Company Overview - Youli Intelligent (920007.BJ) has launched its subscription on July 29, with an issue price of 23.99 CNY per share and a subscription limit of 532,100 shares, reflecting a price-to-earnings ratio of 11.29 times [1] - The company specializes in the research, production, and sales of core components for photovoltaic brackets, including torque tubes (TTU), bearing components (BHA), installation structures (URA), and purlins (RAIL) [1] - Photovoltaic brackets are crucial for supporting solar power generation components, significantly impacting the lifespan and efficiency of solar power plants [1] Industry Trends - The global demand for tracking brackets has surged, with shipments reaching 92 GW in 2023, reflecting a compound annual growth rate (CAGR) of 36% from 2017 to 2023 [2] - The market for tracking brackets is projected to grow significantly, with estimated market sizes of 79.7 billion CNY, 93.8 billion CNY, 104.2 billion CNY, and 116.3 billion CNY from 2024 to 2027, with an average CAGR of 27.4% during 2023-2027 [2] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 433 million CNY, 658 million CNY, and 729 million CNY, respectively, with net profits of approximately 41.95 million CNY, 78.17 million CNY, and 89.86 million CNY [2] - The total assets of the company are projected to reach approximately 570 million CNY by December 31, 2024, up from 469 million CNY in 2023 and 248 million CNY in 2022 [3] - The company's equity is expected to increase to approximately 299 million CNY by the end of 2024, compared to 204 million CNY in 2023 and 132 million CNY in 2022 [3]

Core Viewpoint - A new photovoltaic industry chain company, Youli Intelligent Equipment Co., Ltd., is preparing for an IPO on the Beijing Stock Exchange, with a focus on the photovoltaic bracket sector and a notable growth in revenue and net profit since its establishment in 2017 [1][2]. Group 1: Business Performance - Youli Intelligent specializes in the R&D, production, and sales of core components for photovoltaic brackets, with key products including torque tubes (TTU), bearing components (BHA), installation structures (URA), and rails (RAIL) [2]. - The company's revenue and net profit have shown significant growth, with revenues of 433 million yuan, 658 million yuan, and 729 million yuan from 2022 to 2024, and net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan for the same period [2]. - However, growth rates for 2024 are expected to slow, with revenue and net profit growth rates of 10.84% and 15.19%, compared to 51.96% and 85.27% in 2023 [2]. Group 2: Market Dynamics - The photovoltaic industry is experiencing a trend of cost reduction and efficiency improvement, leading to increased competition and pressure on profit margins within the photovoltaic bracket sector [3]. - The company's order backlog growth has also slowed, with amounts of 134 million yuan, 298 million yuan, and 299 million yuan reported at the end of each period [3]. Group 3: Customer Concentration - Youli Intelligent's overseas market accounts for a significant portion of its revenue, with foreign sales constituting 88.19%, 73.06%, and 78.72% of total revenue from 2022 to 2024 [4]. - The company has a high customer concentration, with sales to its top five customers accounting for over 90% of total revenue during the reporting periods, indicating a heavy reliance on a few key clients [4]. - The first major customer, NEXTracker, has shown a declining gross profit contribution from 97.29% to 82.58% over the years, raising concerns about the sustainability of this reliance [4][5]. Group 4: R&D and Investment - The company has a lower R&D expense ratio compared to peers, with R&D expenses of 5.07 million yuan, 5.83 million yuan, and 12.13 million yuan from 2022 to 2024, and corresponding R&D expense ratios of 1.17%, 0.89%, and 1.66% [6][7]. - The company plans to raise approximately 270 million yuan for capacity expansion and R&D investments, with specific projects including the construction of a core component production base and a research center [8].