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Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company. Core Insights - The company, Liyuan Haina, is planning to raise 1.181 billion for expansion despite showing signs of declining performance, with a net asset of only 847 million before the IPO [3][15]. - The company's valuation has surged from 5.25 billion to approximately 20 billion within a year, indicating significant investor interest [14][51]. - The primary business focus is on industrial power supplies, particularly for the lithium battery and high-precision electronics sectors, which have seen substantial growth [18][22]. - The company has a dominant market share in the high-frequency switching power supply segment, exceeding 80% over the past three years [30]. Summary by Sections Company Overview - Liyuan Haina was founded in 2006 in Jiujiang, Jiangxi Province, by a group of six individuals, primarily family members [5][6]. - The largest shareholder, Huang Ruilu, holds 41.7% of the shares, with family members collectively controlling 58.1% [7][8]. Business Performance - The company's revenue from high-frequency switching power supplies accounted for approximately 76.91% of total revenue in the first half of 2024, with significant growth driven by the lithium battery sector [22][23]. - Revenue from the lithium battery and high-precision electronics segment increased from 102.64 million in 2021 to 345 million in 2023, representing a growth of over 300% [25]. Market Dynamics - The copper foil industry is experiencing overcapacity, with an estimated surplus of over 300,000 tons in 2024, which is about 30% of total demand [37]. - The report highlights that major clients in the copper foil sector, including DeFu Technology, are facing losses due to declining prices and overcapacity [38][45]. Future Outlook - The company plans to invest heavily in expanding its production capacity despite the current market challenges, which raises questions about the sustainability of such investments [48][50]. - The PCB sector, while showing signs of recovery, is not expected to compensate for the downturn in the copper foil business, as copper foil revenue significantly outpaces PCB revenue [60][62].