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  来源:瑞恩资本

  2025年4月15日,来自海南海口的海南钧达新能源科技股份有限公司 HainanDrindaNewEnergyTechnologyCo.,Ltd.(以下简称“钧达股份”)在港交所递交招股书,拟香港主板IPO上市。这是继其于2024年2月6日、2024年10月14日先后两次递表失效后的再一次申请。

  钧达股份,于2017年4月25日在深交所主板上市,股票代码002865.SZ。

  钧达股份招股书链接:

  https://www1.hkexnews.hk/app/sehk/2025/107296/documents/sehk25041501629_c.pdf

  主要业务

  钧达股份,成立于2003年,作为全球领先的专业光伏电池制造商,持续专注于高效光伏电池的研发、生产和销售。钧达股份的光伏电池业务是于2021年9月通过收购捷泰科技连同其子公司的方式取得。于收购光伏电池业务前,钧达股份原主营业务为汽车塑料配件的研发、生产和销售,该业务出售予杨氏家族,已于2022年6月终止经营。

  根据弗若斯特沙利文的资料,于2024年按出货量计,

在专业制造商中,钧达股份的光伏电池全球市场份额达至约17.9%,排名第二;公司的N型TOPCon电池全球市场份额达至约24.7%,排名第一。

在专业制造商和一体化制造商中,钧达股份的光伏电池全球市场份额约5.6%,公司的N型TOPCon电池市场份额约7.5%。

  *光伏电池专业制造商和一体化制造商是光伏电池市场的两大类主要市场参与者。光伏电池专业制造商是指专注于光伏电池研发、生产与销售的公司。而一体化制造商参与光伏产业链的多个环节,包括硅片、光伏电池、光伏组件等产品的生产。

  钧达股份在N型TOPCon电池及P型PERC电池等不同代主流光伏电池中持续位居行业前列,一直引领全球光伏电池行业从P型PERC电池向N型电池转型。于2018年开始的单晶光伏电池时代,公司及捷泰科技研发的单晶P型PERC电池转换效率达23.8%以上,产品性能处于国际先进水平,同时率先行业完成166mm光伏电池到182mm光伏电池的生产线升级,推动了光伏电池从小尺寸到大尺寸的产业升级。在当前的N型电池时代,公司成为全球首批实现N型TOPCon电池研发和大规模量产的专业光伏电池制造商。

  截至2024年12月31日,钧达股份的光伏电池年化产能约为44.4GW,均为N型TOPCon电池,生产基地位于滁州、淮安。

  钧达股份主要提供以下三款关键产品:

210-NN型TOPCon单晶电池。于2023年推出,该型号电池的双面均为18主栅,厚度为130μm±13μm。其尺寸为210mm*210mm±0.5mm。其正面效率≥26.0%,双面率≥80%。

182NN型TOPCon单晶电池。于2022年推出,双面均为16主栅,厚度为130μm±13μm,尺寸为182mm*182mm±0.5mm。其正面效率≥26.0%,双面率≥80%。

182PP型PERC单晶电池。于2021年推出,其双面均为10主栅,厚度为170μm±17μm。尺寸为182mm*182mm±0.5mm,其正面效率≥23.8%,双面率≥70%。

  钧达股份的的收入来自向客户销售N型TOPCon电池及P型PERC电池,以及向客户提供主要为P型PERC电池的制造服务。公司已逐步停止P型PERC电池的销售、生产及制造服务。

  股东架构

  根据招股书披露,于2024年10月8日,钧达股份的股权架构:

  杨氏家族为单一最大股东集团,能够行使公司约22.67%的投票权。

  董事高管

  钧达股份董事会由10名董事组成,包括:

5名执行董事:陆小红女士(董事长,徐晓平先生的配偶)、徐晓平先生(副总经理,陆小红女士的配偶)、张满良先生(总经理)、郑洪伟先生(副董事长兼副总经理)、郑彤女士(董事会秘书兼联席公司秘书);

1名非执行董事:徐勇先生(陆小红女士的妹夫);

4名独立非执行董事:茆晓颖博士(苏州大学副教授)、沈文忠先生(上海交通大学教授兼博士生导师)、马树立先生(北京康达(苏州)律师事务所主任兼高级合伙人)、张亮先生(曾任润迈德(02297.HK)执行董事、首席财务官)。

  除执行董事外,高管包括黄发连女士(财务总监),陈平仙女士(营销总监)。

  监事会3名:刘忍妹女士、林彩英女士、何佳璐女士。

  公司业绩

  招股书显示,在过去的2022年、2023年和2024年,钧达股份的营业收入分别为人民币110.86亿、186.11亿和99.24元;相应期间的净利润分别为人民币8.21亿、8.16亿和-5.91亿元。

  中介团队

  钧达股份是次IPO的中介团队主要有:

  华泰国际、招银国际、德意志银行为其联席保荐人;

  德勤为其审计师;

  天元为其公司中国律师;

  美迈斯为其公司香港及美国律师;

  锦天城为其券商中国律师;

  瑞生为其券商香港及美国律师;

  新百利融资为其合规顾问;

  弗若斯特沙利文为其行业顾问。

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