全球单机规模最大光热发电项目开工，背后这家公司正在冲刺港交所

Core Viewpoint - The launch of the 350MW tower solar thermal power project by Kesheng Technology marks a significant milestone in the solar thermal industry, being the largest single-unit project globally with the highest design capacity and energy storage [2][10]. Company Overview - Kesheng Technology has initiated its IPO process, submitting an application to the Hong Kong Stock Exchange with CITIC Securities as the sole sponsor [4][5]. - The company specializes in tower solar thermal power and molten salt energy storage solutions, supplying core subsystems to solar thermal power plant owners and EPC contractors [5][6]. - Kesheng Technology is the only company globally with experience in projects exceeding 1 GW in molten salt tower solar thermal power [6][10]. Project Details - The total investment for the new project is approximately 5.435 billion yuan, featuring a three-tower, one-machine design and a 14-hour molten salt storage system [2]. - The project is expected to generate around 960 million kWh of clean electricity annually and is scheduled to be fully operational by the end of September 2027 [2]. Market Position - Kesheng Technology holds a market share of 57.9% in total design capacity and 55% in the number of projects in the solar thermal sector [10]. - The global solar thermal power market is projected to grow from 6.69 GW in 2020 to 7.9 GW in 2024, with a compound annual growth rate of 4.2% [12]. Industry Challenges - The solar thermal sector is significantly smaller than the photovoltaic sector, with limited private enterprises and even fewer publicly listed companies [11]. - The cost of solar thermal power is higher than that of photovoltaic systems, with initial investments being over three times greater [16]. - The levelized cost of electricity (LCOE) for solar thermal power in China has decreased from 1.15 yuan/kWh in 2016 to 0.55 yuan/kWh in 2024, but it remains less competitive compared to photovoltaic and wind power [16]. Financial Performance - Kesheng Technology reported a net profit of 248 million yuan in 2023, up from a loss of 91 million yuan in 2022 [22]. - The company's gross margin fluctuated from 2.4% in 2022 to 36.1% in 2023, then decreased to 31.7% in 2024 [23]. - The asset-liability ratio has remained low, with figures of 13.3%, 1.5%, 4.9%, and 5.7% across four reporting periods [24]. Customer Concentration - The company has a high customer concentration, with revenue from the top five clients accounting for approximately 99.9% of total revenue in recent years [25]. - The solar thermal power industry is heavily reliant on government support, and any changes in renewable energy policies could significantly impact Kesheng Technology's revenue and growth prospects [25].