Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, having previously attempted to list on the A-share market without success. The company specializes in tower solar thermal power generation and molten salt energy storage solutions, positioning itself as a leader in the industry with significant market share and growth potential [1][2][4]. Company Overview - Kesheng Technology is a provider of tower solar thermal power generation and molten salt energy storage solutions, offering comprehensive services from project development to operational support [2][4]. - The company has supplied solar thermal power systems to 11 solar thermal power plants in China, with a total designed capacity of 1,250 MW, capturing a market share of 47.2% in the domestic sector [4]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase. In 2023, Kesheng Technology achieved a net profit of 248.3 million RMB, which is expected to rise to 540.1 million RMB in 2024 [8][9]. - The company reported a revenue of 745.3 million RMB in the first half of 2025, indicating continued growth, although at a slower pace [9]. Market Trends - The solar thermal power generation industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [5][7]. - China's cumulative installed capacity for solar thermal power is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [7]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises. This concentration poses a risk to the company's financial stability [10][11]. - The company has experienced significant revenue fluctuations due to its reliance on a few major clients, which could impact its operational capacity and cash flow [11]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the approval pace of new projects, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [13][14][15]. - The company has implemented substantial dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming financing [16][17].
风口上的光热发电：可胜技术百倍增长背后的喜与忧
Sou Hu Cai Jing·2025-09-28 10:55