荣信汇科科创板IPO已受理 为柔性直流换流阀成套装备主要供应商

Core Viewpoint - Rongxin Huike Electric Co., Ltd. has been accepted for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 977 million yuan for the development of advanced power system equipment and technology services [1][2]. Company Overview - Rongxin Huike specializes in the R&D, manufacturing, sales, and service of core equipment for new power systems, providing high-end equipment such as flexible transmission complete sets and high-power converters [1]. - The company's products are widely used in various sectors, including efficient power generation, power transmission and distribution, oil and gas pipelines, national defense, shipbuilding, metallurgy, and energy storage [1]. Market Position - Since early 2020, Rongxin Huike has captured over 25% of the market share in flexible DC converter equipment, ranking among the top tier in the industry [1]. - The company has participated in four out of five operational high-voltage flexible direct current projects in China since 2020, supplying over 30% of the total operational capacity of converter products [1]. International Expansion - In 2024, the company won the bid for the ±500kV flexible DC converter station project in central-western Saudi Arabia, marking its first overseas market entry for flexible DC products [2]. Fundraising and Investment Plans - The IPO proceeds, after deducting issuance costs, will be allocated to several projects, including: - R&D and industrialization of offshore wind power transmission equipment (33.746 million yuan) - R&D and industrialization of green low-carbon flexible power core equipment (23.363 million yuan) - Construction of R&D/testing center (25.586 million yuan) - Supplementing working capital (15 million yuan) [4]. Financial Performance - The company reported revenues of approximately 1.942 billion yuan in 2022, with projections of 233 million yuan in 2023, 508 million yuan in 2024, and 234 million yuan for the first half of 2025 [4]. - Net profits for the same periods were approximately 182 million yuan in 2022, -56.28 million yuan in 2023, 35.42 million yuan in 2024, and -5.37 million yuan for the first half of 2025 [4]. - The total assets increased from 1.782 billion yuan in 2022 to 2.814 billion yuan by mid-2025, while the asset-liability ratio rose from 31.91% in 2022 to 57.36% in 2025 [5].