锡华科技：业绩高增在手订单充裕 IPO加码风电装备布局

Company Overview - Jiangsu Xihua New Energy Technology Co., Ltd. (referred to as "Xihua Technology") is preparing for its IPO review on September 5, 2025, focusing on the R&D, manufacturing, and sales of specialized components for large high-end equipment, primarily wind turbine gearboxes and injection molding machines [1] - The company aims to become a leading global manufacturer of specialized components in the wind energy sector, aligning with national policies promoting renewable energy development [1] Financial Performance - Xihua Technology has shown steady growth, with annual revenues exceeding 900 million yuan from 2022 to 2024. In the first half of 2025, revenue reached 580.44 million yuan, a year-on-year increase of 36.67%, while the net profit grew to 94.29 million yuan, up 55.67% year-on-year [1] - The company reported a net profit growth of 57.07% in the second quarter of 2025, indicating continuous improvement in profitability [1] Order and Revenue Forecast - As of late July 2025, Xihua Technology has approximately 32,378.12 tons of orders on hand, with an average monthly tonnage of 12,951.25 tons, representing a 70.04% increase compared to the average monthly sales of 7,616.44 tons in 2024 [2] - The company anticipates revenue for the first three quarters of 2025 to be between 859 million and 869 million yuan, reflecting a year-on-year increase of 29.04% to 30.54%, with net profit expected to be between 150 million and 157 million yuan, a year-on-year increase of 44.03% to 50.52% [2] Industry Context - The Chinese wind power industry is experiencing robust demand, supported by favorable government policies, including the "2025 Energy Work Guidance Opinion" which promotes offshore wind power project development [2] - In 2024, the bidding volume for wind turbine manufacturers in China reached 220.64 GW, a year-on-year increase of 89.41%, indicating strong market growth [2] Fundraising and Future Prospects - Xihua Technology plans to raise 1.498 billion yuan through its IPO to fund the industrialization of core wind power equipment and the establishment of a research and development center, aimed at enhancing its core competitiveness [3] - Experts suggest that as the fundraising projects progress and production capacity is released, Xihua Technology is expected to make significant contributions to the national energy transition and the global wind power industry [3]