无人机电机企业“试水”机器人电机，三瑞智能创业板IPO获受理

Core Viewpoint - Increasing number of low-altitude economy industry chain companies are targeting the A-share market, with Sanrui Intelligent Technology Co., Ltd. being one of the first to have its IPO application accepted for the ChiNext board in 2025 [1] Company Overview - Sanrui Intelligent was established in 2009 and is one of the earliest providers of electric power system solutions for drones in China [1] - The company initially focused on consumer-grade multi-rotor drone motors and later expanded into industrial-grade drone motors, offering various products including fixed-wing and multi-rotor power systems [1] Production Capacity - Sanrui Intelligent has built 8 production lines with an annual production capacity of 1.85 million motors, 500,000 electronic speed controllers, and 200,000 carbon fiber propellers, making it one of the largest manufacturers of civil drone electric power systems in China [1] Fundraising and Investment Plans - The company plans to raise 769 million yuan through its IPO to invest in projects including the expansion of drone and robot power systems, the establishment of a research and development center, and the construction of an intelligent warehousing center [1][2] Revenue Growth - Sanrui Intelligent's revenue is primarily derived from drone power systems, with projected revenues of 362 million yuan, 534 million yuan, and 831 million yuan for 2022, 2023, and 2024 respectively [3] - The company expects net profits (after non-recurring losses) to grow from 101 million yuan in 2022 to 321 million yuan in 2024 [3] Product Contribution - The drone electric power system products generated revenues of 309 million yuan, 446 million yuan, and 728 million yuan for the same years, contributing over 80% of total revenue [3] - The electric motor segment alone contributed 167 million yuan, 237 million yuan, and 462 million yuan in revenue, accounting for 46.17%, 44.47%, and 55.72% of total revenue respectively [3] Pricing Trends - Despite revenue growth, the average selling price of electric motors has been declining, with the price expected to be 148.38 yuan in 2024, down from 295 yuan in 2022 and 262.86 yuan in 2023 [4] Market Position - According to a report, Sanrui Intelligent is projected to hold a 7.1% market share in the global civil drone electric power system market by 2024, ranking second after DJI [4] Product Development and Diversification - The company has also ventured into the robotics sector with its brand CubeMars, focusing on robotic joint systems, leveraging similarities in production processes with drone motors [6] - Sanrui Intelligent has been developing electric vertical take-off and landing (eVTOL) power systems since 2019, indicating a strategic move into advanced aviation technologies [7]