小赛道 大生意 全球光伏接线盒领导者泽润新能为什么能？

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) is positioned as a leading player in the global photovoltaic (PV) junction box industry, leveraging its technological strength and forward-looking strategies to maintain robust performance amidst competitive pressures in the PV sector [1][2]. Group 1: Company Overview - Zerun New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, recognized as a national "specialized and innovative" small giant enterprise [1]. - The company's core product, the PV junction box, is essential for solar PV systems, and it has maintained a leading position in the industry since its establishment in 2009 [2][3]. - Zerun New Energy has achieved significant revenue growth, with projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 29.55% [2]. Group 2: Market Position and Strategy - The company has a balanced revenue structure from domestic and international sales, with domestic sales accounting for 53.60% to 63.31% of total revenue from 2022 to 2024 [3]. - Zerun New Energy has established a strong R&D focus, emphasizing technological innovation and quality control, which has led to successful collaborations with major PV companies [3][8]. - The company is actively expanding into next-generation thin-film technology and the electric vehicle (EV) sector, aiming to create new profit growth points [5][6]. Group 3: Product Development and Innovation - Zerun New Energy has developed various models of junction boxes, including the Z8C and Z8X, which are recognized for their advanced technology and patent protection [6][8]. - The company is exploring new applications for its products, such as the development of junction boxes compatible with perovskite solar cells, which are seen as the next generation of PV technology [7][10]. - R&D expenditures have been increasing, with amounts of 19.08 million yuan, 31.73 million yuan, and 32.83 million yuan from 2022 to 2024, representing 3.66% to 3.75% of revenue [8]. Group 4: Future Growth and Funding - Zerun New Energy plans to raise 720 million yuan through its IPO to fund expansion projects in PV junction boxes and EV auxiliary power battery boxes, as well as to enhance its R&D capabilities [9][10]. - The company has already established partnerships with major automotive manufacturers, positioning itself to supply critical components for EVs, which could become a significant growth area [10][11]. - The strategic focus on intelligent junction boxes aligns with market trends towards increased automation and safety in distributed PV systems, indicating a promising market outlook [9].