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]

证券研究报告 公用事业 | 电力 北交所|新股申购 hyzqdatemark 2025 年 07 月 27 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 酉立智能(920007.BJ) ——光伏支架核心零部件"小巨人"，配套全球跟踪系统解决方案提供商龙头 NEXTracker 内容目录 投资要点： | 1. | 初始发行 1120.3 万股，申购日 2025 年 7 月 日 4 | 29 | | | --- | --- | --- | --- | | 1.1. | 发行信息：发行价格 23.99 元/股，发行市盈率 11.19X | | 4 | | 1.2. | 募投：拟募集 2.7 亿元用于扩充 TTU、RAIL、URA、BHA 产品产能 5 | | | | 2. | 公司：光伏支架领域"小巨人"，2024 年归母净利润为 万元（yoy+15%） 6 9005 | | | | 2.1. | 产品：2024 年制管类、冲压类分别营收 亿元、4.16 亿元 ...

江苏酉立智能装备股份有限公司的主业聚焦光伏支架核心零部件的研发、生产和销售，主营产品包括光伏支架主体支 撑扭矩管(TTU)、光伏支架轴承组件(BHA)、光伏组件安装结构件(URA)以及檩条(RAIL)等光伏支架核心零部件产品 公开信息披露显示，酉立智能的董事长为李涛，公开信息披露显示其生于1988年4月、本科学历，2016年4月至今担任 聚力机械董事并兼任总经理，2023年4月至今担任酉立智能董事长，也即其担任聚力机械总经理时年仅28周岁。在李 涛升任酉立智能董事长后，2024年公司的业绩成长就显著下滑，当年营收同比增速仅为10.84%，而在2023年则为 51.96%；净利润表现也是如此，2024年同比增速仅为15.19%，而在2022年和2023年则分别为185.55%和85.27%。 招股书披露，截至上市前公司存在一笔账龄超过3年的其他应付款，是对员工刘艳应支付的员工补贴。对此，在本次 申请北交所IPO披露的招股书中并未做出详细说明，但在公司此前发布的《公开转让说明书》中披露，该笔支出形成 于2021年，补贴性质为"员工工伤一次性补贴"。 这就意味着公司在2021年发生过生产事故，并导致员工出现工伤，因 ...