ABS市占率第一难解成长焦虑，商用车电子龙头瑞立科密募资扩产遭拷问

Core Viewpoint - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. (hereinafter referred to as "Ruili Kemi"), is preparing for its IPO on the Shenzhen Stock Exchange after a significant period of planning and regulatory scrutiny, amidst concerns regarding its operational stability and complex related-party transactions [3][4][6]. Financial Performance - Ruili Kemi's revenue and net profit have shown significant fluctuations over the years, with revenues of 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan from 2022 to 2024, reflecting year-on-year growth rates of -4.18%, 32.81%, and 12.32% respectively [4][5]. - The net profit attributable to the parent company was 96.96 million yuan, 236 million yuan, and 269 million yuan for the same years, with growth rates of -50.91%, 143.32%, and 14.07% respectively [4][5]. Business Overview - The company specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, with its main products including pneumatic and hydraulic control braking systems [3][6]. - Ruili Kemi's products are supplied to major domestic vehicle manufacturers and exported to Europe and the United States [3]. Market Position - The pneumatic control braking system is the primary revenue source for Ruili Kemi, accounting for 43.27%, 48.81%, and 45.89% of its main business revenue from 2022 to 2024 [6][7]. - The company has maintained a leading position in the industry for its braking products, ranking first in production and sales of anti-lock braking systems (ABS) for ten consecutive years [8]. Industry Context - Ruili Kemi's performance is closely tied to the commercial vehicle market in China, which has seen a decline in sales from 5.133 million units in 2020 to 3.873 million units in 2024, a decrease of 3.92% year-on-year [9][10]. - The growth of the new energy commercial vehicle market is significant, with sales expected to reach 532,000 units in 2024, a year-on-year increase of 28.9% [10]. Related-Party Transactions - Ruili Kemi's largest shareholder, Ruili Group, holds 64.16% of the company and has been a major customer, accounting for 21.10% and 4.51% of the company's revenue in 2022 and 2023 respectively [14][15]. - The company has been scrutinized for its related-party transactions, which have raised concerns about the fairness and commercial rationale behind these dealings [16][18]. Future Prospects - The company plans to raise 15.22 billion yuan through its IPO, with funds allocated to projects aimed at enhancing its production capabilities and market competitiveness [22][24]. - However, the rationale for expanding production capacity amidst underutilization of existing capacity has been questioned, indicating potential challenges ahead [24].