CNGR(SZ:300919) Ge Long Hui·2025-11-12 03:36Core Viewpoint - Zhongwei Co., Ltd. has launched its H-share IPO, marking a significant milestone in its global strategy as the first company in the new energy battery materials sector to achieve A+H share listing, indicating a recovery in the new energy industry [2][3]. Company Overview - Zhongwei Co., Ltd. is recognized as the first A+H listed company in the new energy materials sector, reflecting its leading position in the niche market [4]. - The company has maintained the highest global shipment volume of lithium battery nickel and cobalt precursor materials for five consecutive years since 2020, with a projected market share of 21.8% in 2024 [4]. IPO Details - The company plans to issue approximately 104 million H-shares, accounting for 10% of the total share capital post-issue, with expected fundraising of HKD 3.742 billion [5]. - The use of proceeds is aimed at expanding production and supply chain capabilities (50%), R&D in new energy battery materials (40%), and general corporate purposes (10%) [5]. Investor Confidence - The IPO has attracted a diverse group of cornerstone investors, with a total subscription amount of USD 213.5 million, reflecting strong market confidence in the company's long-term value [6][7]. Industry Opportunities - The global demand for new energy materials is driven by the growth of the electric vehicle market, with projected sales reaching 17 million units in 2024 and over 40% penetration by 2030 [9]. - The energy storage market is also expected to see significant growth, with a compound annual growth rate of 45% from 2024 to 2030 [10]. Technological Advancements - The ongoing evolution of battery technology, including the commercialization of solid-state batteries by 2027, presents new growth opportunities for the company [11]. - New application scenarios, such as artificial intelligence and humanoid robots, are expected to increase demand for high-performance batteries [11]. Global Market Expansion - The company's overseas revenue has increased from 33.7% in 2022 to 50.6% in the first half of 2025, indicating its adaptability to international markets [13]. - The anticipated growth of the overseas new energy battery materials market is projected to exceed a compound growth rate of 30% [13]. Competitive Advantages - Zhongwei Co., Ltd. benefits from a vertically integrated operation model, a diverse resource base, and strong customer relationships, which provide resilience against industry fluctuations [14][15]. - The company has established a global production network, with facilities in Indonesia, South Korea, and Morocco, to meet the growing demand for electric vehicle battery materials [15]. Financial Performance - Despite industry challenges, the company has demonstrated strong financial resilience, with revenue growth from CNY 30.344 billion in 2022 to CNY 40.223 billion in 2024, reflecting a compound annual growth rate of 15.13% [16].