锡华科技冲击IPO，客户集中度较高，净利润连续两年下滑

Core Viewpoint - The surge in orders for solid-state battery production equipment has led to a collective rally in the A-share new energy sector, with companies like Xihua Technology and others in the solid-state battery and photovoltaic sectors experiencing significant stock price increases [1]. Company Overview - Xihua Technology primarily produces specialized components for wind turbine gearboxes, contributing over 82% of its revenue, with a high customer concentration [2][3]. - The company's products include planetary frames, gearbox bodies, torque arms, and flanges, designed to withstand harsh environmental conditions [2]. Financial Performance - Xihua Technology's revenue for 2022, 2023, and projected 2024 is approximately 9.42 billion, 9.08 billion, and 9.55 billion respectively, with a gross profit margin of 29.18%, 30.24%, and 25.91% [9][10]. - The net profit has shown a declining trend, with figures of about 1.84 billion, 1.77 billion, and 1.42 billion for the same years [9][10]. Market Dynamics - The wind power market is characterized by cyclical demand influenced by macroeconomic conditions and government policies, which can significantly impact the demand for wind turbine components [12]. - China is a major player in the global wind power market, accounting for 68% of the new installed capacity in 2024, with a total of 117 GW expected globally [12][15]. Competitive Landscape - Xihua Technology faces significant competition in the wind turbine gearbox sector, requiring continuous technological development to meet market demands [7]. - The company has a high customer concentration risk, with over 99% of its revenue coming from its top five clients, including a significant portion from a single client [9]. Future Outlook - The company anticipates a recovery in demand starting in the second quarter of 2024, driven by improved supply capabilities for large megawatt products [10]. - Xihua Technology plans to raise approximately 1.5 billion for projects related to wind power core equipment and research center development through its IPO [18].