Core Viewpoint - The article highlights the emergence of "invisible champions" in the clean energy materials sector, driven by China's dual carbon goals, which are reshaping the energy system and creating a trillion-level new energy installation market [1] Company Overview - Zhenhua Co., Ltd. (振石股份) is set to be listed on the Shanghai Stock Exchange on January 29, 2026, marking its recognition as a global leader in clean energy materials [3] - The company holds over 35% of the global market share in wind power fiberglass fabric, positioning itself as a "single champion" and a national high-tech enterprise [3][4] Market Dynamics - The global wind power market is projected to add 117 GW of new installations in 2024, with a compound annual growth rate (CAGR) of 13.39% from 2001 to 2024, and is expected to exceed 2118 GW by 2030 [4] - China is accelerating the construction of large wind power bases, particularly in desert and offshore areas, which is crucial for reducing the cost of wind power generation [4] Product and Technology Advantages - Zhenhua Co., Ltd. has developed advanced materials that enhance the performance of wind turbine blades, contributing to lower costs and improved reliability in clean energy [3][5] - The company has a strong focus on R&D, with over 3% of its revenue allocated to research, resulting in 32 invention patents and 210 utility model patents [7][8] Financial Performance - The company's revenue from 2022 to mid-2025 is projected to show a decline in 2023 but is expected to rebound significantly, with forecasts of 70 billion to 75 billion yuan in revenue for 2025, representing a growth of 57.70% to 68.96% [6] Strategic Expansion - Zhenhua Co., Ltd. aims to diversify its market presence beyond wind power into sectors such as new energy vehicles and photovoltaic materials, targeting a multi-billion market [11][12] - The company is expanding its production capacity through projects in Spain and other locations, which will enhance its ability to meet global demand and reduce costs [12][13]
振石股份即将上市：全球风电材料龙头掘金“双碳”新蓝海 去年收入预增约6成