锡华科技开启申购 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 CNY 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 and injection molding machine sectors [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 products for injection molding machines [1]. - The company is one of the few in China that can provide full-process services for wind power gearbox components [1]. - The company has established long-term partnerships with major clients such as NGC, Flender, and ZF, with most collaborations lasting over ten years [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 reach 775.26 million CNY in 2024, up from 761.61 million CNY in 2023 and 778.83 million CNY in 2022 [2]. - The total operating revenue for 2024 is projected at 954.78 million CNY, with a net profit of approximately 141.93 million CNY [4]. Group 3: Market Position - Xihua Technology holds about 20% of the global market share in the casting segment of wind power gearbox components [1]. - The global market for wind power gearboxes is dominated by companies like NGC, Flender, and Deleja, which collectively hold over 70% of the market share [3]. - In the domestic market, NGC and Deleja account for nearly 70% of the market share, with NGC 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 sales volume for the first nine months of 2025 is estimated to be between 89,594.67 tons and 90,909.67 tons, representing a growth of 27.54% to 29.41% compared to the same period in 2024 [5].