振宏股份多项财务数据披露存在矛盾，“市占率排名前三”存疑

Core Viewpoint - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. is focused on the research, production, and sales of forged wind turbine main shafts and other large metal forgings, and is a major supplier in the wind turbine forging market, currently applying for an IPO [1][3]. Company Overview - Zhenhong Heavy Industry specializes in products used in various sectors including wind power, chemical, machinery, shipping, and nuclear power [1]. - The company is ranked among the top three in the domestic market share for wind turbine main shaft forgings according to the China Forging Association [3]. Financial Performance - For 2024, Zhenhong's sales revenue from wind power forgings is projected to be 612 million yuan, significantly lower than competitors such as Jinlei Co. (1.439 billion yuan), Tongyu Heavy Industry (834 million yuan), and Parker New Materials (1.108 billion yuan) [3]. - The company's production capacity for 2024 is reported to be 105,267 tons, with a capacity utilization rate of 97.43% [6]. Investment Projects - The main fundraising project for the IPO is the "5,000 tons high-quality forging expansion project," with a total investment of 415.14 million yuan, aimed at increasing production capacity [9]. - A comparison project, with a fixed asset investment of 380 million yuan, aims to achieve an annual production capacity of 13,300 tons, indicating a higher investment efficiency compared to the IPO project [9]. Management and Personnel - The company’s board secretary, Li Jiabin, has a history of roles in Zhenhong and Jixin Technology, which faced regulatory scrutiny in the past for information disclosure violations [1][3]. - Key technical personnel include Yan Zhenwei, who has been with the company since 2014 and previously worked at a company that has since changed its name [4].