦 11、12 层 邮编：518038 电话：（0755）88265288 传真：（0755）88265537 电子邮箱：info@ sundiallawfirm.com 网站：www. sundiallawfirm.com 法律意见书 一、信达律师依据本《法律意见书》出具日以前已经发生或者存在的事实以 及中国现行法律、法规及中国证监会的有关规定发表法律意见，并不对任何中国 司法管辖区域之外的事实和法律发表意见。 二、信达律师并不对有关会计、审计、验资、资产评估等专业事项发表意见。 信达并未就中国以外的其他司法管辖区域的法律事项进行调查，亦不就中国以外 的其他司法管辖区域的法律问题发表意见。信达律师在本《法律意见书》中引用 有关会计报表、审计报告、验资报告、资产评估报告中的某些数据或结论时，并 1 广东信达律师事务所 关于深圳市首航新能源股份有限公司 首次公开发行股票在深圳证券交易所创业板上市的 法律意见书 致：深圳市首航新能源股份有限公司 广东信达律师事务所（ ...

Group 1 - The new stock market shows a significant recovery in "profit-making effect," with an average first-day increase of 318% for four new stocks this week [1] - Hongjing Optoelectronics saw a first-day increase of 282.03%, with a single subscription profit close to 60,000 yuan, while Jiangnan New Materials surged 606.83%, marking the highest first-day increase for new stocks this year, with a single subscription profit of approximately 32,000 yuan [1] - Next week, three new stocks are scheduled for subscription, including Shihang New Energy, which is a leading global supplier of photovoltaic inverters [1][4] Group 2 - Shihang New Energy focuses on the research, production, sales, and service of new energy power equipment, specializing in solar energy conversion, storage, and management [5] - The company’s core products include string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, storage batteries, and photovoltaic system accessories [5] - Shihang New Energy expects a net profit of 49 million to 55 million yuan for Q1 2025, with a year-on-year change of -0.10% to 12.14% [6] Group 3 - China Ruilin, established in 1957, is a key design unit in the non-ferrous metal industry, providing engineering design consulting and total contracting services [9] - The company serves major state-owned enterprises and large corporate groups in China, including China Nonferrous Mining, State Power Investment, and China Copper [1] - China Ruilin anticipates a net profit of 8.5 million to 11 million yuan for Q1 2025, with a year-on-year change of -0.16% to 29.21% [10] Group 4 - Taihong Wanli has over 20 years of experience in the automotive parts sector and has become a first-tier supplier for several well-known domestic and international automotive manufacturers [2] - The company actively collaborates with leading companies in the new energy vehicle sector, including NIO, Li Auto, and Xpeng Motors, and is a partner of major component suppliers like CATL [2] - Taihong Wanli projects a net profit of 38.8 million to 43.5 million yuan for Q1 2025, reflecting a year-on-year growth of 2.89% to 15.35% [11]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for growth in the renewable energy sector [28]. Core Viewpoints - The company is actively investing in product research and development, iterating existing products while launching new series such as centralized energy storage systems and micro-inverter systems [19]. - The company has achieved significant revenue growth in previous years, with a reported revenue of 44.57 billion in 2022, but is facing a decline in revenue and net profit projections for 2023 and 2024 [7][24]. - The company is recognized as a leading supplier of photovoltaic inverters globally, focusing on residential and small commercial applications, and has established a strong market presence through international subsidiaries [18][19]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of renewable energy power equipment, including string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and photovoltaic system accessories [6][10]. Financial Performance - The company reported revenues of 44.57 billion, 37.43 billion, and 27.11 billion for the years 2022, 2023, and 2024 respectively, with year-over-year growth rates of 144.12%, -16.01%, and -27.58% [7][24]. - The net profit attributable to the parent company was 8.49 billion, 3.41 billion, and 2.59 billion for the same years, with corresponding year-over-year growth rates of 354.30%, -59.83%, and -24.09% [7][24]. Industry Situation - The photovoltaic inverter industry has experienced rapid growth, with global shipments increasing from 81.3 GW in 2016 to 536.0 GW in 2023, reflecting a compound annual growth rate of 30.92% [11]. - The company competes with major players in the industry, including Huawei and Sungrow, which dominate the market with a combined share of approximately 52% [11]. Company Highlights - The company has a strong technological capability, with inverter products achieving a peak efficiency of 98.4%, ranking among the top in the industry [18]. - The company has received investments from key suppliers, which enhances supply chain stability and reflects industry recognition [18]. - The company has established a global market presence with subsidiaries in various countries, enhancing its international customer base [18]. Investment Projects - The company plans to invest in four projects through its IPO, including the construction of energy storage systems, new energy product manufacturing, upgrading research centers, and expanding its marketing network [20][21][22]. Peer Comparison - Compared to its peers, the company’s revenue and profit margins are below the industry average, with a 2023 revenue of 37.43 billion and a net profit of 3.41 billion, while the average revenue for comparable companies is 170.98 billion [24].