Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. is a leading enterprise in providing high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions, currently applying for an IPO [1] Financial Performance - The company reported a compound annual growth rate (CAGR) of 47.78% in operating revenue over the past three years, indicating a strengthening of its ongoing business capabilities [1] - However, the projected revenue growth rates for 2022 to 2024 are 93.41%, 66.18%, and 31.42%, showing a declining trend year-over-year [1] - Revenue growth for the first three quarters of 2025 is expected to further decline to 18.61% [1] Production Capacity and Utilization - The capacity utilization rate for the core product, cathode rolls, was only 50% in 2024 and dropped to 16.41% in the first half of this year, before recovering to around 50% in September [2] - The production capacity and sales rates for cathode rolls and integrated foil machines have shown similar patterns of underutilization [2][4] Contracts and Projects - In November 2024, the company won a contract for a 20,000-ton high-end copper foil project with Zhongcheng Caihong, amounting to approximately 145.37 million yuan [6] - The project is set to begin production debugging in December 2025, with the first batch of equipment already delivered to the site [6] Market Position and Comparison - In 2024, Taijin New Energy's shipment volume exceeded that of its comparable company, Hongtian Co., by more than double, with Taijin reporting 365 units shipped [10] - Despite this, Hongtian's sales volume of electrolysis copper foil equipment reached 482 units, significantly higher than Taijin's reported figures [10] - Taijin's revenue for 2024 is projected at 2.194 billion yuan, nearly double that of Hongtian's 1.374 billion yuan [11]
泰金新能被质疑业绩成长性，披露同业公司产能或与公开信息不符
Huan Qiu Wang·2025-10-29 05:09