振石股份即将上会，为风电叶片材料龙头，2024年业绩下滑

Core Viewpoint - The wind power industry is experiencing significant profit recovery due to the expansion of domestic demand, the concentration of offshore wind power projects, and improved market competition, leading to a surge in stock prices for companies like Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) as it prepares for an IPO on the Shanghai Stock Exchange [1]. Group 1: Company Overview - Zhenstone primarily engages in the research, production, and sales of fiber-reinforced materials for clean energy applications, particularly in wind and photovoltaic power generation [3][4]. - The company’s revenue is heavily reliant on clean energy functional materials, with over 85% of its income derived from this segment, where wind power fiber fabrics account for over 60% and pultruded profiles for around 20% [7][8]. Group 2: Financial Performance - Zhenstone's revenue has shown a downward trend in recent years, with reported figures of approximately 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and a projected 4.439 billion yuan for 2024 [13]. - The net profit figures for the same years were approximately 781 million yuan, 793 million yuan, and 607 million yuan, indicating fluctuations in profitability [13]. Group 3: Market Position and Competition - Zhenstone holds a leading position in the global market for wind power glass fiber fabrics, with a market share exceeding 35% in 2024 [24]. - The company faces intense competition from peers such as China National Materials, International Composites, and Changyou Technology, which may impact its market share and profitability [17]. Group 4: Supply Chain and Customer Base - The company has a high concentration of suppliers, with over 83% of its procurement coming from the top five suppliers, including China Jushi, indicating potential risks related to supplier dependency [9][10]. - Zhenstone has established business relationships with major domestic and international wind turbine manufacturers, including Mingyang Smart Energy and Vestas [9]. Group 5: Future Prospects and Investments - The company plans to raise approximately 3.981 billion yuan through its IPO to fund projects including the construction of production bases for glass fiber products and composite materials, as well as a research and development center [23][24]. - The wind power industry is projected to continue growing, with global installed capacity expected to reach 2,118 GW by 2030, which may benefit Zhenstone if it can navigate its current challenges [15].