光伏“调控中枢”的“隐形冠军”来了 ——泽润新能IPO打造光伏接线盒“黄金供应链”

Core Viewpoint - The global photovoltaic industry is entering a golden development period driven by the "dual carbon" goals, with Jiangsu Zerun New Energy Technology Co., Ltd. (referred to as "Zerun New Energy") poised to benefit significantly as it approaches the GEM market [1][2]. Industry Trends - The photovoltaic industry is experiencing substantial growth, with the International Energy Agency noting that nearly half of global carbon emissions come from the power sector, necessitating a shift towards renewable energy sources [2]. - The European Photovoltaic Industry Association predicts that global photovoltaic installations will reach 876 GW by 2028, with China's solar power capacity exceeding 890 million kW by the end of 2024, marking a 45.2% year-on-year increase [2]. Company Positioning - Zerun New Energy specializes in photovoltaic module junction boxes, which are critical for connecting and protecting solar systems, and has established long-term partnerships with major companies like TCL Zhonghuan and JinkoSolar [1][4]. - The company has seen rapid revenue growth, with projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively, alongside net profits of approximately 86.4 million yuan, 120 million yuan, and 130 million yuan [3]. Competitive Advantages - The junction box market has high entry barriers, making it difficult for new entrants to compete with established players like Zerun New Energy, which has built a strong reputation and long-term relationships with clients [4][5]. - Zerun New Energy has received multiple accolades, including being recognized as a high-tech enterprise and a "little giant" in specialized fields, and has developed a significant number of patents, enhancing its competitive edge [6][7]. Technological Development - The company is adapting to trends in the photovoltaic industry, such as the shift towards larger silicon wafers and the increasing demand for intelligent junction boxes, which are expected to drive future growth [8][9]. - Zerun New Energy is also exploring the development of junction boxes for emerging technologies like cadmium telluride and perovskite solar cells, positioning itself for future market opportunities [11]. Expansion Plans - The company plans to use raised funds for expanding production capacity of both general and intelligent junction boxes, as well as for developing auxiliary power battery boxes for electric vehicles, tapping into new growth areas [12][13]. - Strategic partnerships, such as with Camel Group, will enable Zerun New Energy to supply battery boxes for major automotive brands, further diversifying its product offerings and market reach [13].