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热管理零件“小巨人”登陆A股,众捷汽车尽享国内新能源市场红利
2 1 Shi Ji Jing Ji Bao Dao·2025-04-20 16:15

Core Viewpoint - Zhongjie Automotive is a leading global supplier of precision machining components for automotive thermal management systems, with applications covering well-known brands such as Mercedes-Benz, BMW, and BYD. The company's recent A-share listing provides a significant opportunity for expansion, breaking through capacity bottlenecks and enhancing its competitive position in the market [1][5]. Group 1: Company Overview - Zhongjie Automotive has been recognized as a national-level specialized and innovative "little giant" enterprise by the Ministry of Industry and Information Technology [1]. - The company operates as a secondary supplier in the automotive thermal management sector, producing components such as air conditioning heat exchangers and battery coolers, primarily for major first-tier suppliers like Mahle [3]. - The company's revenue has grown from 713 million yuan in 2022 to an estimated 978 million yuan in 2024, indicating a strong competitive position within its niche [3][4]. Group 2: Market Position and Competition - Despite its growth, Zhongjie Automotive's operational scale is not competitive compared to earlier-listed peers like Yinlun, Sanhua, and Tenglong, which have significantly larger revenues in the thermal management sector [4]. - The company has established stable partnerships with major clients, with over 64% of its revenue coming from five key customers in the first half of 2024 [3]. Group 3: Expansion Plans - The company plans to use 285 million yuan from its IPO for a "Digital Intelligent Factory Construction and Expansion Project," which will add an annual production capacity of 41.44 million automotive components [6]. - The projected revenue increase from this project is approximately 447 million yuan, with an expected profit growth of around 71 million yuan annually [6]. Group 4: R&D and Innovation - Zhongjie Automotive is heavily reliant on technological innovation, with core technology products accounting for nearly 94% of its revenue by the first half of 2024 [7]. - The company aims to invest 57 million yuan in a new R&D center to enhance its innovation capabilities and reduce product development cycles [7]. Group 5: New Energy Vehicle Market - The sales proportion of new energy vehicle components has increased significantly, from 6.41% in 2021 to 31.97% in the first half of 2024, indicating a strong market trend [1][7]. - The complexity and higher value of thermal management systems in new energy vehicles present substantial growth opportunities for Zhongjie Automotive, with potential revenue increases driven by the expanding market [9].