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

DoNews March 31 news: Xi’an Taijin New Energy Technology Co., Ltd. (abbreviated as “Taijin New Energy,” stock code: “688813”) today listed on the Shanghai Stock Exchange. Taijin New Energy’s offering price is 26.28 yuan per share, with 40 million shares issued, raising a total of 1.05B yuan.

Taijin New Energy’s opening price was 49 yuan, its closing price was 49.47 yuan, and the closing price was up 88% from the offering price; based on the closing price, the company’s market value is 7.9 billion yuan.

Taijin New Energy mainly engages in the R&D, design, production, and sales of high-end green electrolyzer complete sets of equipment, titanium electrodes, and metal glass sealing products. It is an international enterprise that can provide end-to-end overall solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines, and it is a major R&D and production base in China for precious-metal titanium electrode composite materials and electronic sealing glass materials.

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

The prospectus shows that in 2022, 2023, and 2024, Taijin New Energy’s revenue was 1.0 billion yuan, 1.67B yuan, and 2.19B yuan, respectively; net profit was 98.29 million yuan, 155 million yuan, and 196 million yuan, respectively; and net profit after excluding non-recurring items was 87.64M yuan, 138 million yuan, and 183 million yuan, respectively.

At the end of each period during the reporting period, the combined book value of Taijin New Energy’s accounts receivable and contract assets was 296 million yuan, 484 million yuan, 650 million yuan, and 715 million yuan, respectively, accounting for a combined proportion of 9.56%, 10.59%, 17.32%, and 21.78% of the total assets at the end of each respective period. During each period of the reporting period, the company’s accounts receivable turnover ratio was 4.26 times/year, 4.30 times/year, 3.80 times/year, and 2.53 times/year, respectively. Taijin New Energy’s 2025 revenue was 2.4 billion yuan, a year-on-year increase of 9.16%.

For 2025, the company achieved net profit after excluding non-recurring items of 200 million yuan, a year-on-year increase of 11%. The main reason is that: in the company’s in-hand orders, some customers completed trial operation and acceptance, resulting in the company’s 2025 revenue increasing compared with the previous year.

Taijin New Energy expects first-quarter 2025 revenue of 400 million to 500 million yuan, a decline of 28% to 42% compared with 700 million yuan in the same period last year; it expects net profit of 35 million to 45 million yuan, compared with 82.38 million yuan in the same period last year, a decrease of 45.38% to 57.52%; it expects net profit after excluding non-recurring items of 33 million to 43 million yuan, compared with 81.64 million yuan in the same period last year, a decrease of 47.33% to 59.58%.