Group 1 - The core view of the report highlights that Zhenstone Co., Ltd. is a leading manufacturer of wind power fiberglass fabrics, with a global market share of 35% and plans to expand its production capacity significantly in response to increasing demand in the clean energy sector [7][8][9] - The company has achieved a production capacity of 540,000 tons for clean energy functional materials by 2024, with a focus on both domestic and European markets [7][8] - Zhenstone's revenue from photovoltaic and new energy vehicle materials has seen substantial growth, with year-on-year increases of 150.65% and 68.64% respectively in the first half of 2025 [9][10] Group 2 - The financial performance of Zhenstone Co., Ltd. has been under pressure due to a downturn in the wind power industry, with a projected revenue CAGR of -8.20% from 2022 to 2024 [19][20] - Despite a decline in sales prices, the company's gross margin has remained stable, benefiting from lower raw material costs and improved operational efficiency [20][24] - Zhenstone's asset-liability ratio is relatively high at around 69.27% in the first half of 2025, primarily due to significant fixed asset investments [24][25] Group 3 - The company plans to use the proceeds from its IPO to fund projects that will enhance its production capabilities, including a new fiberglass product base and a composite materials production base, with a total investment of approximately 39.81 billion yuan [35][36] - The new projects aim to increase wind power fiberglass fabric capacity by 215,000 tons and expand into photovoltaic frame production and new energy vehicle components [35][36] - Zhenstone's strategic focus on diversifying its product offerings and entering new markets is expected to create a second growth curve for the company [8][9]
注册制新股纵览 20260112：振石股份：风电玻纤织物头部厂商，乘景气东风拓多元布局
Shenwan Hongyuan Securities·2026-01-12 13:45