Group 1 - The core view of the report highlights that Zhenstone Co., Ltd. is a leading manufacturer of wind power fiberglass fabrics, with a global market share of 35% and plans to expand its production capacity significantly in response to increasing demand in the clean energy sector [7][8][9] - The company has achieved a production capacity of 540,000 tons for clean energy functional materials by 2024, with a focus on both domestic and European markets [7][8] - Zhenstone's revenue from photovoltaic and new energy vehicle materials has seen substantial growth, with year-on-year increases of 150.65% and 68.64% respectively in the first half of 2025 [9][10] Group 2 - The financial performance of Zhenstone Co., Ltd. has been under pressure due to a downturn in the wind power industry, with a projected revenue CAGR of -8.20% from 2022 to 2024 [19][20] - Despite a decline in sales prices, the company's gross margin has remained stable, benefiting from lower raw material costs and improved operational efficiency [20][24] - Zhenstone's asset-liability ratio is relatively high at around 69.27% in the first half of 2025, primarily due to significant fixed asset investments [24][25] Group 3 - The company plans to use the proceeds from its IPO to fund projects that will enhance its production capabilities, including a new fiberglass product base and a composite materials production base, with a total investment of approximately 39.81 billion yuan [35][36] - The new projects aim to increase wind power fiberglass fabric capacity by 215,000 tons and expand into photovoltaic frame production and new energy vehicle components [35][36] - Zhenstone's strategic focus on diversifying its product offerings and entering new markets is expected to create a second growth curve for the company [8][9]

策 略 研 究 新股分析 陈榕杰 A0230125080001 chenrj@swsresearch.com 联系人 陈榕杰 A0230125080001 chenrj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ______________________________________________________________________________________________________________________________________ 2026 年 01 月 12 日 振石股份：风电玻纤织物头部厂商， 乘景气东风拓多元布局 ——注册制新股纵览 20260112 本期投资提示： 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 ...

Core Viewpoint - The China wind power fiber fabric industry is at a critical juncture, transitioning from a "large" to a "strong" phase, necessitating leading companies to focus on technological advancements and global strategies to maintain their competitive edge [7] Company Overview - Zhejiang Zhenstone New Materials Co., Ltd. is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, with over 70% of its revenue derived from wind power fiber fabrics [4][5] - The company has become a global leader in wind blade material manufacturing, holding over 35% of the global market share for wind power glass fiber fabrics in 2024, and is recognized for its innovative solutions across various clean energy applications [4][5] Market Dynamics - The global wind power installation capacity is continuously increasing, with a clear trend towards larger blades, which can weigh nearly 20 tons and require about 60% glass fiber, driving demand for wind power fabrics [5] - The Chinese market demand for wind power fabrics is projected to reach 810,000 tons by 2025, indicating a robust market environment despite seasonal fluctuations [5] Industry Challenges - The industry faces significant challenges, including ongoing technological upgrade pressures and the risk of material substitution, particularly from carbon fiber, which is gaining market share in wind blade applications [6] - The international trade environment poses additional challenges, with anti-dumping and countervailing duties affecting the competitiveness of Chinese glass fiber products in overseas markets [6] - There is a potential risk of structural oversupply in low-end segments, as new entrants target high-performance fiber markets, necessitating strategic foresight from leading companies to avoid price wars and market saturation [6] Future Directions - Leading companies must not only maintain their current market positions but also strive for advancements in high-modulus and ultra-high-modulus products, while exploring new materials like carbon fiber [7] - A strategic shift towards localized production overseas is essential to mitigate trade risks and transition from merely exporting products to establishing technology standards and brand recognition globally [7]

Core Viewpoint - Zhenstone Co., Ltd. is pushing for an A-share IPO with plans to raise approximately 39.81 billion yuan, primarily for the construction of production bases and R&D projects in the clean energy sector [1][4] Group 1: Financial Performance - The company's revenue from 2022 to 2024 showed significant fluctuations, with figures of 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan respectively, while net profit for the same period was 774 million yuan, 790 million yuan, and 606 million yuan [1] - For the first three quarters of 2025, the company reported a revenue of 5.397 billion yuan, a year-on-year increase of 77.06%, while net profit was 603 million yuan, up 40.32% [2] Group 2: Dependency on Related Parties - Zhenstone's actual controllers, Zhang Yuqiang and Zhang Jiankang, control 96.51% of the company's shares, with Zhang Jiankang also serving as the chairman [2] - China Jushi, a major supplier, accounted for a significant portion of Zhenstone's procurement, with amounts of 2.112 billion yuan, 1.895 billion yuan, and 2.037 billion yuan from 2022 to 2024, representing an increase in dependency from 68.97% to 76.53% [2][3] Group 3: Regulatory Scrutiny - The company has faced regulatory scrutiny regarding its procurement practices from China Jushi, with inquiries about the fairness of transaction prices and the impact on operational independence [3][4] - The listing review committee has requested detailed explanations regarding the pricing basis and decision-making processes related to transactions with China Jushi [4] Group 4: Debt Levels - The company's asset-liability ratio was relatively high, recorded at 71.53%, 71.30%, 67.77%, and 69.27% from the end of 2022 to mid-2025, primarily due to reliance on bank loans for operational funding [5] - As of June 2025, short-term loans amounted to 1.888 billion yuan, making up 40.30% of current liabilities, while long-term loans totaled 2.788 billion yuan [5]

Core Viewpoint - Since 2025, China has implemented a series of new energy policies that create a favorable environment for the fiber-reinforced materials industry, leading to increased market demand and a bright industry outlook for companies like Zhejiang Zhenshi New Materials Co., Ltd. [2] Company Overview - Zhenshi Co. is a national high-tech enterprise focused on the research, production, and sales of fiber-reinforced materials in the clean energy sector, providing high-quality and innovative solutions across various industries including wind power, photovoltaic power, new energy vehicles, and construction materials [3] Market Position - In the wind power sector, Zhenshi Co. has become a global leader in wind turbine blade materials, holding over 35% of the global market share in 2024, and establishing strong partnerships with major domestic and international wind turbine manufacturers [4] - The company’s photovoltaic frames made from fiber-reinforced materials have shown significant advantages, including low cost, lightweight, and high tensile strength, with increasing market penetration [5] Innovation and Technology - Zhenshi Co. prioritizes technological innovation and actively participates in the formulation of industry standards, holding numerous patents that demonstrate its strong R&D capabilities [6][7] Financial Performance - The company has shown robust financial health with revenues of approximately 5.27 billion yuan, 5.12 billion yuan, 4.44 billion yuan, and 3.28 billion yuan over recent periods, alongside net profits of about 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [8] Future Outlook - Zhenshi Co. aims to raise at least 3.98 billion yuan through an IPO to invest in its main business, including the construction of production bases and R&D centers, while expanding its market share in the clean energy sector [8][9] - The company plans to enhance its production capacity and explore new opportunities in the clean energy materials market, focusing on becoming a benchmark enterprise in global composite materials intelligent manufacturing [10]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application on the Shanghai Stock Exchange, marking its return to the public market after privatization in 2019 [1] Company Overview - Zhejiang Zhenshi New Materials Co., Ltd. is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [2] - The company has established itself as a global leader in wind power blade materials, holding over 35% of the global market share for wind power fiberglass fabrics in 2024 [2] Financial Performance - The company's operating revenues for the reporting period were 5.267 billion, 5.124 billion, 4.439 billion, and 3.275 billion yuan, with net profits of 579 million, 704 million, 597 million, and 395 million yuan respectively [5] - Total assets as of December 2023 were approximately 8.41 billion yuan, with total equity attributable to shareholders of approximately 2.41 billion yuan [6] Shareholding Structure - The company transitioned from a sole proprietorship to a partnership structure, with significant changes in its shareholding over the years [8][10] - As of the latest report, the controlling shareholder is Tongxiang Huajia, holding 56.27% of the shares, while the actual controllers are Zhang Yuqiang and Zhang Jiankang, who collectively control 96.51% of the shares [15] Business Segments - In the photovoltaic sector, the company's fiber-reinforced materials for solar panel frames are recognized for their low cost, lightweight, and high tensile strength, with increasing market penetration [3]

Core Viewpoint - The wind power industry is experiencing significant profit recovery due to the expansion of domestic demand, the concentration of offshore wind power projects, and improved market competition, leading to a surge in stock prices for companies like Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) as it prepares for an IPO on the Shanghai Stock Exchange [1]. Group 1: Company Overview - Zhenstone primarily engages in the research, production, and sales of fiber-reinforced materials for clean energy applications, particularly in wind and photovoltaic power generation [3][4]. - The company’s revenue is heavily reliant on clean energy functional materials, with over 85% of its income derived from this segment, where wind power fiber fabrics account for over 60% and pultruded profiles for around 20% [7][8]. Group 2: Financial Performance - Zhenstone's revenue has shown a downward trend in recent years, with reported figures of approximately 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and a projected 4.439 billion yuan for 2024 [13]. - The net profit figures for the same years were approximately 781 million yuan, 793 million yuan, and 607 million yuan, indicating fluctuations in profitability [13]. Group 3: Market Position and Competition - Zhenstone holds a leading position in the global market for wind power glass fiber fabrics, with a market share exceeding 35% in 2024 [24]. - The company faces intense competition from peers such as China National Materials, International Composites, and Changyou Technology, which may impact its market share and profitability [17]. Group 4: Supply Chain and Customer Base - The company has a high concentration of suppliers, with over 83% of its procurement coming from the top five suppliers, including China Jushi, indicating potential risks related to supplier dependency [9][10]. - Zhenstone has established business relationships with major domestic and international wind turbine manufacturers, including Mingyang Smart Energy and Vestas [9]. Group 5: Future Prospects and Investments - The company plans to raise approximately 3.981 billion yuan through its IPO to fund projects including the construction of production bases for glass fiber products and composite materials, as well as a research and development center [23][24]. - The wind power industry is projected to continue growing, with global installed capacity expected to reach 2,118 GW by 2030, which may benefit Zhenstone if it can navigate its current challenges [15].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, marking a significant step towards entering the capital market as a national high-tech enterprise focused on clean energy [2] Group 1: Company Overview - Zhenstone specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering various industries including wind power, photovoltaic power, new energy vehicles, and construction materials [3][4] - The company has established a comprehensive customer network, covering the top ten global wind turbine manufacturers, with domestic clients including Mingyang Smart Energy and Envision Energy, and international clients such as Vestas and Siemens Gamesa [3] Group 2: Production and Technology - Zhenstone has a global production network, with a market share exceeding 35% in wind power glass fiber fabric, maintaining its leading position [4] - The company holds a robust patent portfolio with 32 invention patents and 210 utility model patents, focusing on core technologies such as high-modulus glass fiber fabric weaving [4] Group 3: Strategic Initiatives - The company aims to target the "Four New" markets: new energy generation, new energy vehicle composites, new energy vehicle components, and new material applications, with its fundraising projects directly aligned with these strategic goals [5][6] - The IPO proceeds will enhance the company's asset structure and support business expansion, with a stable revenue range of 4.4 billion to 5.3 billion yuan and a net profit exceeding 600 million yuan [6] Group 4: Future Outlook - Zhenstone is positioned to lead the global market in wind power materials while exploring high-growth areas such as new energy vehicle composites, contributing to the clean energy transition [7] - The company emphasizes innovation and collaboration within the supply chain, ensuring material stability and performance improvements through partnerships with upstream suppliers and downstream manufacturers [7]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") is positioned as a global leader in the wind power fiberglass fabric market, with a market share exceeding 35% in 2024, and aims to enhance its technological advantages and expand its business scale through its upcoming IPO [1][3][12]. Group 1: Market Position and Product Offerings - Zhenstone holds the global number one position in the wind power fiberglass fabric market and ranks among the top in domestic sales of wind power pultruded profiles [1][3][12]. - The company has established a strong market presence in the wind power industry, supplying high-quality, innovative solutions that contribute to the sector's continuous innovation and high-quality development [1][3][12]. - Zhenstone has developed a series of products in emerging fields such as photovoltaic power generation and new energy vehicles, creating a new revenue stream and ensuring sustainable high-quality growth [1][14][20]. Group 2: Technological Innovation and R&D - The company has a robust R&D capability, having accumulated advanced production processes and technologies in fiber-reinforced materials since its establishment in 2000 [7][9]. - Zhenstone has achieved multiple "firsts" in the industry, including the development of key technologies for ultra-high modulus fiberglass fabrics, which are leading in the global wind power fiberglass fabric sector [10][12]. - The company has received numerous patents and honors, establishing a high status and technical authority within the industry [9][12]. Group 3: Strategic Expansion and Future Growth - Zhenstone is actively targeting the "four new" markets within the clean energy industry, focusing on new energy generation, new energy vehicles, and new material applications, which present significant market opportunities [15][20]. - The company is expanding its product applications in various sectors, including construction materials, transportation, electronics, and environmental protection, indicating a broad market potential beyond clean energy [20]. - Zhenstone is enhancing its international strategy by establishing production bases closer to downstream customers, optimizing production processes, and improving market responsiveness [20].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise approximately 3.98 billion yuan, focusing on the clean energy sector and advanced composite materials [1] Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for clean energy applications [1] - The company has become a global leader in manufacturing wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024 [1][2] - Zhenstone has established stable partnerships with renowned clients both domestically and internationally, including Mingyang Smart Energy, Envision Energy, Vestas, and Siemens Gamesa [2] Group 2: Technological Advancements - In 2023, Zhenstone successfully developed high-modulus fiberglass fabric for ultra-long blades used in a domestically developed 16 MW offshore wind turbine [2] - The company has been involved in setting multiple industry standards and has received recognition as a "Little Giant" enterprise in specialized and innovative manufacturing [2] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including the construction of fiberglass product production bases and a composite materials production base, totaling approximately 398.1 million yuan [3][4] Group 4: Financial Performance - Zhenstone's projected revenues for 2022, 2023, and 2024 are approximately 5.27 billion yuan, 5.12 billion yuan, and 4.44 billion yuan, respectively, with net profits of about 781 million yuan, 793 million yuan, and 610 million yuan [4] - As of the end of 2024, the total assets are expected to reach approximately 904.21 million yuan, with a debt-to-asset ratio of 67.75% [5]