Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (stock code: 301636) has officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on the photovoltaic junction box sector and expanding into the electric vehicle and energy storage markets. The company raised 528 million yuan through its IPO to enhance production capacity and innovation, aiming to capitalize on carbon neutrality opportunities and initiate a second growth curve [1]. Group 1: Company Overview and Market Position - Zerun New Energy, established in 2009, transitioned to the photovoltaic junction box sector in 2011, seizing global solar industry opportunities. The company emphasizes technological innovation, launching products like the Victor and Z7 junction boxes, solidifying its industry position [2]. - The Z8X junction box features a unique design that optimizes diode heat dissipation, achieving a rated current of 30A, with an upgraded version reaching 35A, becoming the first in the industry to receive TUV Rheinland certification for 35A [2]. - The Z8C junction box innovatively reduces components from three to two, enhancing performance while cutting electrical connection points by over 30%. This product has won multiple awards and established a strong patent portfolio [3]. Group 2: Financial Performance and Growth Metrics - From 2022 to 2024, Zerun's junction box sales surged from 29.77 million units to 60.77 million units, with a compound annual growth rate (CAGR) of 42.87%. Revenue increased from 522 million yuan to 876 million yuan, averaging a growth rate of 29.55%, maintaining a global market share above 7% [3]. - The company's gross margin remained between 23.78% and 26.50% from 2022 to 2024, consistently outperforming the industry average. Net profit attributable to shareholders grew from 86.40 million yuan to 131.32 million yuan, reflecting a CAGR of 23.28% [4]. Group 3: Industry Trends and Opportunities - The global photovoltaic installation is expected to reach 530 GW in 2024, a 35.90% increase year-on-year, with China leading at 277.57 GW, accounting for 52% of the global share. Emerging markets in the Middle East and North Africa are also rapidly developing [5][6]. - The distributed photovoltaic market is becoming a significant growth area, with global distributed installations reaching 43% of total installations in 2023. China's distributed market is particularly strong, with a CAGR of 57.95% from 2019 to 2024 [6]. Group 4: Technological Innovations and Future Prospects - Zerun is a pioneer in smart junction box development, integrating intelligent chips for precise control of photovoltaic components, enhancing efficiency and safety. The ZS and Z8S series have received TUV Rheinland certifications, establishing a technological barrier [7]. - The company plans to expand production capacity for both general and smart junction boxes, addressing increasing demand and optimizing product structure. The new projects aim to add 35 million units of general junction boxes and 1 million units of smart junction boxes annually [8]. - Zerun is also diversifying into the electric vehicle sector, leveraging its expertise in junction box technology to develop auxiliary power supply products. Collaborations with major automotive companies are underway, positioning the company for growth in the electric vehicle market [9].

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) officially listed on the ChiNext board, marking a new chapter in its capital market journey, focusing on photovoltaic component junction boxes and related technologies [1] Company Overview - Zerun New Energy, a national-level specialized and innovative "little giant" enterprise, specializes in providing integrated solutions for photovoltaic component junction boxes [1][2] - The company has over 100 patents, showcasing its strong technical capabilities and competitive edge in the market [1] Financial Performance - In 2024, Zerun New Energy achieved a revenue of 876 million yuan and a net profit of 131 million yuan, reflecting significant growth [1] - The company’s revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 29.55%, with net profit increasing from 86 million yuan to 131 million yuan during the same period [4] Market Demand and Growth - The global photovoltaic junction box market is projected to reach a sales volume of 1.391 billion USD in 2024, with a compound annual growth rate of 7% from 2025 to 2031 [3] - The demand for photovoltaic junction boxes is expected to rise significantly due to the increasing installation of distributed photovoltaic systems and the growing need for intelligent solutions [2][3] Product and Innovation - Zerun New Energy's photovoltaic junction boxes are critical components that ensure the safe operation of photovoltaic systems, with features like intelligent optimization and monitoring capabilities [2] - The company has invested significantly in R&D, with expenses growing from 19.08 million yuan in 2022 to 32.83 million yuan in 2024, achieving a CAGR of 31.19% [8] Production Capacity and Utilization - The production capacity for photovoltaic junction boxes increased from 29.46 million units in 2022 to 66.59 million units in 2024, with utilization rates remaining high [12][13] - The company’s production and sales rates indicate a strong market demand, with production rates exceeding capacity utilization in previous years [12] Strategic Expansion - Zerun New Energy plans to raise 720 million yuan through its IPO to expand its production capacity for photovoltaic junction boxes and develop auxiliary power battery boxes for electric vehicles [11][16] - The company aims to enhance its market share in the electric vehicle sector by supplying high-quality battery boxes to major automotive manufacturers [15][16] Industry Context - The photovoltaic industry is experiencing unprecedented growth, with global installations projected to reach 530 GW in 2024, driven by a global consensus on renewable energy development [3][11] - China's commitment to increasing the share of non-fossil energy in its power system provides a favorable policy environment for the long-term growth of the photovoltaic sector [11]

Group 1 - The core viewpoint of the news is the significant rise of the photovoltaic sector in A-shares, driven by the IPO of Zairun New Energy Technology Co., Ltd. [1] - Zairun New Energy specializes in electrical connections, protection, and intelligent technology in the renewable energy sector, providing integrated solutions for photovoltaic module junction boxes [1][2] - The company is recognized as a high-tech enterprise and a national-level "specialized and innovative" small giant [1] Group 2 - From 2022 to 2024, Zairun New Energy's diluted earnings per share are projected to be 2.03 yuan, 2.51 yuan, and 2.74 yuan, with a weighted average return on equity of 39.83%, 31.54%, and 25.40% respectively, indicating strong profitability and asset return capabilities [1] - The company expects to achieve operating revenues of 522 million yuan, 844 million yuan, and 876 million yuan from 2022 to 2024, with a compound annual growth rate of 29.55% [1] - The net profit attributable to the parent company is forecasted to be 86.4 million yuan, 120 million yuan, and 131 million yuan for the same period, with a compound annual growth rate of 23.28% [1] Group 3 - Zairun New Energy is continuously iterating its junction box technology, with products including Z8C, Z8X, and smart junction boxes, showcasing advanced technology and strong patent protection [2] - The company is exploring the development of next-generation thin-film battery components, specifically junction boxes compatible with perovskite battery components [2] - Zairun New Energy plans to raise 720 million yuan through its IPO, primarily for expanding production of photovoltaic junction boxes, constructing auxiliary power battery boxes for new energy vehicles, building a research and development center, and supplementing working capital [2]

Core Viewpoint - ZeRun New Energy is set to go public on the ChiNext board, focusing on providing integrated solutions for photovoltaic module junction boxes, which are essential components in solar power systems [1] Group 1: Company Overview - ZeRun New Energy specializes in the fields of new energy electrical connections, protection, and intelligent technology, recognized as a high-tech enterprise and a national-level "little giant" [1] - The company has built a comprehensive technical reserve in the junction box sector and the new energy vehicle sector, allowing it to cater to diverse application scenarios and technical routes [2] Group 2: Research and Development - The company adopts a forward-looking R&D model based on industry trends and market demand, emphasizing innovation to ensure continuous improvement in its R&D capabilities [2] - ZeRun has accelerated the development of connection and protection products for new energy vehicles, leveraging its technology in junction boxes to create new profit growth points [3] Group 3: Market Performance - The company has shown steady performance with increasing market share, reporting revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively [5] - ZeRun's products have gained recognition from leading photovoltaic companies, establishing strong partnerships and expanding its customer resource base [5] Group 4: Future Strategy - The funds raised from the IPO will be invested in expanding production capacity for junction boxes, developing auxiliary power battery boxes for new energy vehicles, and enhancing R&D capabilities [4] - The company aims to strengthen its competitive edge in the photovoltaic junction box market while expanding into the new energy vehicle sector to create new business growth points [3][4]

Core Viewpoint - Zairun New Energy Technology Co., Ltd. is set to launch its IPO on the ChiNext board, focusing on the production of photovoltaic module junction boxes, which are essential components in photovoltaic systems [1][2]. Financial Performance - The company reported projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for the years 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 29.55% [1]. - Net profits attributable to the parent company are expected to be 86.4 million yuan, 120 million yuan, and 131 million yuan for the same period, with a CAGR of 23.28% [1]. Technological Innovation - Zairun New Energy has emphasized continuous technological innovation, holding 101 domestic patents, including 27 invention patents and 4 overseas invention patents as of December 2024 [1]. Market Expansion - The company is expanding its product line to include components for electric vehicles, leveraging its expertise in photovoltaic junction boxes [2]. - The IPO aims to raise 720 million yuan to fund projects including the expansion of photovoltaic junction box production, development of auxiliary power battery boxes for electric vehicles, and the establishment of a research and development center [2]. Future Growth Strategy - The company plans to increase production capacity for Z8C and Z8X junction boxes in response to the rapid growth of the photovoltaic industry [2]. - There is an anticipated increase in demand for smart junction boxes due to higher safety requirements in distributed photovoltaic systems, prompting the company to expand its production capacity in this area [2].

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. (Zerun New Energy) is positioned as a leading player in the global photovoltaic (PV) junction box industry, leveraging its technological strength and forward-looking strategies to maintain robust performance amidst competitive pressures in the PV sector [1][2]. Group 1: Company Overview - Zerun New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, recognized as a national "specialized and innovative" small giant enterprise [1]. - The company's core product, the PV junction box, is essential for solar PV systems, and it has maintained a leading position in the industry since its establishment in 2009 [2][3]. - Zerun New Energy has achieved significant revenue growth, with projected revenues of 522 million yuan, 844 million yuan, and 876 million yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 29.55% [2]. Group 2: Market Position and Strategy - The company has a balanced revenue structure from domestic and international sales, with domestic sales accounting for 53.60% to 63.31% of total revenue from 2022 to 2024 [3]. - Zerun New Energy has established a strong R&D focus, emphasizing technological innovation and quality control, which has led to successful collaborations with major PV companies [3][8]. - The company is actively expanding into next-generation thin-film technology and the electric vehicle (EV) sector, aiming to create new profit growth points [5][6]. Group 3: Product Development and Innovation - Zerun New Energy has developed various models of junction boxes, including the Z8C and Z8X, which are recognized for their advanced technology and patent protection [6][8]. - The company is exploring new applications for its products, such as the development of junction boxes compatible with perovskite solar cells, which are seen as the next generation of PV technology [7][10]. - R&D expenditures have been increasing, with amounts of 19.08 million yuan, 31.73 million yuan, and 32.83 million yuan from 2022 to 2024, representing 3.66% to 3.75% of revenue [8]. Group 4: Future Growth and Funding - Zerun New Energy plans to raise 720 million yuan through its IPO to fund expansion projects in PV junction boxes and EV auxiliary power battery boxes, as well as to enhance its R&D capabilities [9][10]. - The company has already established partnerships with major automotive manufacturers, positioning itself to supply critical components for EVs, which could become a significant growth area [10][11]. - The strategic focus on intelligent junction boxes aligns with market trends towards increased automation and safety in distributed PV systems, indicating a promising market outlook [9].