巴兰仕北交所IPO即将上会，专注做汽修设备，应收账款较高

Company Overview - Shanghai Balanshi Automotive Testing Equipment Co., Ltd. (referred to as "Balanshi") is focused on the automotive repair equipment sector, specializing in the research, production, and sales of automotive maintenance and testing equipment [3][12] - The company was established on January 7, 2005, and is headquartered in Jiading District, Shanghai [3] - As of May 30, 2025, the actual controllers of the company are Cai Xilin and Sun Lina, who together control 46.66% of the shares [3] Financial Performance - Balanshi achieved operating revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 30.04 million yuan, 80.55 million yuan, and 129.40 million yuan [7][8] - The company expects operating revenue for the first half of 2025 to be between 513 million yuan and 530 million yuan, representing a year-on-year growth of 0.36% to 3.68% [9] - The gross profit margins for 2022, 2023, and 2024 were 23.62%, 27.04%, and 28.55% respectively, which are slightly below the industry average [10][11] Product and Market Position - Balanshi's main products include tire changers, balancing machines, lifting machines, and other automotive maintenance equipment [3][10] - The company primarily sells its products through a private label model for foreign markets, which accounts for approximately 75% of its main business revenue [12] - The domestic sales network covers most provinces and municipalities in China, with notable clients including BYD, Li Auto, and Great Wall Motors [12] Industry Context - The automotive aftermarket in China reached approximately 1.1 trillion yuan in 2023, growing by 12.96% since 2020 [15] - The automotive repair and maintenance equipment market is influenced by factors such as vehicle ownership rates and aging trends, which are in turn affected by macroeconomic conditions [17] - The industry is characterized by intense competition, with many small enterprises lacking innovation capabilities, leading to product homogeneity and price-based competition [17] Future Prospects - Balanshi plans to raise 300 million yuan for projects aimed at the intelligent transformation of automotive maintenance equipment and expansion of production capacity [17] - The company anticipates an increase in production capacity for lifting machines, tire changers, and washing machines upon completion of its fundraising projects [17]