泽润新能将上市：募资金额缩水2.6亿元，多次分红仍要募资补流

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. is set to launch its IPO on the Shenzhen Stock Exchange, with a reduced fundraising target of approximately 528 million yuan, down from an initial plan of 720 million yuan [3][4]. Company Overview - Zerun New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, primarily providing integrated solutions for photovoltaic module junction boxes [4]. - The company was established in March 2017 and is located in Changzhou, Jiangsu Province, with a registered capital of 40 million yuan [4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 522 million yuan, 844 million yuan, and 876 million yuan, respectively, while net profits for the same years are about 86.4 million yuan, 120 million yuan, and 131 million yuan [6][8]. - Total assets at the end of 2022, 2023, and projected for 2024 are approximately 609.39 million yuan, 964.78 million yuan, and 1.069 billion yuan, respectively [7]. - The company's net profit margin has shown a consistent increase, with a basic earnings per share of 2.03 yuan in 2022, rising to 2.74 yuan in 2024 [7]. Fundraising and Use of Proceeds - The IPO will issue 15.967 million shares at a price of 33.06 yuan per share, with net proceeds expected to be around 462 million yuan [3]. - The funds raised will be allocated to the expansion of photovoltaic module production and to supplement working capital, with 150 million yuan specifically earmarked for liquidity [3][6]. Shareholder Information - Major shareholders include Chen Zepeng, Zhuhai International, and TCL, with Chen Zepeng holding a significant stake of 41.34% [4][5]. - The company has a history of profit distribution, having declared cash dividends of 23.38 million yuan in 2022 [3][6]. Customer Base - Key clients of Zerun New Energy include prominent companies such as Maxeon, TCL Zhonghuan, and JinkoSolar, indicating a strong market presence [4][5]. Regulatory Scrutiny - The listing committee has raised concerns regarding the company's reliance on major customers and the implications for its ongoing operational capacity, necessitating further disclosures [3].