Core Viewpoint - Youli Intelligent (酉立智能) has successfully listed on the Beijing Stock Exchange with an issue price of 23.99 CNY per share, reflecting a diluted price-to-earnings ratio of 11.29 times for 2024, significantly lower than the industry average of 28.52 times and the comparable companies' average of 38.57 times [1] Company Overview - Youli Intelligent focuses on the research, production, and sales of core components for photovoltaic (PV) brackets, with its registered location in Suzhou, Jiangsu Province [1] - The company is controlled by Li Tao, Li Kailin, and Zhu Hong, who collectively hold 81.49% of the voting rights [1] Industry Context - The global photovoltaic industry is experiencing rapid growth driven by the "dual carbon" goals, with a reported 69.6% year-on-year increase in global PV installations in 2023, reaching 390 GW, of which China accounted for 216.88 GW [1] - The global shipment of tracking brackets is expected to exceed 264 GW by 2027, according to Wood Mackenzie [1] Financial Performance - Revenue for Youli Intelligent during the reporting period was approximately 433 million CNY, 658 million CNY, and 729 million CNY for 2022, 2023, and 2024 respectively, with net profits of approximately 42.19 million CNY, 78.17 million CNY, and 90.05 million CNY [4] - The gross profit margin has shown slight fluctuations, recorded at 18.96%, 18.49%, and 18.42% over the same period, influenced by raw material prices and exchange rate fluctuations [4] Product Sales Breakdown - In 2024, the revenue from stamping products accounted for 59.47%, while pipe products contributed 40.53% [2] - The main products include torque tubes (TTU), bearing components (BHA), installation structures (URA), and purlins (RAIL), which are widely used in domestic and international PV projects [1] Customer Concentration - The top five customers accounted for 94.90%, 94.91%, and 96.44% of total revenue during the reporting period, with NEXTracker being the largest customer [9] - The high customer concentration is influenced by market conditions, with NEXTracker being a leading supplier in the PV tracking bracket market for nine consecutive years [9] IPO and Fundraising - The company aims to raise approximately 270 million CNY through its IPO, primarily for the construction of a production base for PV bracket components, R&D center establishment, and working capital supplementation [10][11]