振宏股份IPO：风电主轴核心供应商，2025年净利润大涨36%，在手订单超5亿

Core Viewpoint - The wind power industry in China is experiencing significant growth, with installed capacity expected to reach 640 million kW by the end of 2025, marking a 22.9% year-on-year increase, positioning the country as a global leader in wind energy [1]. Group 1: Company Overview - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. is a key supplier of wind turbine main shafts in China, benefiting from the continuous increase in downstream installation capacity [1]. - The company has been deeply engaged in the wind power main shaft sector for 20 years, developing a complete product matrix covering various specifications from 1.5MW to 9.5MW [4]. - Zhenhong has established long-term partnerships with leading wind turbine manufacturers such as Envision Energy and Siemens Energy, with wind power main shaft sales expected to account for 60.15% of total revenue in 2024 [5]. Group 2: Financial Performance - The company has shown consistent revenue and profit growth, with projected revenues of 1.327 billion yuan in 2025, a 16.81% increase year-on-year [1][6]. - The net profit attributable to the parent company is expected to reach 139.41 million yuan in 2025, reflecting a substantial 36.60% growth [8]. - Cash flow from operating activities is projected to improve significantly, reaching 119.58 million yuan in 2025, indicating the sustainability of the company's growth [10]. Group 3: Industry Trends - The wind power sector is transitioning towards market-driven growth, with policies promoting competitive pricing for new energy projects [11]. - The average capacity of newly installed onshore wind turbines has increased from 1.8MW in 2014 to 5.9MW in 2024, indicating a trend towards larger wind turbines that require higher specifications for main shafts [12]. - The company has secured orders worth 458 million yuan for wind power main shafts, with a significant portion for high-capacity models [13]. Group 4: Expansion Plans - To address production capacity constraints, the company plans to use IPO proceeds to expand its production capabilities, including a project to increase annual output of high-quality forgings by 35,000 tons [15]. - The company is also actively pursuing overseas markets, with new orders from Southeast Asia and Europe following the acquisition of CE certification [16]. - Zhenhong is enhancing its internal control systems and governance to support long-term growth and ensure compliance with information disclosure regulations [16]. Group 5: Future Outlook - If the company successfully goes public, it will not only enhance its own growth but also contribute to the upgrade of the industry chain and promote the domestic manufacturing sector's self-sufficiency [17]. - The expansion of production capacity will directly support China's carbon neutrality goals, achieving a win-win for corporate growth, industry advancement, and sustainable development [17].