A股再迎一家光伏接线盒公司，泽润新能去年业绩创新高

Core Viewpoint - The successful IPO of ZERUN New Energy, a leading photovoltaic junction box company, brings a positive signal to the currently cooling photovoltaic IPO market [1] Financial Performance - ZERUN New Energy expects to achieve a revenue of approximately 876 million yuan in 2024, representing a year-on-year growth of 3.75% [2] - The company anticipates a net profit attributable to shareholders of 131 million yuan in 2024, reflecting a year-on-year increase of 9.30% [2] - The growth is attributed to deepening cooperation with existing clients and the development of new customers [2] Customer Base and Concentration - ZERUN's major customers include well-known photovoltaic module manufacturers, with the top five customers accounting for 58.72% of total sales in 2024 [3] - Customer A alone contributes 29.80% of sales, but the company has a lower customer concentration compared to industry peers [3] - ZERUN expresses confidence in the stability of its relationship with Customer A, having signed a framework agreement for future collaboration [3] Product Development and Market Strategy - The company plans to enhance the development of both general and smart junction boxes, focusing on new materials and technologies [4] - ZERUN has made progress in developing auxiliary power battery boxes for electric vehicles, with products already in mass production for certain models [5] - The company aims to capture opportunities in energy storage and hydrogen energy sectors, expanding its product line [5] R&D and Global Expansion - ZERUN maintains an R&D investment ratio of over 3.5% of revenue annually, focusing on self-developed products [6] - The company is expanding its production capacity for junction boxes and plans to establish global manufacturing bases to align with the production layouts of downstream clients [6] - As of 2024, ZERUN's overseas revenue accounted for 36.69% of its main business income, with a focus on Asia and North America [6]