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 Insights - Jiangsu Youli Intelligent Equipment Co., Ltd. successfully listed on the Beijing Stock Exchange on August 8, 2023, with an issue price of 23.99 yuan per share and a total of 11.203 million shares issued [1] - The company focuses on the research, production, and sales of core components for photovoltaic (PV) brackets, which are essential for supporting PV modules in solar power systems [3][4] Company Overview - Youli Intelligent has been deeply engaged in the photovoltaic bracket sector since its establishment, with main products including torque tubes (TTU), bearing components (BHA), installation structures (URA), and purlins (RAIL) [3][4] - The stability of PV brackets is crucial for the lifespan of solar power plants, and the company assists clients in optimizing product designs based on their mechanical structure needs [5] Competitive Advantages - The company has accumulated extensive production experience and technical expertise in product design, large-scale production, quality control, and cost management [6] - Youli Intelligent has established a strong reputation in both domestic and international markets, collaborating with well-known companies such as NEXTracker, Trina Solar, and others, with products exported to regions including Brazil, Chile, Australia, Canada, Europe, and the Middle East [6] Industry Context - The photovoltaic industry in China is experiencing robust growth, supported by government policies and continuous technological innovation, making China the largest PV application market globally [8] - The market size of the PV bracket industry in China reached 19 billion yuan in 2022, with an expected growth to 21 billion yuan in 2023 and 25.3 billion yuan in 2024, driven by increasing installed capacity [8] Future Prospects - The company plans to raise 26.99 million yuan through its listing to invest in the construction of a production base for core components, a research center, and to supplement working capital, aiming to contribute to the high-quality development of the photovoltaic industry [9]

Core Viewpoint - The company Youli Intelligent (920007.BJ) is set to be listed on the Beijing Stock Exchange, focusing on the research, production, and sales of core components for photovoltaic brackets [1][2]. Group 1: Company Overview - Youli Intelligent specializes in photovoltaic bracket core components, including torque tubes (TTU), bearing assemblies (BHA), installation structural components (URA), and rails (RAIL) [3]. - The company's main business revenue primarily comes from the sales of photovoltaic bracket components, with sales revenue proportions of 99.64%, 99.73%, and 99.84% for the years 2022 to 2024 respectively [3]. - Youli Intelligent was recognized as a "High-tech Enterprise" in 2023 and received the "Specialized and Innovative 'Little Giant'" title in the same year, holding 61 patent authorizations [3]. Group 2: Financial and Market Position - The company plans to raise funds for the construction of a core component production base for photovoltaic brackets (1.51 billion), a research and development center (0.20 billion), and smart transformation and expansion projects (0.29 billion), along with supplementing working capital (0.70 billion) [2]. - The company has established strong relationships with major clients in the photovoltaic bracket sector, including Nextracker, which has been the global leader in tracking bracket shipments for nine consecutive years [4]. - The actual controllers of the company, Li Tao, Li Kailin, and Zhu Hong, collectively hold 81.49% of the voting rights, indicating a high level of control over the company's operations and decision-making [5].

Investment Rating - The investment rating for the company is "Buy" due to its strong performance and growth potential in the photovoltaic support structure market [37]. Core Viewpoints - The company is recognized as a "small giant" in the photovoltaic support structure sector, with significant sales growth driven by major overseas clients, particularly NEXTracker, which accounts for 70% of its sales in 2024 [32][6]. - The company has established strong partnerships with well-known photovoltaic support structure enterprises both domestically and internationally, enhancing its market presence [7]. - The company has shown rapid revenue and profit growth, with a projected revenue of 729 million yuan and a net profit of approximately 90 million yuan for 2024, reflecting a CAGR of 29.78% and 46.09% respectively over the past three years [8]. Summary by Sections 1. Company Overview - The company specializes in photovoltaic support structures, including key components such as torque tubes (TTU), bearing components (BHA), and installation structure parts (URA) [6]. - It has a strong focus on research and innovation, holding 61 patents and various quality certifications [6]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial scale of 11.2 million shares, representing 26.67% of the total post-issue share capital, and is expected to raise approximately 269 million yuan [14][17]. 3. Industry Situation - The photovoltaic industry is experiencing rapid growth, with global new installations expected to reach between 390GW and 430GW in 2024 [19]. - The domestic market continues to lead globally in new installations, with significant growth in the demand for photovoltaic support structures anticipated [20]. 4. Competitive Advantages - The company has advantages in process technology, cost control, production delivery, and quality management, which enhance its competitiveness in the market [25][26]. - It has established long-term relationships with major clients, ensuring stable demand for its products [26]. 5. Comparable Companies - The company is compared with other firms in the industry, showing a lower market capitalization and PE ratio, indicating potential for growth relative to its peers [33]. 6. Subscription Analysis - The report recommends active participation in the subscription, highlighting the company's low initial valuation and small float, which could lead to significant upside potential [32].

IPO Review and Registration Progress - Jiangsu Youli Intelligent Equipment Co., Ltd. has passed the IPO review, focusing on the sustainability of its performance and R&D capabilities, with projected 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 respectively [2] - Mingguang Rier Jinda Technology Co., Ltd. has had its IPO application accepted, aiming to raise approximately 335 million yuan, with projected revenues of 467 million yuan in 2024, reflecting a 1.9% increase, while net profit is expected to decline by 8.04% to 85 million yuan [3] - Huadian New Energy Group Co., Ltd. has received approval for its IPO registration, planning to raise 18 billion yuan for renewable energy projects, with total assets exceeding 365 billion yuan [4] New Stock Subscription and Listing Dynamics - Two new stocks, Weigao Blood Purification and Taili Technology, are set to be listed, with Weigao's initial price at 26.5 yuan per share and a market performance increase of 56.25% on the first day, while Taili's price is 17.05 yuan per share with a remarkable 218.48% increase on its debut [6][7] - Upcoming subscriptions include Guxi Down Material and Zhongce Rubber, with a total expected fundraising of 5.564 billion yuan, and Zhongce Rubber aiming to raise 4.85 billion yuan for production base expansions [8][9] Policy and Regulatory Developments - Guangzhou has introduced measures to support the elderly care industry in expanding direct financing channels through listings and bond issuance [10][11] - The China Securities Regulatory Commission has announced new fundraising regulations effective June 15, 2025, aimed at enhancing the safety and efficiency of fundraising activities [12] - The CSRC plans to intensify enforcement against fraudulent issuance cases in 2024, with significant penalties imposed on companies for providing false financial data [13]

Core Viewpoint - The announcement of Jiangsu Youli Intelligent Equipment Co., Ltd.'s IPO approval by the Beijing Stock Exchange signifies the entry of another photovoltaic bracket company into the capital market, aiming to raise 270 million yuan for various projects [1][2]. Fundraising Projects - The total investment for the photovoltaic bracket core component production base project is 19.59 million yuan, with 15.13 million yuan from the raised funds [2]. - The R&D center construction project has a total investment of 4.86 million yuan, with 1.97 million yuan from the raised funds [2]. - The intelligent transformation and expansion project has a total investment of 4.38 million yuan, with 2.89 million yuan from the raised funds [2]. - The company plans to use 7 million yuan to supplement working capital [2]. - The total investment for all projects amounts to 35.83 million yuan, with 26.99 million yuan from the raised funds [2]. Company Background - Established in 2017, Youli Intelligent specializes in core components of photovoltaic brackets, including torque tubes, bearing components, installation structures, and purlins [4]. - The top three shareholders are Jiangsu Juliy Intelligent Machinery Co., Ltd. (68.19%), Li Tao (10.72%), and Yang Jun (6.82%) [4]. - The controlling shareholder, Juliy Intelligent, is owned by the Li Tao family, which holds 79.34% of its shares [4][5]. Shareholding Structure - The Li Tao family controls 81.49% of Youli Intelligent's shares through direct and indirect holdings [5]. - The management team has close ties to the controlling family, raising concerns about governance and potential conflicts of interest [5]. Customer Concentration - Youli Intelligent has a high customer concentration, with sales to the top five customers accounting for 94.90% to 96.44% of revenue from 2022 to 2024 [7]. - The company heavily relies on its largest customer, NEXTracker, which accounted for 61.67% to 80.69% of revenue during the same period [7]. - The overseas market contributes significantly to revenue, with foreign sales making up 73.06% to 88.19% of total revenue from 2022 to 2024 [7]. Financial Performance - Youli Intelligent's overall gross margin has shown significant fluctuations, increasing from 7.75% in 2021 to 18.96% in 2022, before slightly declining to 18.42% in 2024 [11][12]. - The company’s revenue for 2024 is projected at approximately 728.84 million yuan, with a net profit of around 89.86 million yuan [12]. - The asset-liability ratio improved from 53.14% in 2023 to 42.07% in 2024, indicating better financial health [12]. Material Cost Impact - The cost of raw materials, particularly steel and aluminum, significantly affects profitability, accounting for over 50% of total costs [15]. - A 1%-3% increase in raw material prices could lead to a profit decline of approximately 4.63%-13.89% for 2024 [15].

Core Viewpoint - Jiangsu Youli Intelligent Equipment Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, focusing on the research, production, and sales of core components for photovoltaic brackets [1][2]. Group 1: Company Overview - 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) [3]. - Established in April 2017, the company transitioned to a joint-stock company in April 2023, with a total share capital of 30.797 million shares and three wholly-owned subsidiaries [3]. Group 2: Shareholding Structure - The controlling shareholder, Julimechanical, holds 21 million shares, accounting for 68.19% of the company [4]. - The actual controllers, Li Tao, Li Kailin, and Zhu Hong, collectively control 81.49% of the company's shares and hold significant positions within the company and its controlling shareholder [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 432.7279 million yuan, 657.5857 million yuan, and 728.8426 million yuan, with net profits of 52.2661 million yuan, 76.3152 million yuan, and 89.2178 million yuan, respectively [5]. Group 4: Inquiry Issues - Questions raised during the review include the authenticity and sustainability of performance, the company's research and development capabilities, and the rationale behind share transfers and related financial arrangements [6][7].

Core Viewpoint - Jiangsu Youli Intelligent Equipment Co., Ltd. (Youli Intelligent) is set to undergo its IPO review on May 16, 2025, focusing on the photovoltaic bracket sector, with a reported revenue exceeding 700 million in 2024, despite facing risks related to customer concentration and reliance on a single major client [1][15]. Company Overview - Youli Intelligent was established in 2017 and listed on the National Equities Exchange and Quotations in December 2023, transitioning to the innovation layer in April 2024. The company is based in Suzhou, Jiangsu Province, employing 275 individuals as of the end of 2024 [3]. - The company is primarily controlled by three individuals, with a combined ownership of 81.49% through their holding in JuLi Machinery [2][3]. Financial Performance - Youli Intelligent has shown a growth trend in revenue over the past three years, with revenues of approximately 433 million, 658 million, and 729 million in 2022, 2023, and 2024, respectively. However, the gross profit margin has been declining, recorded at 20.04%, 19.14%, and 18.71% for the same years [15]. - The net profits for the same years were approximately 41.95 million, 78.17 million, and 89.86 million [15]. Industry Context - The photovoltaic industry is heavily influenced by government policies, and while current support remains strong, any future reductions in subsidies could adversely affect the sector [15]. - In 2023, global new photovoltaic installations reached approximately 390 GW, a year-on-year increase of 69.56%, marking a historical high [15][18]. Product and Market Position - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic brackets, including torque tubes, bearing components, and installation structures [10][11]. - The company’s products are essential for the stability and longevity of photovoltaic power stations, which are increasingly in demand due to the growing global focus on renewable energy [11][14]. Customer and Revenue Concentration - The company faces high customer concentration, with over 94% of its revenue derived from its top five clients. The largest client, NEXTracker, accounted for 80.69%, 61.67%, and 70% of total revenue in the last three years [26]. - A significant portion of Youli Intelligent's revenue (over 70%) comes from international markets, exposing the company to geopolitical risks and currency fluctuations [23][26]. Future Plans - Youli Intelligent plans to raise approximately 270 million for the construction of a production base for core components, a research and development center, and to enhance its operational capabilities [26].

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].

Core Viewpoint - Jiangsu Youli Intelligent Equipment Co., Ltd. (Youli Intelligent) is preparing for its listing on the Beijing Stock Exchange, focusing on the photovoltaic bracket sector, with significant concerns regarding its internal control, fundraising, and reliance on a few major clients [1][17]. Company Overview - Youli Intelligent specializes in the research, production, and sales of core components for photovoltaic brackets, including torque tubes (TTU), bearing components (BHA), installation structures (URA), and rails (RAIL) [1]. - The company was established in April 2017 and transitioned to a joint-stock company in April 2023, with a significant shareholding structure dominated by the Li Tao family, controlling over 81% of voting rights [3][5]. Financial Performance - For the years 2022 to 2024, Youli Intelligent reported revenues of CNY 433 million, CNY 658 million, and CNY 729 million, reflecting year-on-year growth rates of 12.78%, 51.96%, and 10.84% respectively [17]. - The net profit attributable to the parent company for the same period was CNY 42 million, CNY 78 million, and CNY 90 million, with growth rates of 185.55%, 85.27%, and 15.19% respectively [17]. Fundraising and Investment Projects - Youli Intelligent plans to raise CNY 269.9 million for projects including the construction of a production base for core components, a research and development center, and smart upgrades [7][10]. - The allocation of funds includes CNY 151.32 million for the production base, CNY 19.68 million for the R&D center, CNY 28.90 million for smart upgrades, and CNY 70 million for working capital [8]. Research and Development - The company's R&D expenses from 2021 to 2024 were CNY 3.92 million, CNY 5.07 million, CNY 5.83 million, and CNY 12.13 million, indicating a significant increase in investment in recent years [10]. - However, Youli Intelligent's R&D expense ratio is lower than industry peers, with 2022 and 2023 ratios at 2.29% and 0.89%, compared to averages of 2.09% and 2.12% for comparable companies [13][14]. Customer Concentration - The top five customers accounted for over 90% of total sales during the reporting period, with NEXTracker being the largest client, contributing 70% of revenue in 2024 [17][19]. - The reliance on a few major clients poses risks, as any adverse changes in relationships or market conditions could significantly impact the company's performance [19]. Accounts Receivable - Youli Intelligent has seen a continuous increase in accounts receivable, reaching CNY 99.51 million, CNY 186.30 million, and CNY 198.14 million over the last three years, with significant growth rates of 87.23% and 6.35% in the last two years [21]. - The company maintains that the quality of accounts receivable is good, with most being less than one year old, but high receivables could strain operational cash flow [21].