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The first IPO after the holiday will be spent on Shengye Electric, and the capacity utilization rate is low and it is still planned to raise funds to expand production
"New Energy Layout and Capacity Dilemma: Enlightenment on the Road to IPO of Shengye Electric"
In the golden autumn of October, China's capital market ushered in the first IPO company after the National Day holiday - Shengye Electric. This company, which focuses on the production of film capacitors, is sprinting to the Beijing Stock Exchange and is expected to be on October 10. The road to listing of Shengye Electric is not only a microcosm of the development of an enterprise, but also reflects the current situation and challenges of the development of China's new energy industry.
Looking back at the development process of Shengye Electric, we can see the growth trajectory of a typical Chinese manufacturing enterprise. Founded in 2011, it has laid a foundation in the field of home appliances, and then expanded to high value-added fields such as new energy and power quality management. This path of transformation and upgrading is exactly the strategy that China's manufacturing industry has generally adopted in recent years, reflecting the rising ambition of Chinese enterprises in the global value chain.
However, Shengye Electric's IPO has also exposed some issues worth pondering. First of all, there is a contradiction between capacity utilization and expansion plans. The data shows that in the first half of 2024, the capacity utilization rate of the company's various capacitors is generally not high, and the power electronic capacitors are even only 54.16%. In this context, the company still plans to raise 177 million yuan, of which nearly 100 million yuan will be used for the expansion project of new energy film capacitor production line. This seemingly contradictory move actually reflects a common phenomenon in the development of China's new energy industry: driven by both policy support and market expectations, companies have increased their investment in the new energy sector, but the growth rate of actual demand may not keep up with the pace of capacity expansion.
This phenomenon is reminiscent of the overcapacity problem that once occurred in the new energy fields such as photovoltaic and wind power. Will history repeat itself? The answer may not be simple. On the one hand, the global demand for clean energy continues to grow, and the technological and cost advantages of Chinese enterprises in the field of new energy have also won them a broad international market. On the other hand, there is uncertainty about the strength and sustainability of policy support for the new energy industry in various countries, coupled with the slowdown in global economic growth, which may affect the release of actual demand.
From a more macro perspective, the case of Shengye Electric reflects a common challenge in the process of China's economic transformation and upgrading: how to find a balance between policy guidance, market demand and corporate strategy. The government hopes to promote industrial upgrading through policy support, and enterprises hope to seize market opportunities by expanding production capacity, but the actual demand of the market is often uncertain. This uncertainty is particularly evident in emerging industries, where development often relies on technological advances and the policy environment, both of which are likely to change rapidly.
For Shengye Electric, its expansion plan can be regarded as a strategic layout. In the field of new energy, first-mover advantage is often crucial. Even if the current capacity utilization rate is not high, if there is an explosive growth in market demand in the future, enterprises that have laid out in advance will gain significant advantages. However, this strategy also comes with significant risks, and companies could face severe financial pressures if the expected demand growth does not come as expected.
From an investor's point of view, Shengye Electric's case reminds us of the need to more comprehensively assess the investment value of new energy companies. In addition to paying attention to the current financial indicators, it is also necessary to deeply analyze the company's technical reserves, market positioning and long-term strategy. At the same time, it is also necessary to pay close attention to the changes in the policy environment and global market demand, as these factors will directly affect the future development of enterprises.
For policymakers, the case highlights the need for more precise policy guidance in the process of promoting industrial upgrading. How to avoid blind expansion, how to guide enterprises to evaluate market demand more rationally, and how to help enterprises improve their technological innovation capabilities instead of simply expanding production capacity are all issues that need in-depth thinking.
Looking ahead, we may be able to expect the formation of a more mature new energy industry ecosystem. In this system, enterprises, governments and markets can be better coordinated, capacity expansion and actual demand can be better matched, and technological innovation will become the core of enterprise competition. Shengye Electric's IPO road undoubtedly provides us with a window to observe and think about this process.
Finally, let's turn our attention back to Shengye Electric itself. As an enterprise that occupies an important position in the subdivided field, its future development is worth looking forward to. But at the same time, investors also need to stay sober and pay close attention to the company's capacity utilization changes, the actual demand growth in the new energy market, and the company's investment and achievements in technological innovation. Only on the basis of a full understanding of the risks can an informed investment decision be made.
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