锡华科技（603248）：注册制新股纵览20251208：风电齿轮铸件优质厂商，绑定龙头客户二十余载

Investment Rating - The investment rating for the company is positioned at 2.34 points, placing it in the 31.8% percentile of the non-technology innovation system AHP model, indicating a lower upstream and a higher midstream level [9][10]. Core Insights - The company, Xihua Technology, is a leading manufacturer of wind turbine gear castings, having established long-term partnerships with major clients for over 20 years. It specializes in providing comprehensive services for wind turbine gearbox components and has a global market share of approximately 20% in this niche [4][10]. - The company is well-positioned to benefit from the industry's trend towards larger wind turbine installations, with its products covering a range from 1-22MW. The revenue from products above 10MW is expected to reach 27% in the first half of 2025, reflecting its focus on high-capacity products [14][15]. - The company has seen significant revenue and profit growth in 2025, with a projected revenue increase of 33.74% to 41.85% year-on-year, and a net profit growth of 45.36% to 54.19% [20]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Xihua Technology, after excluding liquidity premium factors, is 2.34, indicating a mid-level performance in the industry [9][10]. Company Fundamentals and Highlights - Xihua Technology has been a key player in the wind turbine gearbox casting sector since its establishment in 2001, with a strong technical foundation and a history of collaboration with leading companies like NGC [10][11]. - The company has expanded its product offerings to include high-capacity components, aligning with the industry's shift towards larger wind turbine models [14][15]. Comparable Company Financial Metrics - The company’s revenue and net profit for 2022-2024 showed a compound annual growth rate (CAGR) of 0.69% and -12.04%, respectively, with a notable recovery in 2025 driven by increased demand from downstream clients [19][20]. - Xihua Technology's sales gross margin and net margin are significantly higher than those of comparable companies, reflecting its focus on high-value products [24]. Investment Projects and Development Vision - The company plans to raise approximately 1.498 billion yuan through its IPO, which will be allocated to projects aimed at enhancing its production capabilities and R&D efforts [32][35].