Taijin New Energy Technology listed on the STAR Market: Market value of 7.9 billion yuan, expected first-quarter net profit decline of over 45%

Leidi Network Lei Jianping March 31

Xi’an Taijin New Energy Technology Co., Ltd. (referred to as: “Taijin New Energy”, stock code: “688813”) was listed on the Shanghai Stock Exchange today.

Taijin New Energy’s issue price was 26.28 yuan per share, issuing 40 million shares, with a total fundraising of 1.05B yuan.

Taijin New Energy’s opening price was 49 yuan, closing price was 49.47 yuan, an 88% increase over the issue price; based on the closing price, the company’s market value is 7.9 billion yuan.

Annual revenue of 2.4 billion

Taijin New Energy mainly engages in the research, design, production, and sales of high-end green electrolyzer complete equipment, titanium electrodes, and metal glass sealing products. It is an international enterprise capable of providing high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line integrated solutions, and is a major domestic R&D and manufacturing base for precious metal titanium electrode composites and electronic sealing glass materials.

Taijin New Energy’s products are used in end applications such as large computers, 5G high-frequency communications, consumer electronics, new energy vehicles, environmental protection, aluminum foil rolling, hydrometallurgy, hydrogen energy, aerospace, and military industries.

According to the prospectus, Taijin New Energy’s revenue in 2022, 2023, and 2024 was 1 billion yuan, 1.67B yuan, and 2.19B yuan, respectively; net profits were 98.29 million yuan, 155 million yuan, and 196 million yuan; net profits after deducting non-recurring gains and losses were 87.64M yuan, 138 million yuan, and 183 million yuan.

At the end of each reporting period, the book value of accounts receivable and contract assets for Taijin New Energy was 296 million yuan, 484 million yuan, 650 million yuan, and 715 million yuan, accounting for 9.56%, 10.59%, 17.32%, and 21.78% of total assets at each period’s end, respectively. During each reporting period, the company’s accounts receivable turnover rates were 4.26 times/year, 4.30 times/year, 3.80 times/year, and 2.53 times/year.

Taijin New Energy’s revenue for 2025 is projected to be 2.4 billion yuan, a year-on-year increase of 9.16%. The company expects to achieve a net profit of 200 million yuan in 2025, an 11% increase year-on-year. The main reason is that some customers in the company’s on-hand orders have completed trial operation and acceptance, leading to increased revenue in 2025 compared to the previous year.

Taijin New Energy forecasts first-quarter 2025 revenue to be between 400 million and 500 million yuan, a decrease of 28% to 42% compared to 700 million yuan in the same period last year; net profit is expected to be between 35 million and 45 million yuan, down 45.38% to 57.52% from 82.38 million yuan last year; net profit after deducting non-recurring gains and losses is projected to be between 33 million and 43 million yuan, a decrease of 47.33% to 59.58% from 81.64 million yuan last year.

Northwest Institute controls 43% of shares

Before the IPO, the controlling shareholder of Taijin New Energy was Northwest Institute, which directly held 27,400,000 shares, accounting for 22.83% of the company’s total share capital, and controlled 20% of the company through Western Materials, effectively controlling 42.83% of the shares.

Yongtai Tiantong, Fengtai Tiantong, Longtai Tiantong each held 7.5%, Changtai Tiantong held 6.55%, Hengtai Tiantong held 4.83%, Xintai Tiantong held 4%, Qingsong City Chaoxing held 3.71%, Jiaxing Zhentai Bole and Danjiangkou Zhuque each held 3.33%;

Chendao New Energy held 1.5%, Jieshi Weiye held 1.25%, Dongfang Fuhai (Wuhu) held 0.86%, Qingdao Rishichao No. 1 held 0.83%, Xi’an Hechang, Shanghai Yunhui, Xi’an Yishenghui each held 0.75%, Weifang Yuanxing held 0.67%, Zaozhuang Shenghe No. 1 held 0.58%, Fuhai Selected No. 2 held 0.56%, Nanjing Junlan held 0.42%.

After the IPO, Northwest Institute (SS) holds 17.13%, Western Materials (CS) holds 15%, Yongtai Tiantong, Fengtai Tiantong, Longtai Tiantong each hold 5.63%, Changtai Tiantong holds 4.9%, Hengtai Tiantong holds 3.63%, Xintai Tiantong holds 3%, Qingsong City Chaoxing holds 2.78%, Jiaxing Zhentai Bole and Danjiangkou Zhuque each hold 2.5%;

Chendao New Energy holds 1.13%, Jieshi Weiye holds 0.94%, Dongfang Fuhai (Wuhu) holds 0.64%, Qingdao Rishichao No. 1 holds 0.63%, Xi’an Hechang, Shanghai Yunhui, Xi’an Yishenghui each hold 0.56%, Weifang Yuanxing holds 0.5%, Zaozhuang Shenghe No. 1 holds 0.44%, Fuhai Selected No. 2 holds 0.42%, Nanjing Junlan holds 0.31%.

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