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]

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]