N型TOPCon电池片头部厂商英发睿能递表港交所：原材料占销售成本超80%，存货呈增长趋势

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for establishing and upgrading its Indonesian base, R&D for advanced photovoltaic cell technologies, and optimizing sales channels [1][2] Group 1: Company Overview - Yingfa Ruineng is the world's third-largest specialized manufacturer of N-type TOPCon solar cells, with a global market share of 14.7% as of 2024 [2] - The company was established in 2016 and focuses on the R&D, production, and sales of photovoltaic cells, offering both P-type and N-type products [1][3] - Yingfa Ruineng has a production capacity of 32.7 GW for N-type TOPCon cells and has strategically located its facilities in Yibin, Sichuan, and other regions [2][3] Group 2: Financial Performance - The company's revenue during the reporting period was approximately 56.43 billion, 104.94 billion, 43.59 billion, and 24.08 billion, with profits of 3.50 billion, 4.1 billion, -8.64 billion, and 3.55 billion respectively [3][4] - In the first four months of this year, Yingfa Ruineng's revenue grew by approximately 111% year-on-year, and it returned to profitability [3][4] - The revenue contribution from N-type TOPCon cells increased significantly, rising from 7.1% in 2023 to 95.5% in the first four months of this year [3] Group 3: Customer Base and Market Expansion - The top five customers of Yingfa Ruineng are primarily Chinese photovoltaic module manufacturers, with significant overseas markets in India and Vietnam [4] - The overseas revenue share increased from 3.2% in 2022 to 24.5% in the first four months of this year [4] Group 4: Raw Material Costs and Inventory Management - Raw material costs accounted for over 80% of total sales costs during the reporting period, with significant fluctuations noted [4][5] - The inventory amount increased significantly, reflecting the need for raw materials to support production at the new Indonesian base [5] - Inventory turnover days increased due to expanded production capacity, intense industry competition, and longer delivery cycles for overseas sales [5]