A-share subscription | Taijin New Energy (688813.SH) opens for subscription with the largest market share in China for cathode rollers and copper foil titanium anode products.

On March 20, Taijin New Energy (688813.SH) initiated its IPO with an issue price of 26.28 yuan per share and a subscription limit of 9,500 shares, belonging to the Shanghai Stock Exchange's Sci-Tech Innovation Board. China Securities Co., Ltd. is the sponsor institution. The prospectus shows that Taijin New Energy is mainly engaged in the research, design, production, and sales of high-end green electrolysis complete equipment, titanium electrodes, and metal-glass sealing products. It is a leading enterprise internationally that can provide overall solutions for high-performance electronic circuit copper foil and ultra-thin lithium copper foil production lines. It is also the main research and production base for domestic precious metal titanium electrode composite materials and electronic sealing glass materials. The company's products are used in various fields such as large-scale computers, 5G high-frequency communication, consumer electronics, new energy vehicles, green environmental protection, aluminum foil conversion, wet metallurgy, hydrogen energy, aerospace industry, and military industry. The company is the leading enterprise internationally that can provide overall solutions for high-performance electronic circuit copper foil and ultra-thin lithium copper foil production lines. It is also the main research and production base for domestic precious metal titanium electrode composite materials and electronic sealing glass materials. They have successfully manufactured cathode rolls for producing 4-6m ultra-thin copper foil, achieving import substitution. In 2022, the company first successfully developed the world's largest 3.6m diameter cathode roll and foil machine integrated, and by 2024, the company's market share of cathode rolls and copper foil titanium anode products ranks first in the domestic market, with industry-leading performance. In addition to cathode rolls, the company can also provide core equipment such as foil machines for producing copper foil, copper foil-titanium anode, surface treatment machines, and high-efficiency copper dissolution tanks, as well as complete sets of copper foil production line solutions. The overall technology has reached international advanced levels, and they can provide high-performance titanium electrodes for industries such as green environmental protection, aluminum foil conversion, wet metallurgy, and electrolysis water hydrogen production, as well as glass sealing products for industries like aerospace and military electronics, with a market-leading share in the domestic market. The company's customers are mainly distributed in industries such as electrolytic copper foil, green environmental protection, aluminum foil conversion, wet metallurgy, aerospace industry, and military industry. The main domestic customers for the company's high-end electrolysis complete equipment include BYD Company Limited, Guangdong Jiayuan Technology, Hubei Zhongyi Technology Inc., Zhejiang Hailiang, Anhui Tongguan Copper Foil Group, Jiangxi Copper Foil, Jiangxi Tungsten Copper, Jiujiang Defu Technology, Gansu De Fu, Bai Jia Da, Hubei Zhongke, Jian Tao Copper Foil, Shen Geng Copper Foil, Jindu Electronics, Xinjiang Yiri, Shengda Electric, Jinbao Electronics, and Hunan Longzhi. The main domestic customers for the company's titanium electrodes and glass sealing products include Qingdao Shuangrui, Jinchuan Group, Zhejiang Huayou Cobalt, Qingshan Group, Zhong Yuan Yangtze, Zhongdian Science and Technology, Aerospace Hi-Tech Holding Group, etc. Moreover, the company actively responds to the national "Belt and Road" Initiative by expanding into related countries and regional markets. Their products are exported to countries such as Hungary, Luxembourg, the United States, South Korea, the United Kingdom, France, Singapore, Russia, Greece, Italy, Serbia, and China Taiwan region. The main overseas customers for the company's electrolysis complete equipment include: Solus Advanced Materials-Hungary, Volta Energy-Luxembourg, Circuit Foil Luxembourg, Jingu Development Co., Ltd., Li Changrong Technology Co., Ltd., Changchun Group, Galvanized Zinc Copper Foil, etc. The main overseas customers for the company's titanium electrodes and glass sealing products include South Korea's Lotte, South Korea's Emperor Lithium Battery, the United States' Aegion, France's Daqua, etc. The company plans to publicly issue no more than 40 million RMB ordinary shares (excluding the over-allotment portion). After deducting the issuance expenses from the proceeds of the new shares, they plan to invest in the following projects: Financially, in the fiscal years 2022, 2023, 2024, and January-June 2025, Taijin New Energy achieved operating revenues of approximately 1.005 billion yuan, 1.669 billion yuan, 2.194 billion yuan, and 1.164 billion yuan respectively; during the same period, the company achieved net profits of approximately 98.2936 million yuan, 155 million yuan, 195 million yuan, and 104 million yuan respectively.