年营收645亿元！又一行业龙头拟赴港上市！

Core Viewpoint - Zhengtai Electric is planning to issue H-shares and list on the Hong Kong Stock Exchange to support its internationalization strategy and diversify financing channels [1][4][11]. Company Overview - Zhengtai Electric, founded in 1984, is a leading provider of smart energy system solutions and operates under the Zhengtai Group, which emphasizes industrialization, technology, internationalization, digitalization, and platformization [6]. - The company has three main sectors: green energy, smart electrical, and low-carbon intelligence, along with two platforms: Zhengtai International and technology incubation [6]. Financial Performance - In the first three quarters of 2025, Zhengtai Electric achieved revenue of approximately 46.396 billion yuan, a slight decrease of 0.03% year-on-year, while net profit attributable to shareholders was about 4.179 billion yuan, an increase of 19.49% [9]. - For the fiscal year 2024, the company reported revenue of approximately 64.519 billion yuan, a year-on-year increase of 12.70%, and a net profit of about 3.874 billion yuan, up 5.10% [9]. - The overseas revenue for 2024 reached 10.048 billion yuan, marking a growth of 21.53% and accounting for approximately 15.6% of total revenue [9]. Strategic Intent - The decision to list on the Hong Kong Stock Exchange is seen as a significant step in Zhengtai Electric's internationalization strategy, leveraging Hong Kong's mature capital market to enhance global business expansion [11]. - The company is currently discussing the specifics of the H-share issuance with relevant intermediaries, although details remain uncertain [4]. Industry Context - The trend of A+H listings among LED lighting companies is driven by the need for international business expansion, with several companies planning to list in Hong Kong [14]. - The Hong Kong market, dominated by institutional investors, is better suited to meet the long-term funding needs of manufacturing leaders, supporting research and development and global expansion [16]. - The anticipated wave of companies seeking dual listings in Hong Kong and the U.S. reflects the ongoing globalization and internationalization of the LED lighting sector [16].