锡华科技：力争成为新能源风电领域全球顶尖大型高端装备专用部件制造商

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. is focused on the research, manufacturing, and sales of high-end equipment components, particularly in the wind power and injection molding sectors, and aims to become a leading global manufacturer in these fields through its IPO and subsequent capital market activities [6][7][8]. Company Overview - Established in 2001, the company specializes in high-end equipment components, particularly for wind power gearboxes and injection molding machines, and has become a leading provider of full-process services in this niche [7]. - The company has received multiple recognitions, including being named a national "specialized, refined, distinctive, and innovative" small giant enterprise and a national high-tech enterprise [7]. Financial Performance - The company reported revenues of 941.75 million yuan, 907.70 million yuan, 954.78 million yuan, and 580.44 million yuan for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [18]. - The net profits for the same periods were 184.50 million yuan, 176.65 million yuan, 141.93 million yuan, and 94.96 million yuan, with a significant year-on-year growth of 55.22% in net profit for the first nine months of 2025 [18]. Research and Development - The company has consistently invested in R&D, with expenditures of 35.50 million yuan, 33.38 million yuan, 47.00 million yuan, and 24.17 million yuan for the years 2022 to 2025, representing an increasing trend in R&D investment as a percentage of revenue [15]. - As of June 30, 2025, the company holds 117 authorized patents, including 27 invention patents, showcasing its commitment to technological innovation [15]. Market Position - The company is recognized as a leading supplier of wind power gearbox components, with a global market share of approximately 20% in the casting segment of this industry from 2022 to 2024 [28]. - It has established long-term partnerships with major clients such as NGC, Flender, and ZF, with most collaborations lasting over ten years [8][27]. Future Strategy - The company aims to become a top global manufacturer of high-end equipment components in the wind energy sector, focusing on technological innovation and market expansion [8][20]. - Planned investments from the IPO will enhance production capacity and R&D capabilities, addressing capacity bottlenecks and improving product value [7][35][36]. Industry Context - The wind power industry is experiencing significant growth, with China leading global installations, accounting for 68% of new capacity in 2024 [31]. - The domestic wind power gearbox component market is characterized by high concentration, with major players holding over 70% of the market share [29][30]. IPO Details - The company plans to issue 100 million shares, representing 21.74% of the total post-issue share capital, at a subscription price of 10.10 yuan per share, with an issuance price-to-earnings ratio of 33.12 [33][34].