泰金新能（688813）：IPO专题：新股精要—国内高端绿色电解成套装备龙头泰金新能

Investment Rating - The report assigns a positive investment rating to Taijin New Energy, indicating strong growth potential in the high-end green electrolysis equipment sector [2]. Core Insights - Taijin New Energy (688813.SH) is a leading company in providing high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions, driving the localization process in the industry. The company is expected to achieve revenue and net profit attributable to shareholders of 2.194 billion and 195 million yuan respectively in 2024 [2][6]. - The company has successfully replaced imports of cathode rollers for producing ultra-thin copper foil (4-6μm) and is involved in several key research projects, promoting domestic production capabilities [6][27]. - The company’s products are accelerating their application in high-end fields, and the ongoing expansion of overseas business will provide stable performance support [7]. Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. The company has seen significant revenue growth, with a compound annual growth rate (CAGR) of 47.78% in revenue and 40.99% in net profit from 2022 to 2024 [8][10]. - The company’s revenue is projected to grow from 1.004 billion yuan in 2022 to 2.194 billion yuan in 2024, while net profit is expected to increase from 98.29 million yuan to 195.39 million yuan during the same period [8][10]. Business Analysis - The main products include high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. The cathode roller and integrated foil machine are the core products, with significant revenue contributions [9][12]. - The company’s gross margin has remained stable around 20%, with the gross margin for cathode rollers increasing significantly due to improved technology and market recognition [14][15]. - The company has established a strong customer base, with major clients including Shenzhen Huike and Anhui Copper Crown Copper Foil Group, contributing to over 62% of total revenue [21]. Industry Development and Competitive Landscape - The global and domestic lithium battery copper foil market is expected to grow steadily, with the Chinese copper foil equipment market projected to reach 29 billion yuan by 2028 [22][25]. - The domestic market for electrolysis equipment and titanium electrodes is highly concentrated, with Taijin New Energy and a few other manufacturers dominating the market [25][27]. - The company’s market share for cathode rollers and titanium electrodes is leading in China, with a market share of over 45% and 27% respectively [27]. IPO and Fundraising - The company plans to issue 40 million shares, accounting for 25% of the total share capital post-IPO, with a total fundraising target of 990 million yuan [28][29]. - The funds will be used to strengthen the product matrix strategy and enhance the company’s position in high-end electrolysis equipment and titanium electrode sectors [28][29].