New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanguang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - Nanguang Digital provides comprehensive digital construction solutions for the power and energy sectors, aiming to drive digital transformation in the electricity industry [4] Hengkun New Materials - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million yuan in 2022 to 344.19 million yuan in 2024 [2] - The company has a high customer concentration, primarily serving major domestic wafer manufacturers, with significant clients being among the top ten wafer fabs in China [2][3] - Hengkun New Materials has achieved a domestic market share of over 10% in 2024 for its photoresist materials, indicating its strong position in the market [3] Nanguang Digital - The company’s revenue from digital grid construction in the first half of 2025 is projected to be 75.51 million yuan, accounting for 48.64% of total revenue, with enterprise digitalization and digital infrastructure contributing 40.98 million yuan and 38.65 million yuan, respectively [5] - Nanguang Digital has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, enhancing its technological capabilities [4] - The company is involved in several national key research and development projects, showcasing its commitment to advancing technology in the energy sector [4] DeLijia - DeLijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [7] - The company’s revenue from onshore wind power is projected to be 3.625 billion yuan in 2024, representing 98.57% of its total revenue [7] - DeLijia has established strong partnerships with leading wind turbine manufacturers, earning recognition as a top supplier in the industry [7][8] Zhongcheng Consulting - Zhongcheng Consulting ranks among the top engineering cost consulting firms in Jiangsu Province, with its revenue from engineering cost consulting being 566.96 million yuan in the first half of the year, accounting for 53.39% of total revenue [9][10] - The company has a strong team of qualified professionals, including 130 first-class cost engineers and 190 registered supervising engineers [9] - Zhongcheng Consulting faces risks related to accounts receivable, with the value of accounts receivable increasing significantly from 141.08 million yuan in 2022 to 209.01 million yuan in 2024 [11]

公司发力突破"卡脖子"技术，实现自主可控。公司研发聚焦电力行业的"电鸿"物联操作系统;开发上线自主可控电 力行业"大瓦特"人工智能大模型;成功研制"伏羲"电力专用主控芯片，推动我国能源工控领域核心芯片从"进口通 用"向"自主专用"转变，该成果成功入选国务院国资委"2021年度央企十大国之重器";自主研制世界首套微型智能 电流传感器，攻克我国电力高端传感器技术难题，国产电力网络安全态势感知系统性能达到领先水平。公司先后 参与承接13项国家重点研发计划项目和国家重大科技专项项目及1项省级重点研发项目。 历经多年发展，公司凭借在技术和产品上的深厚积淀，以及专业的数字化、智能化解决方案和服务，公司已与南 方电网、内蒙古电力集团、国家电网、中国华能、中国华电、中广核、中国三峡集团、国家电力投资集团、中国 铁建集团、中国中铁股份、北京能源集团、广州城投、四维图新等众多国央企和行业龙头客户建立合作关系。 财务方面，于2022年度、2023年度、2024年度及2025年1月-6月，公司实现营业收入分别约为56.86亿元、42.34亿 元、60.90亿元、15.58亿元人民币;同期，公司净利润分别约为6.53亿元、3.77亿元 ...

Investment Rating - The report assigns a rating of "Neutral" to the company, with an AHP score of 1.66, placing it in the 22.3% percentile of the non-technology innovation system [3][7]. Core Insights - The company, South Network Digital, focuses on digitalization in the power energy sector, offering a comprehensive range of services including digital grid, enterprise digitalization, and digital infrastructure [3][9]. - The digital energy market in China is projected to reach a scale of 370 billion yuan by 2025, with a year-on-year growth of 17.46%, indicating significant market opportunities for the company [13][14]. - The company has established partnerships with major state-owned enterprises and industry leaders, enhancing its market position and growth potential [9][15]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for South Network Digital, after excluding liquidity premium factors, is 1.66, indicating a mid-to-low tier position in the market [3][7]. - The expected allocation ratios for offline investors A and B are 0.0227% and 0.0200%, respectively, under a neutral scenario [8]. Fundamental Highlights and Features - South Network Digital operates in three main business areas: digital grid, enterprise digitalization, and digital infrastructure, leveraging AI and cloud technologies [9][10]. - The company has developed key technologies such as the "Fuxi" power control chip and the world's first micro intelligent current sensor, positioning itself as a leader in the digital transformation of the energy sector [14][15]. Financial Comparison with Peers - The company's revenue for 2022, 2023, and 2024 is projected to be 56.86 billion, 42.34 billion, and 60.90 billion yuan, respectively, with net profits of 6.53 billion, 3.77 billion, and 5.70 billion yuan [16][19]. - The gross profit margins for the same years are 30.59%, 32.65%, and 30.06%, placing the company in the middle tier compared to its peers [19][21]. - The operating cash flow for 2022, 2023, and 2024 is expected to be 5.13 billion, 24.94 billion, and 13.64 billion yuan, indicating a strong cash flow position [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for six major projects, including the construction of an intelligent digital transformation platform and an advanced AI platform for the power industry [29][30]. - The expected internal rates of return for these projects range from 18.58% to 21.16%, demonstrating the potential for profitable investments [31].

Core Viewpoint - The digitalization of China's power grid is accelerating due to the dual drivers of the "dual carbon" goals and the Digital China strategy, with companies like Southern Power Grid Digital leading the innovation in this sector [1][2][8]. Industry Overview - The Chinese power energy digitalization market is projected to reach CNY 315 billion in 2024, with a year-on-year growth of approximately 14.55%, and is expected to grow to CNY 370 billion in 2025, reflecting a compound annual growth rate of 10.86% from 2020 to 2025 [2]. - The market is divided into two main categories: digital services (including smart grids, automation control, and energy management systems) and digital upgrades (involving big data, AI, cloud computing, and blockchain applications) [2]. Company Performance - Southern Power Grid Digital aims to build a world-class digital and intelligent innovation platform for the power grid, leveraging its accumulated technology and experience to expand into various sectors such as transportation, water, and urban construction [3]. - The company has shown strong revenue growth, with reported revenues of CNY 56.86 million, CNY 42.34 million, and CNY 60.90 million for the years 2022, 2023, and 2024 respectively, alongside corresponding net profits of CNY 5.09 million, CNY 3.68 million, and CNY 5.62 million [4]. Technological Advancements - Southern Power Grid Digital is focusing on key technological breakthroughs, including the development of proprietary systems and AI models, as well as specialized chips for the power industry, which are crucial for enhancing the digital infrastructure [6]. - The company has participated in 13 national key research projects, showcasing its commitment to innovation and technology development [6]. Investment and Future Prospects - The company plans to raise CNY 2.554 billion through its IPO, with funds allocated to various projects aimed at enhancing its digital capabilities and expanding its market presence [7]. - With the ongoing support from national policies and the backing of Southern Power Grid, the company is well-positioned to capitalize on the digital transformation in the energy sector and contribute significantly to the new power system construction and "dual carbon" goals [8].