A股申购 | 锡华科技(603248.SH)开启申购 提供风电齿轮箱专用部件全工序服务

Core Viewpoint - Xihua Technology (603248.SH) has initiated its subscription with an issue price of 10.10 yuan per share and a price-to-earnings ratio of 33.12 times, focusing on the development, manufacturing, and sales of specialized components for large high-end equipment, primarily in the wind power gearbox sector [1]. Group 1: Company Overview - Xihua Technology is a leading manufacturer of specialized components for large high-end equipment, with a primary focus on wind power gearbox components and secondary emphasis on injection molding machine components [1]. - The company is one of the few in China capable of providing full-process services for wind power gearbox components [1]. - Xihua Technology has established long-term partnerships with major global manufacturers such as NGC, Flender, and ZF, with most clients having over ten years of collaboration [2]. Group 2: Financial Performance - From 2022 to 2024, the company's sales volume is projected to increase from 77,744.88 tons to 91,397.22 tons, indicating a steady growth in main business revenue [1]. - The sales revenue for wind power gearbox components is expected to be 77,526.44 million yuan in 2024, with a sales volume of 68,823.98 tons [2]. - The total revenue for 2024 is projected to be 93,811.77 million yuan, with the main business revenue accounting for 98.25% of total operating income [2]. Group 3: Market Position - Xihua Technology holds approximately 20% of the global market share in the casting segment of wind power gearbox components [1]. - The global wind power gearbox market is dominated by four major companies, which collectively hold over 70% of the market share, with NGC maintaining a market share exceeding 30% [3]. - In the domestic market, NGC and Deleja account for nearly 70% of the market share, with NGC alone holding close to 50% [3]. Group 4: Future Outlook - The company anticipates strong performance in the first nine months of 2025, with sales, revenue, and net profit expected to grow year-on-year due to high levels of wind power project bids in China [4]. - The projected bid volume for wind power projects in China for 2024 is 220.64 GW, representing a year-on-year increase of 89.41% [4]. - The company expects robust demand in the wind power industry for 2025, influenced by the previous year's bidding outcomes [4].