南昌家族企业，冲刺“无人机动力系统第一股”

Core Viewpoint - The IPO of Nanchang Sanrui Intelligent Technology Co., Ltd. marks a significant event in the A-share market, as it aims to become the first listed company in the drone power system sector, with a projected market share of 7.1% in 2024, second only to DJI [1][6]. Company Overview - Sanrui Intelligent was founded in 2009 and has established itself as a key player in the drone electric power system market, focusing on R&D, production, and sales of drone and robot power systems [3][4]. - The company plans to raise 769 million yuan through its IPO to expand production capacity and build a research and development center [3][11]. Financial Performance - Sanrui Intelligent's revenue has shown significant growth, with projected revenues of 3.62 billion yuan in 2022, 5.34 billion yuan in 2023, and 8.31 billion yuan in 2024. Net profits are expected to reach 1.13 billion yuan, 1.72 billion yuan, and 3.33 billion yuan for the same years [4][6]. - The company has a strong cash position, with over 600 million yuan in liquid assets as of the end of 2024, and it distributed 130 million yuan in dividends to shareholders in 2023 [3][13]. Market Position - Sanrui Intelligent ranks second globally in the civil drone electric power system market, with a focus on providing components such as motors and electronic speed controllers to various drone manufacturers [6][14]. - The company has established a diverse customer base, including notable clients like DJI, XAG, and various international research institutions [5][6]. Product Segmentation - The main revenue driver for Sanrui Intelligent is its drone electric power system products, which accounted for 85.45%, 83.72%, and 87.78% of its main business revenue in 2022, 2023, and 2024, respectively [5][6]. - The company has also ventured into the robotics sector, generating revenue from robot power systems, which accounted for 7.21%, 6.38%, and 5.26% of total revenue during the same period [6][16]. Investment and Financing - Sanrui Intelligent has attracted attention from investors, having undergone two rounds of external financing, and has signed agreements that grant investors various rights [7][8]. - The company plans to allocate the funds raised from the IPO towards expanding its drone and robot power system production, building a new R&D center, and upgrading its information systems [11][12]. Competitive Landscape - The drone market is dominated by DJI, which holds over 80% of the global market share, making it challenging for competitors like Sanrui Intelligent to capture significant market share [14][15]. - Sanrui Intelligent's international revenue has been growing, with overseas sales accounting for over half of its total revenue in recent years [15].