Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [37]. Core Insights - The company, Youli Intelligent, is recognized as a "little giant" specializing in the photovoltaic bracket industry, focusing on the research, production, and sales of core components [1][2]. - The domestic photovoltaic power station installation continues to expand, with the photovoltaic bracket market expected to exceed 25 billion yuan [2]. - The company's international layout has led to a steady increase in market share, becoming a major supplier for NEXTracker in non-US markets [2][30]. - The company has established a comprehensive competitive advantage through parallel design, research, and manufacturing systems, enhancing product precision and reliability [3][31]. Summary by Sections Industry Overview - The global photovoltaic market is rapidly expanding, with an expected increase in new installations to approximately 390 GW in 2023, a year-on-year growth of 69.56% [8][9]. - China's photovoltaic market has become the largest globally, with a projected market size of 210 billion yuan in 2023 and 253 billion yuan in 2024 [10][22]. - The global photovoltaic bracket market is anticipated to grow significantly, driven by the increasing demand for tracking brackets, which are expected to see a compound annual growth rate (CAGR) of 27.4% from 2023 to 2027 [17][21]. Company Overview - Youli Intelligent has achieved revenues of 433 million yuan, 658 million yuan, and 729 million yuan for the years 2022, 2023, and 2024, respectively, with year-on-year growth rates of 12.78%, 51.96%, and 10.84% [1][27]. - The company has a strong international presence, with overseas revenue accounting for 88.19%, 73.06%, and 78.72% from 2022 to 2024 [2][30]. - The company has developed a range of core components for photovoltaic brackets, including the Torque Tube (TTU), Bearing Assembly (BHA), and Installation Structure Components (URA) [24][25]. Financial Performance - The company's net profit attributable to shareholders is projected to grow from 42 million yuan in 2022 to 90 million yuan in 2024, with growth rates of 185.55%, 85.27%, and 15.19% respectively [1][27]. - In the first half of 2025, the company reported revenues of 481 million yuan, reflecting a year-on-year increase of 29.47% [1][27]. Competitive Advantages - The company has established a robust research and development framework, with increasing R&D investment from 5.07 million yuan in 2022 to 12.13 million yuan in 2024, representing 1.66% of revenue [32]. - The company holds 11 invention patents and 50 utility model patents, demonstrating its commitment to innovation and quality [32].

Group 1 - The average first-day increase of new stocks listed on the Beijing Stock Exchange (BSE) this year has reached 326% [1][2] - The company Baranshi, a leading manufacturer of automotive maintenance and repair equipment, is set to launch its IPO with an issue price of 15.78 yuan per share [1][2] - Baranshi's main products include tire changers, balancing machines, lifts, and refrigerant recovery and charging machines, among others [1][2] Group 2 - Baranshi is recognized as a high-tech enterprise and has been designated as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Shanghai and Guangdong [2] - The company has strong independent R&D capabilities and extensive manufacturing experience in the automotive maintenance equipment sector [2] - Projected revenues for Baranshi from 2022 to 2024 are 643 million yuan, 794 million yuan, and 1.057 billion yuan, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan respectively [2] Group 3 - The company plans to use the funds raised from the IPO for smart upgrades and expansion projects in automotive maintenance equipment, as well as for the construction of a research and development center [2] - Other companies recently listed on the BSE, such as Zhigao Machinery and Youli Intelligent, have also shown significant first-day performance, with increases of 231.19% and 246.89% respectively [2][3]

Core Viewpoint - The article highlights the impressive performance of new stocks listed on the Beijing Stock Exchange (BSE) this year, with an average first-day increase of 326% [1][4]. Group 1: New Stock Performance - In the week of August 18-22, there was one new stock subscription in the A-share market, specifically for Balanshi, which will open for subscription on Tuesday [2]. - Balanshi's issue price is set at 15.78 yuan per share, with a single account subscription limit of 902,500 shares. The company is a leader in automotive maintenance and repair equipment [3]. - Since the beginning of the year, nine new stocks have been listed on the BSE, all showing strong first-day performances, with notable increases from companies like Dingjia Precision (479.12%), Guangxin Technology (500%), and Tiangong Co. (411.93%) [4]. Group 2: Company Overview - Balanshi specializes in the research, production, and sales of automotive maintenance, testing, and repair equipment, including tire changers, balancing machines, and lifting equipment. It is recognized as a high-tech enterprise and has a significant market presence in China [3][4]. - The company has achieved revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan [4]. - Balanshi's products are sold across China and exported to over 100 countries, serving well-known clients such as BYD, Ideal Auto, and Great Wall Motors [3][4].

Core Viewpoint - Youli Intelligent (920007) is publicly issuing shares to unspecified qualified investors and is set to list on the Beijing Stock Exchange, showcasing a growth trajectory in its main business revenue from 2022 to 2024 [1] Company Summary - Youli Intelligent's projected main business revenues for 2022, 2023, and 2024 are 416.80 million yuan, 639.45 million yuan, and 715.97 million yuan respectively, indicating a growth trend [1] - The company has been deeply engaged in the photovoltaic bracket sector since its establishment, focusing on the research, production, and sales of core components for photovoltaic brackets [1] - Main products include the photovoltaic bracket main support torque tube (TTU), photovoltaic bracket bearing assembly (BHA), photovoltaic module installation structural components (URA), and purlins (RAIL) [1] Industry Summary - The photovoltaic industry has experienced rapid development in recent years, with a continuous increase in global newly installed photovoltaic capacity [1] - The increase in shipment volumes from downstream photovoltaic bracket customers, such as NEXTracker, has driven the sustained growth of the company's revenue scale [1]

Core Viewpoint - Youli Intelligent (920007) is focusing on the public offering of stocks to unspecified qualified investors and aims to list on the Beijing Stock Exchange, emphasizing its profitability through direct sales and commitment to the photovoltaic support structure sector [1] Company Overview - Youli Intelligent has been dedicated to the research, production, and sales of core components for photovoltaic supports since its establishment [1] - The company’s main products include the Torque Tube (TTU), Bearing Assembly (BHA), Installation Structure Components (URA), and Rails (RAIL) [1] Operational Strengths - The company has continuously improved its technical processes, enhanced production delivery capabilities, and improved product quality and efficiency over its operational history [1] - Youli Intelligent has established stable partnerships with well-known domestic and international manufacturers, which significantly supports its revenue growth and profitability [1]

Core Viewpoint - Youli Intelligent (920007) is conducting a public offering of shares to unspecified qualified investors and is set to list on the Beijing Stock Exchange, highlighting its strong position in the photovoltaic support bracket sector [1] Company Overview - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic support brackets, including Torque Tubes (TTU), Bearing Components (BHA), Installation Structures (URA), and Rails (RAIL) [1] - The company has established itself as a major supplier in the non-U.S. market for NEXTracker, the world's largest tracking system solution provider [1] Industry Insights - The demand for tracking brackets is influenced by the penetration rate of tracking systems and the new installed capacity of large ground power stations globally [1] - Youli Intelligent has seen steady growth in shipment volumes, indicating a strong market presence and recognition from both domestic and international clients [1]

Core Viewpoint - Youli Intelligent (酉立智能) is conducting an IPO to raise funds for the construction of a production base for core components of photovoltaic brackets, expansion of its R&D center, and smart upgrades, aiming to share the benefits of global clean energy transition with investors [1] Group 1: Financial Overview - The IPO is expected to raise a total of 269 million yuan, which could increase to 309 million yuan if the overallotment option is fully exercised [1] - The company achieved revenue of 729 million yuan in 2024, representing a year-on-year growth of 10.8%, and a net profit of 90.05 million yuan, up 15% [2] - For Q1 2025, revenue and net profit grew by 47% and 16% respectively, continuing a strong growth trend [2] - The comprehensive gross margin remained stable between 18.4% and 19.0% from 2022 to 2024, with a positive operating cash flow of 35.74 million yuan in 2024 [5] Group 2: Market Position and Client Base - The company focuses on the photovoltaic bracket sector, producing core components such as torque tubes (TTU) and bearing components (BHA), which are widely used in large photovoltaic power station projects globally [2] - The company has established strong ties with leading global tracker manufacturers like NEXTracker, with external sales accounting for 88.19%, 73.06%, and 78.72% of main business revenue in 2022, 2023, and 2024 respectively [3] - The company is expanding its global footprint with factories in Thailand to serve the U.S. market and a subsidiary in Saudi Arabia [3] Group 3: Technological Advancements - Youli Intelligent holds 61 patents, including 11 invention patents, and has participated in drafting industry standards for intelligent photovoltaic tracking brackets [4] - R&D investment increased from 5.07 million yuan in 2022 to 12.13 million yuan in 2024, maintaining a stable proportion of around 1.7% of revenue [4] Group 4: Future Growth Prospects - Post-IPO, the company will add annual production capacity of 1.2 million TTUs and 1.8 million rails [6] - Management anticipates revenue for the first half of 2025 to be between 462 million yuan and 482 million yuan, representing a growth of 24.43% to 29.82% compared to the same period in 2024 [6] - The expected net profit for the same period is projected to be between 54.96 million yuan and 56.96 million yuan, indicating a growth of 11.12% to 15.16% year-on-year [6]

Core Viewpoint - Youli Intelligent (920007) is publicly issuing shares to unspecified qualified investors and is conducting an online roadshow for its listing on the Beijing Stock Exchange, highlighting its competitive advantages in the photovoltaic support structure industry [1] Company Overview - Youli Intelligent has established a strong presence in the photovoltaic support structure sector, focusing on the research, production, and sales of core components [1] - The company's main products include the Torque Tube (TTU), Bearing Assembly (BHA), Module Installation Structure (URA), and Rail (RAIL) [1] Market Position - The company has built a high level of recognition in both domestic and international markets, collaborating with well-known photovoltaic support enterprises such as NEXTracker, Optimum Tracker, Gonvarri Industries, Trina Solar, and Antai New Energy [1] - Youli Intelligent's products are exported to various countries and regions, including Brazil, Chile, Australia, Canada, Europe, and the Middle East [1]

Core Viewpoint - Youli Intelligent (920007) is publicly issuing stocks to unspecified qualified investors and is conducting an online roadshow for its listing on the Beijing Stock Exchange, emphasizing the importance of high-quality photovoltaic brackets in enhancing the lifespan and efficiency of solar power plants [1] Company Overview - Youli Intelligent has been deeply engaged in the photovoltaic bracket sector since its establishment, focusing on the research, production, and sales of core components of photovoltaic brackets [1] - The main products of the company include the Photovoltaic Bracket Main Support Torque Tube (TTU), Photovoltaic Bracket Bearing Assembly (BHA), Photovoltaic Module Installation Structural Parts (URA), and Purlins (RAIL) [1] Industry Insights - The rapid development of China's photovoltaic industry is supported by the national advocacy for the "Photovoltaic +" model, which encourages the integration of solar power systems with various industries such as transportation, construction, and agriculture [1] - The construction of solar power plants in complex environments such as deserts, gobi, hills, and mountainous areas is increasingly emphasized, leading to higher demands for the hardness, wind resistance, and corrosion resistance of photovoltaic brackets [1] - The complexity of the construction environment for solar power plants is increasing, which highlights the growing importance of the rational design and high-quality production of photovoltaic brackets [1]

Core Viewpoint - The photovoltaic industry is experiencing rapid growth due to the acceleration of global clean energy transition, with Jiangsu Youli Intelligent Equipment Co., Ltd. being a key player in the photovoltaic support structure sector, recently listed on the Beijing Stock Exchange [1] Group 1: Company Overview - Jiangsu Youli specializes in the production of key components for photovoltaic support structures, including torque tubes, bearing assemblies, installation components, and rails, which are essential for solar power systems [2] - The company has established itself as a core supplier for NEXTracker, a leading global player in the tracking support market, and has a strong international presence [5] Group 2: Market Dynamics - The global photovoltaic support structure market is projected to grow from $13.368 billion in 2022 to $24.027 billion by 2030, with a CAGR of 7.60% [11] - The demand for photovoltaic support structures is closely linked to the installation of new solar power capacity, with a significant increase in global installations expected [11] Group 3: Financial Performance - Jiangsu Youli has achieved a compound annual growth rate (CAGR) of 30.65% in net profit over the past three years, with revenue expected to rise from 433 million yuan to 729 million yuan from 2022 to 2024 [7] - The company anticipates revenue growth of 24.4% to 29.8% in the first half of 2025, driven by strong global demand for photovoltaic installations [7] Group 4: Technological Advancements - The company has made significant advancements in production efficiency and cost reduction through technological innovations, such as the application of non-rivet connection technology and optimized production processes [6] - These innovations have led to improved production capacity, with the ability to increase output from 1,500-2,000 units to 4,000-5,000 units per shift [6] Group 5: Market Expansion - Jiangsu Youli is actively expanding its domestic market presence while maintaining strong relationships with international clients, including partnerships with major domestic photovoltaic companies [12] - The company has seen its domestic revenue grow from 49.22 million yuan to 152.37 million yuan over the past three years, increasing its share of total revenue [12] Group 6: Future Outlook - The company plans to raise approximately 269.9 million yuan through its recent listing to enhance production capacity and support the growing demand for photovoltaic support structures [14] - The ongoing transition to clean energy and the increasing investment in photovoltaic projects are expected to drive further growth in the demand for support structures [14]