泰金新能即将上会，聚焦电解成套装备产品，资产负债率超84%

Core Viewpoint - The company, Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy), is set to go public on the Shanghai Stock Exchange, aiming to raise approximately 990 million yuan for various projects related to high-end green electrolysis equipment and titanium electrode materials [1]. Group 1: Company Overview - Taijin New Energy, established in 2000 and transformed into a joint-stock company in 2022, focuses on the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [1]. - The company’s products are applied in various sectors, including large computers, 5G high-frequency communication, consumer electronics, new energy vehicles, and aerospace [1]. Group 2: Fundraising and Project Allocation - The company plans to use the raised funds for three main projects: 1. High-end intelligent electrolysis equipment industrialization project with a total investment of approximately 761.32 million yuan [3]. 2. High-performance composite coating titanium electrode materials industrialization project with an investment of about 482.38 million yuan [3]. 3. Corporate R&D center construction project with an investment of around 250.18 million yuan [3]. - The total investment for these projects is approximately 1.49 billion yuan, with the company aiming to raise about 990 million yuan [3]. Group 3: Financial Performance - The company’s revenue from electrolysis equipment and titanium electrodes accounted for over 50% and 20% of total revenue, respectively, in recent years [7]. - Revenue figures for the years 2022, 2023, and 2024 were approximately 1.005 billion yuan, 1.669 billion yuan, and 2.194 billion yuan, respectively, with corresponding net profits of about 98 million yuan, 155 million yuan, and 195 million yuan [10]. - In the first half of 2025, the company achieved revenue of approximately 1.167 billion yuan, a year-on-year increase of 17.31% [10]. Group 4: Market Position and Challenges - Taijin New Energy holds a leading market share in the domestic market for cathode rollers and copper foil titanium anodes, with significant technological advancements that have enabled it to break foreign monopolies [10]. - The company faces challenges due to cyclical fluctuations in the lithium battery copper foil industry, with production capacity utilization rates for its electrolysis equipment declining significantly from 2022 to 2024 [5]. - The company’s high asset-liability ratio, which was 85.27% in 2024, indicates substantial short-term debt pressure compared to the industry average [11][18].