A-share IPO | Youli Intelligence (920007.BJ) opens IPO subscription to deepen the photovoltaic bracket field.

On July 29, Youli Intelligent (920007.BJ) started its subscription with an offering price of 23.99 yuan per share, a subscription limit of 532,100 shares, a P/E ratio of 11.29 times, and belongs to the Beijing Exchange. Huatai United Securities is its sponsor. According to the prospectus, Youli Intelligent focuses on the research, development, production, and sales of core components of photovoltaic support frames. The company's main products include photovoltaic support torque tube (TTU), photovoltaic support bearing component (BHA), photovoltaic module mounting structural component (URA), and ra...PV support core component products. Photovoltaic support plays a role in supporting photovoltaic power generation components in photovoltaic power generation systems. Its stability is a key factor in determining the lifespan of photovoltaic power stations. The overall return of photovoltaic power stations depends on structural design, and the core of structural design is mechanical design of photovoltaic support. A scientifically reasonable mechanical structure can not only extend the overall lifespan of the power station but also increase power generation efficiency and reduce maintenance costs in the later period. It is reported that Youli Intelligent has established good cooperative relationships with well-known domestic and foreign photovoltaic support enterprises such as NEXTracker (NXT.US), Optimum Tracker, Gonvarri Industries, Trina Solar Co., Ltd., and Antaisolar, with products being exported to countries and regions such as Brazil, Chile, Australia, Canada, Europe, and the Middle East. In recent years, with the growth of photovoltaic demand and the improvement of tracking support cost-effectiveness, the global shipment volume of tracking support has shown rapid growth. According to Wood Mackenzie's data, the global shipment of tracking support is growing rapidly from 2017 to 2023, reaching 92GW by 2023, with a CAGR of 36% from 2017 to 2023, showing a rapid development trend. Currently, tracking support is applied in large ground power stations, and the global demand for tracking support depends on the penetration rate of tracking support and the new installed capacity of large ground power stations. Combining research estimates from BloombergNEF, IEA, CPIA, and Wood Mackenzie, assuming that the global penetration rates of tracking support will be 52%, 56%, 60%, and 64% respectively from 2024 to 2027, the average selling price of tracking support is expected to be 0.47 yuan/W, 0.46 yuan/W, 0.45 yuan/W, and 0.44 yuan/W. The tracking support market space from 2024 to 2027 is estimated at 79.7 billion yuan, 93.8 billion yuan, 104.2 billion yuan, and 116.3 billion yuan, with an average compound growth rate of 27.4% from 2023 to 2027. In terms of finances, in the fiscal years 2022, 2023, and 2024, the company achieved operating income of approximately 433 million yuan, 658 million yuan, and 729 million yuan respectively, with net profits of approximately 41.9491 million yuan, 78.1727 million yuan, and 89.8604 million yuan during the same period.