Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading player in the charging module sector, having introduced various power products including 15/20/30/40kW charging modules, with the 20/30kW modules being the primary revenue source [5]. - The company has developed solutions for multiple application scenarios, including mid-route energy supplementation, destination charging, commercial storage charging, V2G interaction, and household solar storage charging [5]. - Domestic sales revenue is projected to grow significantly, with figures of 4.8 billion, 7.6 billion, and 10.7 billion yuan from 2022 to 2024, reflecting a growth rate of 59.32% and 41.06% for 2023 and 2024 respectively [6]. - The company’s foreign sales revenue has shown a decline in 2024 due to market factors and reduced procurement from key clients, with revenues of 5.1 billion, 6.1 billion, and 4.2 billion yuan from 2022 to 2024, and gross margins increasing from 41.61% to 50.19% [6]. - Revenue forecasts for 2025-2027 are 15.96 billion, 19.70 billion, and 23.49 billion yuan, with corresponding EPS of 6.39, 7.86, and 9.31 yuan, indicating a strong growth trajectory [7]. Summary by Sections Company Overview - The company is recognized as a pioneer in the charging module industry, with a focus on innovative applications and solutions [5]. Financial Performance - The company’s domestic revenue is on a rapid growth path, while foreign sales have experienced fluctuations due to external market conditions [6]. - The projected financial performance indicates a robust growth outlook, with significant increases in revenue and earnings per share over the next few years [7]. Market Position - The company maintains a leading position in the charging module market, supported by a well-established overseas presence and a diverse product offering [7].

Meeting Details - The company will hold its 2024 Annual General Meeting on June 30, 2025, at 14:30 [1] - The meeting will include both on-site and online voting options for shareholders [3][5] Voting Procedures - Shareholders can vote in person or authorize others to attend the meeting on their behalf [3] - Online voting will be available through the Shenzhen Stock Exchange trading system and internet voting system [3][10] Financial Performance - As of December 31, 2024, the company reported total assets of 1.797 billion yuan, an increase of 26.77% from the beginning of the reporting period [5] - Owner's equity reached 1.024 billion yuan, reflecting a growth of 34.12% [5] - The asset-liability ratio was 43.01%, a decrease of 3.12 percentage points compared to the beginning of the period [5] Related Transactions - The company anticipates a total transaction amount of no more than 150 million yuan with ABB and its affiliates in 2025 [8] - The company will continue to engage in transactions with related parties based on actual business needs, ensuring no adverse effects on its independence or shareholder interests [8] Audit and Financial Oversight - The company has proposed to reappoint the auditing firm for the 2025 financial report and internal control audit [8] - The audit firm has issued a standard unqualified opinion on the 2024 financial statements [5] Credit Facilities - The company plans to apply for credit facilities totaling no more than 1.5 billion yuan from various banks to support its operational needs [9] - The credit facilities will be used for working capital loans and other financial instruments [9]

Group 1: New Stock Performance - On June 5, two new stocks were listed in the A-share market: Youyou Green Energy and Zhongce Rubber, with Youyou Green Energy's closing price at 151.10 CNY, a 75.64% increase from its issue price of 89.60 CNY, resulting in a profit of 33,885 CNY per lot [1] - Zhongce Rubber's closing price was 49.68 CNY, an 11.57% increase from its issue price of 46.50 CNY, yielding a profit of 2,690 CNY per lot [1] - The performance of these two new stocks was below the average of 43 new stocks listed earlier this year, which saw an average first-day increase of nearly 300% [2] Group 2: Company Profiles - Youyou Green Energy is a leading domestic charging module company, recognized as a core supplier for new energy vehicle charging modules, with partnerships with major firms like ABB and NIO [1] - The projected revenue for Youyou Green Energy from 2022 to 2024 is 9.88 billion CNY, 13.76 billion CNY, and 14.97 billion CNY, with net profits of 1.96 billion CNY, 2.68 billion CNY, and 2.56 billion CNY respectively [1] - Zhongce Rubber is a leading tire manufacturer in China, supplying to well-known automotive brands and ranking among the top ten global tire manufacturers [2] - The projected revenue for Zhongce Rubber from 2022 to 2024 is 318.89 billion CNY, 352.52 billion CNY, and 392.55 billion CNY, with net profits of 12.25 billion CNY, 26.38 billion CNY, and 37.87 billion CNY respectively [2] Group 3: Market Conditions and Challenges - The underperformance of the two new stocks is attributed to three main factors: market competition in their respective industries, high issue prices, and declining profitability forecasts [3] - Youyou Green Energy's net profit for 2024 is expected to decrease by 12 million CNY compared to 2023 [3] - Zhongce Rubber's net profit for the first half of 2025 is projected to decline by 24.79% to 13.38 billion CNY [3]

Core Insights - The rapid growth of the electric vehicle (EV) industry has led to an explosive increase in charging stations, with charging modules being a critical component of this infrastructure [1] - Shenzhen Youyou Green Energy Co., Ltd. (Youyou Green Energy) has officially listed on the Shenzhen Stock Exchange's ChiNext, potentially leading to a revaluation of its market value as a leading supplier of charging modules in China [1] Group 1: Technology and Market Position - Youyou Green Energy focuses on the research and production of core components for DC charging equipment, offering charging modules with power levels ranging from 15kW to 40kW, which are used in DC charging stations [2] - The company adheres to a "high power, high efficiency, high reliability" technology strategy, achieving a conversion efficiency of 96% for its 40kW charging module and a power density of 60W/in³, positioning itself as a leader in the industry [2] - As of December 31, 2023, Youyou Green Energy holds a 10.58% market share in the domestic charging module market, collaborating with major clients such as Wanbang Digital and NIO, creating a dual-driven cycle of "technology-market" [2] Group 2: Financial Performance and Growth - Financial data indicates that Youyou Green Energy's revenue is projected to grow from 988 million yuan in 2022 to 1.497 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 23.12% [3] - Although net profit is expected to slightly decline to 256 million yuan in 2024 due to fluctuations in overseas markets, the company has accumulated over 700 million yuan in net profit over three years, demonstrating stable profitability [3] - The company has seen a significant increase in domestic sales, which has become the main driver of revenue growth, while adjusting its strategy to maintain resilience against external sales challenges [3] Group 3: Market Outlook and Strategic Initiatives - The global push for carbon neutrality is driving increased demand for electric vehicles and charging stations, indicating a promising outlook for the charging module market [3] - Youyou Green Energy is exploring emerging fields, with its Vehicle-to-Grid (V2G) products already in small-scale application [3] - The company plans to raise funds to establish an automated production base and research center to consolidate its competitive advantages, while also implementing various strategies to mitigate risks [3]

Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting their business focus, pricing, and market potential. Group 1: Upcoming IPOs - Three new stocks will be available for subscription in the A-share market from May 26 to May 30, including Youyou Green Energy, Jiao Da Tie Fa, and Ying Shi Innovation [1] - Youyou Green Energy has an issue price of 89.6 yuan per share, making it the second highest IPO price in the A-share market this year [1] - Jiao Da Tie Fa will be available for subscription at 8.81 yuan per share, while Ying Shi Innovation's issue price has not yet been announced [1][4] Group 2: Youyou Green Energy - Youyou Green Energy specializes in the R&D, production, and sales of core components for DC charging equipment for electric vehicles, with products ranging from 15KW to 40KW charging modules [2] - The company holds a market share of 10.58% in the domestic charging module market, with a domestic sales volume of 76.9 billion watts [3] - Projected revenues for Youyou Green Energy are 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan for the years 2022 to 2024, with net profits of 196 million yuan, 268 million yuan, and 256 million yuan respectively [3] Group 3: Jiao Da Tie Fa - Jiao Da Tie Fa focuses on the R&D, production, and sales of intelligent products and equipment for rail transit, with a strong emphasis on safety [4] - The company’s projected revenues are 235 million yuan, 273 million yuan, and 335 million yuan for the years 2022 to 2024, with net profits of 34 million yuan, 48 million yuan, and 53 million yuan respectively [5] Group 4: Ying Shi Innovation - Ying Shi Innovation is a global provider of intelligent imaging devices, specializing in panoramic and action cameras, with a focus on advanced imaging solutions [6] - The company expects revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan for the years 2022 to 2024, with net profits of 407 million yuan, 830 million yuan, and 995 million yuan respectively [7] - The company plans to use the funds raised for the construction of a production base and a research and development center [8]

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [28]. Core Viewpoints - The company, Youyou Green Energy (301590.SZ), specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with significant growth in revenue and profit over the past few years [7][21]. - The company has established itself as a major supplier in the domestic electric vehicle charging module sector, with a focus on high power density and high power output technologies [21][22]. - The company is actively expanding its product offerings to include small power DC charging products, V2G products, and energy storage charging products, which are currently in small-scale application stages [22]. Financial Performance - The company achieved revenues of 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 129.44%, 39.24%, and 8.86% [8][4]. - The net profit attributable to the parent company was 196 million yuan, 268 million yuan, and 256 million yuan for the same years, with year-over-year growth rates of 325.30%, 36.84%, and -4.60% [8][4]. - For the first quarter of 2025, the company reported revenues of 361 million yuan, a 6.47% increase year-over-year, while net profit decreased by 14.66% to 61 million yuan [8]. Industry Overview - The charging module industry is a critical component of the electric vehicle DC charging equipment sector, benefiting from the growth of the electric vehicle and charging infrastructure markets [16][17]. - The market for charging modules is expected to grow significantly, driven by the increasing demand for high-power DC charging solutions as electric vehicle adoption rises [16][19]. - The company is positioned to capitalize on this growth, with a projected market share of 10.58% in the Chinese mainland charging module market for 2023 [21]. Company Highlights - The company has developed a range of charging modules, including 15KW, 20KW, 30KW, and 40KW, and is one of the first in the industry to introduce these power levels [21]. - The company has established long-term partnerships with leading firms in the industry, including ABB and Wanbang Digital, which hold equity stakes in the company [21]. - The company is recognized as a "specialized and innovative" small giant enterprise by the Ministry of Industry and Information Technology, highlighting its technical capabilities and market influence [7]. Investment Projects - The company plans to invest in two main projects through its IPO proceeds: the construction of a charging module production base and the establishment of a headquarters and R&D center [23][24]. - The production base project is expected to generate annual revenues of 4.675 billion yuan upon full production, while the R&D center will enhance the company's ability to keep pace with industry trends [23]. Peer Comparison - Compared to similar companies in the industry, Youyou Green Energy's revenue for 2024 is projected at 1.497 billion yuan, which is below the average revenue of 4.968 billion yuan for comparable companies [25][26]. - However, the company's sales gross margin is positioned in the mid-to-high range compared to its peers, indicating strong operational efficiency [25].