BYD(SZ:002594) 智通财经网·2025-04-14 22:53Core Viewpoint - Zhongjie Automotive (301560.SZ) has initiated its subscription on April 15, with an issue price of 16.50 CNY per share and a price-to-earnings ratio of 21.30 times, under the sponsorship of Tianfeng Securities [1] Group 1: Company Overview - Zhongjie Automotive specializes in the research, production, and sales of precision components for automotive thermal management systems, including products like automotive air conditioning heat exchangers, oil coolers, and battery coolers [1] - The company has over 3,000 types of component products, with an annual shipment volume exceeding 100 million units, and operates manufacturing bases and sales companies in North America and Europe [2] - Its products serve major global automotive brands, including Mercedes-Benz, BMW, Audi, and emerging electric vehicle brands like Tesla and BYD [2] Group 2: Market Position and Competition - The automotive parts industry has a pyramid structure with multiple levels of suppliers, and the thermal management system sector in China is characterized by low concentration and intense competition [3] - Zhongjie Automotive holds a strong competitive position as a secondary supplier in the high-end market, with significant market shares in its traditional products and newly developed items [3] - The global market shares for its products in the first half of 2024 are projected to be 6.41% for liquid storage tanks, 3.74%-7.49% for flanges, 5.56% for bottom plates, and 1.34% for valve bodies [3] Group 3: Financial Performance - The company's revenue for the years 2021, 2022, 2023, and the first half of 2024 were approximately 593 million CNY, 713 million CNY, 822 million CNY, and 472 million CNY respectively, with net profits of 48.87 million CNY, 78.32 million CNY, 82.51 million CNY, and 45.89 million CNY [3] - As of June 30, 2024, the total assets amounted to approximately 1.39 billion CNY, with equity attributable to the parent company at around 443.56 million CNY [4] - The asset-liability ratio for the parent company was 64.18% as of June 30, 2024, showing a slight increase from previous years [4]