酉立智能即将上会，客户集中度较高，超7成收入来自境外

Core Viewpoint - Jiangsu Youli Intelligent Equipment Co., Ltd. (Youli Intelligent) is set to undergo its IPO review on May 16, 2025, focusing on the photovoltaic bracket sector, with a reported revenue exceeding 700 million in 2024, despite facing risks related to customer concentration and reliance on a single major client [1][15]. Company Overview - Youli Intelligent was established in 2017 and listed on the National Equities Exchange and Quotations in December 2023, transitioning to the innovation layer in April 2024. The company is based in Suzhou, Jiangsu Province, employing 275 individuals as of the end of 2024 [3]. - The company is primarily controlled by three individuals, with a combined ownership of 81.49% through their holding in JuLi Machinery [2][3]. Financial Performance - Youli Intelligent has shown a growth trend in revenue over the past three years, with revenues of approximately 433 million, 658 million, and 729 million in 2022, 2023, and 2024, respectively. However, the gross profit margin has been declining, recorded at 20.04%, 19.14%, and 18.71% for the same years [15]. - The net profits for the same years were approximately 41.95 million, 78.17 million, and 89.86 million [15]. Industry Context - The photovoltaic industry is heavily influenced by government policies, and while current support remains strong, any future reductions in subsidies could adversely affect the sector [15]. - In 2023, global new photovoltaic installations reached approximately 390 GW, a year-on-year increase of 69.56%, marking a historical high [15][18]. Product and Market Position - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic brackets, including torque tubes, bearing components, and installation structures [10][11]. - The company’s products are essential for the stability and longevity of photovoltaic power stations, which are increasingly in demand due to the growing global focus on renewable energy [11][14]. Customer and Revenue Concentration - The company faces high customer concentration, with over 94% of its revenue derived from its top five clients. The largest client, NEXTracker, accounted for 80.69%, 61.67%, and 70% of total revenue in the last three years [26]. - A significant portion of Youli Intelligent's revenue (over 70%) comes from international markets, exposing the company to geopolitical risks and currency fluctuations [23][26]. Future Plans - Youli Intelligent plans to raise approximately 270 million for the construction of a production base for core components, a research and development center, and to enhance its operational capabilities [26].