A shares subscription | Zhenshi shares (601112.SH) opens subscription 2024 company wind power glass fiber cloth global market share exceeds 35%

On January 19th, Zhen Shi Co., Ltd. (601112.SH) started its initial public offering at a price of 11.18 yuan per share, with a limit of 54,500 shares. The price-to-earnings ratio is 32.59 times and it is listed on the Shanghai Stock Exchange, with CICC as its sponsor institution. According to the prospectus, Zhen Shi Co., Ltd. is a national high-tech enterprise mainly engaged in the research, production, and sales of fiber-reinforced materials in the clean energy field, covering industries such as wind power, photovoltaic power generation, new energy vehicles, building materials, transportation, electronics, electrical, and chemical environmental protection. According to statistics from CHINA GLASS Fiberglass Industry Association, the company's global market share of wind power fiberglass fabric is expected to exceed 35% by 2024. Zhen Shi Co., Ltd. has established stable cooperation relationships with well-known clients globally and has become a major supplier to leading enterprises. Domestic clients include Ming Yang Smart Energy, Far East Horizon Energy, Sinoma Science & Technology, Zhuzhou Times New Material Technology, Ai Lang Technology, and Sany Renewable Energy; international clients include Vestas, Siemens Gamesa, TPI, and Nordex. In terms of the industry, according to GWEC statistics and forecasts, the global cumulative installed capacity of wind power is expected to reach 1,136GW by the end of 2024, and is projected to reach 2,118GW by 2030. The compound annual growth rate of global new wind power installation capacity from 2024 to 2030 is expected to be 10.94%, with an average annual increase of 163.7GW and the sector is expected to maintain a relatively high development speed. In terms of finance, the company's operating income in 2022, 2023, and 2024 is approximately 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan respectively. The net profits for the same period are approximately 781 million yuan, 793 million yuan, and 607 million yuan respectively. From 2022 to June 2025, the company's net cash flow from operating activities were approximately -208 million yuan, -409 million yuan, 103 million yuan, and 106 million yuan respectively. Zhen Shi Co., Ltd. stated in the prospectus that some of the net cash flows from operating activities for certain years were negative and fluctuated due to the company's business settlement and bill disposal methods. During the reporting period, the company had significant sales receipts through bill settlements.