IPO subscription on A shares | Zhenhong Shares (920200.BJ) starts subscription, with core products being wind power main shafts.

On April 22, Zhenhong Corporation (920200.BJ) began its subscription with an issuance price of 20.58 yuan per share, a subscription limit of 1.03 million shares, a P/E ratio of 14.99 times, listed on the Beijing Stock Exchange, with Guotai Haitong as its sponsoring institution. The prospectus shows that Zhenhong Corporation is a high-tech enterprise specializing in the research and development, production, and sales of forged wind turbine main shafts and other large metal forgings, with products widely used in wind power, chemical industry, machinery, shipbuilding, nuclear power, and other fields. The company has obtained European PED certification, American API certification, as well as CCS, ABS, KR, RINA, NK, LR, DNV, RS, and certifications from multiple ship classification societies, and has also obtained the special equipment manufacturing license for pressure pipeline components and relevant qualifications required for military operations, with the necessary qualifications and certifications to enter specific markets or industries. The wind turbine main shaft is the company's main core product. Currently, the company's wind turbine main shaft products are complete in specifications and can be applied to various onshore wind turbine specifications ranging from 1.5MW to 9.5MW, with representative customers including Envision Energy, Windey Energy Technology Group, Ming Yang Smart Energy, China Shipbuilding Group, Sany Renewable Energy, Shanghai Electric Group, Dongfang Electric Corporation, ENN Energy, Siemens Energy, Adani, Senvion, and other well-known wind turbine manufacturers both domestically and internationally. According to GWEC statistics, the global new wind power installation capacity is expected to reach 117GW by 2024, with a compound annual growth rate of 11.83% from 2017 to 2024. It is estimated that by 2030, the global wind power new installation capacity will increase to 194GW; by 2024, the global cumulative wind power installed capacity will reach 1,138GW, with a compound annual growth rate from 2017 to 2024 of 11.24%. It is estimated that by 2030, the global cumulative wind power installed capacity will reach 2,120GW. In terms of finances, in the years 2023, 2024, and 2025, the company is expected to achieve operating income of approximately 1.025 billion yuan, 1.136 billion yuan, and 1.327 billion yuan respectively; with net profits of approximately 80.934 million yuan, 104 million yuan, and 146 million yuan respectively during the same period.