兴业证券股份有限公司保荐代表人金晓锋在致辞中表示，兴业证券非常荣幸担任山大电力的保荐机构和 主承销商，在与山大电力的合作过程中，亲身感受到这是一家脚踏实地、专注主业的企业。相信山大电 力上市后，依托更广阔的资本市场舞台，盈利能力和综合竞争力将会进一步提升，为股东、为社会创造 更大的价值。 山大电力董事、总经理刘英亮在推介致辞中指出，公司是一家致力于电力系统智能产品研发和产业化的 高新技术企业，基于电网智能监测技术的积累和电气系统设计及集成化能力，形成了电网智能监测和新 能源两个业务板块，其中故障录波监测装置、输电线路故障监测装置、时间同步装置等主要产品处于细 分行业领先地位。未来，公司将通过持续迭代升级，着力夯实核心技术优势，以创新赋能公司发展，努 力将山大电力发展成为电网智能监测和新能源行业的标杆企业。 刘英亮同时表示，此次发行上市，山大电力将借助资本的力量，把握时代机遇，秉承科技创新理念，提 升公司的核心竞争力，以匠心为客户提供更优服务，以实绩为股东创造更高价值，以担当为社会贡献更 大力量。 山大电力（301609）首次公开发行股票并在创业板上市网上路演7月11日成功举行。山大电力董事、总 经理刘英亮，山 ...

Core Viewpoint - Shandong University Electric Power Technology Co., Ltd. (referred to as "Shanda Electric") successfully went public on July 23, 2023, on the Shenzhen Stock Exchange's ChiNext board, raising significant capital and achieving a remarkable first-day stock performance [1][2]. Group 1: Company Overview - Shanda Electric was established in 2001 with a registered capital of 122.16 million yuan, focusing on the research and industrialization of intelligent products related to power systems [2]. - The company operates in two main business segments: intelligent monitoring of power grids and new energy, with products widely used in substations, transmission lines, and distribution networks [2]. - Shanda Electric holds over 180 intellectual property rights and has participated in the formulation of multiple national and industry standards, earning various honors such as "Little Giant" enterprises and provincial-level champions [2]. Group 2: IPO Details - The company issued 40.72 million shares at an initial price of 14.66 yuan per share, with a first-day opening price of 87.7 yuan, resulting in a first-day increase of 498.23% and a total market capitalization of 142.85 billion yuan [1]. - By the end of the first trading day, the stock closed at 66.85 yuan, reflecting a 356% increase and a market capitalization of 109 billion yuan, with a turnover rate of 82.89% [1]. Group 3: Financial Performance - Shanda Electric's total revenue for 2022, 2023, and 2024 is projected to be 478 million yuan, 549 million yuan, and 658 million yuan, respectively, with year-on-year growth rates of 9.76%, 14.8%, and 19.85% [4]. - The net profit attributable to shareholders for the same years is expected to be 76.99 million yuan, 103 million yuan, and 127 million yuan, with growth rates of 1.06%, 33.53%, and 23.18% [4]. - In Q1 2025, the company reported revenues of 111 million yuan and a net profit of 17.32 million yuan, with year-on-year growth rates of 12.02% and 15.91%, indicating stable performance [4]. Group 4: Market Position and Risks - A significant portion of Shanda Electric's revenue comes from sales to the State Grid and its subsidiaries, accounting for approximately 73.34%, 69.81%, and 69.61% of total sales from 2022 to 2024, which poses a risk of revenue volatility [4].

Core Points - Shandong Shanda Electric Power Technology Co., Ltd. (stock code: 301609.SZ) was listed on the Shenzhen Stock Exchange's ChiNext board, opening at 87.70 yuan and closing at 66.85 yuan, with a market capitalization of 10.889 billion yuan and a trading volume of 2.222 billion yuan [1] Company Overview - Shanda Electric Power focuses on the research and industrialization of intelligent products related to power systems, with two main business segments: intelligent monitoring of power grids and new energy [1] - The company’s leading products include fault recording monitoring devices and transmission line fault monitoring devices, which are positioned at the forefront of their niche market [1] Shareholding Structure - Shandong Shanda Capital Operation Co., Ltd. holds 40.148% of the company's shares, making it the largest shareholder and effectively the controlling entity through its 100% ownership by Shandong University [1] Financial Performance - The company reported revenues of 478.28 million yuan, 549.08 million yuan, and 658.10 million yuan for the years 2022 to 2024, with net profits of 76.99 million yuan, 102.80 million yuan, and 126.64 million yuan respectively [6][7] - The company’s revenue from the intelligent monitoring segment accounted for over 84% of total revenue during the reporting period, with a significant concentration in the East China region [2] Fundraising and Investment Plans - The company raised 596.96 million yuan through its IPO, with a net amount of 528.45 million yuan after expenses, exceeding the initial target of 500 million yuan [4] - The raised funds will be allocated to projects including the production of intelligent monitoring devices, a research and development center, and new energy vehicle charging stations [5] Market Position and Growth Potential - The company has experienced a decline in its market share for transmission line fault monitoring devices, with bidding rates of 11.35%, 12.70%, and 4.75% over the reporting period [2] - The new energy segment, including electric vehicle charging stations and energy storage, has shown growth potential, although its revenue contribution remains relatively small [3] Future Projections - For the first half of 2025, the company projects revenues between 28 million and 30 million yuan, with net profits expected to range from 4.7 million to 5.1 million yuan [9]

Core Viewpoint - Shanda Electric Power (301609.SZ) successfully went public on July 23, 2023, with an initial share price of 87.7 CNY, representing a 498.23% increase from its offering price of 14.66 CNY, resulting in a market capitalization of approximately 14 billion CNY [2]. Company Overview - Shanda Electric Power originated from Shandong University, established in 2001 as Shandong Shanda Electric Power Technology Co., Ltd. with an initial investment of 6 million CNY from several stakeholders, including Shanda Capital, which is fully owned by Shandong University [5][6]. - The company is now the only listed entity under the "Shanda System" after the control of previously listed companies was transferred to state-owned assets [4][3]. Financial Performance - In 2022, Shanda Electric Power reported revenues of 4.78 billion CNY and a net profit of 0.77 billion CNY, which increased to 6.58 billion CNY in revenue and 1.27 billion CNY in net profit by 2024, marking a cumulative revenue growth of 37.6% and profit growth of 64.5% over two years [8][9]. - The company's gross profit margins are projected to improve from 41.24% in 2022 to 44.36% in 2024, indicating a steady enhancement in profitability [9]. Market Position and Strategy - Shanda Electric Power specializes in power system monitoring and has established itself as a leader in the industry, with its products recognized as internationally advanced or domestically leading [6]. - The company plans to raise 500 million CNY through its IPO to invest in various projects, including smart grid fault analysis and electric vehicle charging infrastructure, aiming to enhance production capacity and product offerings [9]. Industry Context - The electric power industry is experiencing a shift towards smart upgrades, creating new opportunities for companies like Shanda Electric Power, which is well-positioned to benefit from increased demand for intelligent monitoring solutions [11]. - The company has a significant reliance on State Grid Corporation, with over 69% of its sales coming from this client, highlighting a potential risk due to customer concentration [10]. Innovation and Research - Shanda Electric Power has effectively integrated research and development with practical applications, leveraging the talent and technology from Shandong University to drive innovation in the power monitoring sector [6][12]. - The trend of universities fostering startups and engaging with capital markets is growing, with Shanda Electric Power exemplifying this movement by transitioning from a research entity to a publicly traded company [12][15].

Group 1 - The company, Shanda Electric Power, has initiated a public offering with a total issuance of 40.72 million shares, including 10.38 million shares for online subscription at a price of 14.66 yuan per share, resulting in a price-to-earnings ratio of 19.57 times [1][3] - The maximum subscription limit for a single account is set at 10,000 shares, with subscriptions required to be in multiples of 500 shares [1][3] - The funds raised will be allocated to various projects, including 180 million yuan for the R&D center, 135 million yuan for smart grid fault analysis and equipment production, and 40 million yuan for the production of smart charging piles for new energy vehicles [3] Group 2 - The company primarily engages in the research, development, manufacturing, sales, and service of smart grid monitoring and new energy-related products [2] - Key financial indicators show total assets increasing from 7.86 billion yuan in 2022 to 11.27 billion yuan in 2024, with net profit rising from 770 million yuan in 2022 to 1.27 billion yuan in 2024 [3] - The weighted return on equity has improved from 19.12% in 2022 to 22.93% in 2024, indicating a positive trend in profitability [3]

Group 1 - Shandong SD Electric Technology Co., Ltd. (referred to as "SD Electric") has disclosed its prospectus and will begin subscription on July 14, with plans to list on the ChiNext board under the stock code "301609" [1][3] - SD Electric is the fourth A-share listed company from Shandong this year, following Weigao Blood Products, New Henghui, and Xintong Electronics [1] - The company plans to issue 40.72 million shares, accounting for 25% of the total share capital post-issuance, which will be approximately 163 million shares [1] Group 2 - The actual controller of SD Electric is Shandong University, with the largest shareholder being Shandong SD Capital Operation Co., Ltd., holding a 40.15% stake [3] - SD Electric was established in 2021 and focuses on the research and industrialization of intelligent products related to power systems, with two main business segments: smart grid monitoring and renewable energy [3] - The company's main products, including fault recording monitoring devices and transmission line fault monitoring devices, are leading in their niche markets, and it also engages in the renewable energy charging pile sector [3] Group 3 - Financial data shows that during the reporting period (2022 to 2024), SD Electric achieved revenues of 478 million yuan, 549 million yuan, and 658 million yuan, with net profits of 77 million yuan, 100 million yuan, and 122 million yuan, and comprehensive gross margins of 41.24%, 43.62%, and 44.36% respectively [4] - As of December 31, 2024, the number of R&D personnel at SD Electric will be 176, representing 30.77% of the total workforce, with R&D expenses increasing to 31.43 million yuan, 37.58 million yuan, and 45.96 million yuan over the same period [4] - The company aims to raise 500 million yuan through this listing for projects related to distributed generation source network load storage systems, smart charging pile production for electric vehicles, and intelligent equipment for power grid fault analysis and distribution network [4]

Summary of Key Points Core Viewpoint The company plans to raise funds through a public offering to invest in projects that align with its core business, focusing on smart grid technology, distributed energy systems, and electric vehicle charging infrastructure, in response to national policies promoting energy transition and technological innovation. Group 1: Fundraising and Investment Projects - The company intends to issue up to 40.72 million shares, raising funds that will be allocated to key projects after deducting issuance costs [1][2] - Total planned investment for the projects is approximately 59.81 million yuan, with specific allocations for smart grid fault analysis and distributed energy systems [2][3] - If the actual funds raised are insufficient, the company will use self-raised funds to cover the shortfall, ensuring project continuity [2] Group 2: Smart Grid Fault Analysis and Equipment Production Project - This project aligns with national policies aimed at enhancing the intelligence and localization of the power grid, focusing on the production of domestic smart grid fault analysis equipment [4][5] - The project aims to expand production capacity and improve efficiency by constructing new facilities and introducing advanced production technologies [5][6] - The total investment for this project is estimated at 19.62 million yuan, with a projected internal rate of return of 17.27% and a payback period of 7.11 years [7] Group 3: Research and Development Center Project - The R&D center will focus on developing technologies that support the use of domestic chips in power systems, enhancing the company's competitive edge in fault analysis and smart grid technologies [8][9] - The project will involve significant investment in R&D, estimated at 20.01 million yuan, to strengthen the company's technological capabilities [14] - The center will also facilitate collaboration with academic institutions and industry standards development, enhancing the company's influence in the sector [11][12] Group 4: Electric Vehicle Charging Station Production Project - The project aims to meet the growing demand for electric vehicle charging infrastructure, responding to national initiatives for new infrastructure development [15][16] - The total investment for this project is approximately 5.64 million yuan, with a focus on enhancing production automation and flexibility to meet customer needs [17][19] - The project is expected to yield a post-tax internal rate of return of 14.75% and a payback period of 8.53 years [19] Group 5: Distributed Energy Source Network and Storage System Project - This project is designed to support the transition to cleaner energy sources and enhance the company's product offerings in the renewable energy sector [19][20] - The total investment for this project is estimated at 5.53 million yuan, with a focus on developing products that facilitate the integration of distributed energy sources into the grid [23][24] - The project aims to leverage the company's existing technological expertise to create innovative solutions for energy management and storage [22][23] Group 6: Working Capital Supplement Project - The company plans to allocate 90 million yuan to supplement working capital, addressing the growing operational needs driven by business expansion [24][25] - This funding will support ongoing R&D efforts and ensure the company can meet increasing demand for its products and services [25]