Core Viewpoint - Youli Intelligent (酉立智能) is conducting an IPO to raise funds for the construction of a production base for core components of photovoltaic brackets, expansion of its R&D center, and smart upgrades, aiming to share the benefits of global clean energy transition with investors [1] Group 1: Financial Overview - The IPO is expected to raise a total of 269 million yuan, which could increase to 309 million yuan if the overallotment option is fully exercised [1] - The company achieved revenue of 729 million yuan in 2024, representing a year-on-year growth of 10.8%, and a net profit of 90.05 million yuan, up 15% [2] - For Q1 2025, revenue and net profit grew by 47% and 16% respectively, continuing a strong growth trend [2] - The comprehensive gross margin remained stable between 18.4% and 19.0% from 2022 to 2024, with a positive operating cash flow of 35.74 million yuan in 2024 [5] Group 2: Market Position and Client Base - The company focuses on the photovoltaic bracket sector, producing core components such as torque tubes (TTU) and bearing components (BHA), which are widely used in large photovoltaic power station projects globally [2] - The company has established strong ties with leading global tracker manufacturers like NEXTracker, with external sales accounting for 88.19%, 73.06%, and 78.72% of main business revenue in 2022, 2023, and 2024 respectively [3] - The company is expanding its global footprint with factories in Thailand to serve the U.S. market and a subsidiary in Saudi Arabia [3] Group 3: Technological Advancements - Youli Intelligent holds 61 patents, including 11 invention patents, and has participated in drafting industry standards for intelligent photovoltaic tracking brackets [4] - R&D investment increased from 5.07 million yuan in 2022 to 12.13 million yuan in 2024, maintaining a stable proportion of around 1.7% of revenue [4] Group 4: Future Growth Prospects - Post-IPO, the company will add annual production capacity of 1.2 million TTUs and 1.8 million rails [6] - Management anticipates revenue for the first half of 2025 to be between 462 million yuan and 482 million yuan, representing a growth of 24.43% to 29.82% compared to the same period in 2024 [6] - The expected net profit for the same period is projected to be between 54.96 million yuan and 56.96 million yuan, indicating a growth of 11.12% to 15.16% year-on-year [6]
酉立智能IPO路演：深耕光伏支架核心零部件 持续扩大市场份额