泰金新能冲击IPO，来自陕西西安，业绩受下游新能源车、3C产品影响

Company Overview - Xi'an Taijin New Energy Technology Co., Ltd. (hereinafter referred to as "Taijin New Energy") is set to debut on the Shanghai Stock Exchange on August 29, with CITIC Construction Investment Securities Co., Ltd. as the sponsor [1] - The company focuses on the research, design, production, and sales of high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products, with applications in various fields including large computers, 5G high-frequency communication, consumer electronics, new energy vehicles, and aerospace [1] Financial Performance - Taijin New Energy's revenue from electrolysis complete equipment and titanium electrodes accounted for over 50% and more than 20% of total revenue in 2022 and 2023, respectively [3] - The company reported revenues of approximately 1.005 billion, 1.669 billion, and 2.194 billion yuan for the years 2022, 2023, and 2024, with corresponding net profits of approximately 98 million, 155 million, and 195 million yuan [4] - In the first half of 2025, the company achieved revenue of approximately 1.167 billion yuan, a year-on-year increase of 17.31%, and a net profit of approximately 102 million yuan, up 16.18% year-on-year [4] Market Position and Product Applications - Taijin New Energy's electrolysis complete equipment is primarily used in the production of electrolytic copper foil, which is a key material in the electronics manufacturing industry [3] - The company has successfully developed the world's largest diameter 3.6m cathode roller and integrated foil machine, leading the domestic market in both product performance and market share for cathode rollers and copper foil titanium anodes in 2024 [4] Challenges and Risks - The company has experienced a decline in production capacity utilization rates for its electrolysis complete equipment, with cathode roller utilization dropping from 105.41% in 2022 to 46.05% in 2024 [2] - The net cash flow from operating activities turned negative in 2024, primarily due to a decrease in new equipment contracts and increased cash payments for goods and services [5] - The company's research and development expenses, while increasing, remain below the industry average, with rates of 3.74%, 2.91%, and 3.27% for the years 2022, 2023, and 2024, respectively [6] Financial Health - The company has a high asset-liability ratio, with figures of 91.35%, 92.04%, and 84.86% at the end of each reporting period, significantly above the industry average of 59.21% [7] - Contract liabilities and inventory levels have been substantial, with contract liabilities of approximately 1.57 billion, 2.383 billion, and 1.465 billion yuan, and inventory values of approximately 1.684 billion, 2.667 billion, and 2.07 billion yuan during the same periods [7]