新股前瞻|年营收超15亿、卡位高成长赛道，兆威机电冲刺“A+H”上市可期?

Core Viewpoint - The company Zhaowei Electromechanical is set to list on the Hong Kong Stock Exchange, aiming to leverage its leading position in the integrated micro-drive and drive system industry, which is experiencing significant growth due to the rise of smart vehicles, humanoid robots, and consumer electronics [1][10]. Company Overview - Zhaowei Electromechanical, founded in 2001, is a leading provider of integrated micro-drive and drive system solutions, primarily serving high-growth sectors such as smart vehicles, robotics, consumer technology, medical technology, and advanced manufacturing [1][2]. - The company has launched three major proprietary product platforms, including high-performance servo motors, drum motors, and dexterous hands, targeting high-potential industries [1]. Financial Performance - The company has demonstrated steady revenue growth, with revenues of approximately RMB 11.52 billion, RMB 12 billion, and RMB 15.25 billion from 2022 to 2024, respectively [4]. - Gross profits for the same period were RMB 3.35 billion, RMB 3.49 billion, and RMB 4.76 billion, with net profits of RMB 1.5 billion, RMB 1.8 billion, and RMB 2.25 billion, indicating a consistent upward trend [4]. - The gross margin improved from 29.1% in 2022 to 31.2% in 2024, while net profit margins were 13.1%, 14.9%, and 14.8% for the same years [4]. Market Position - Zhaowei Electromechanical ranks first in China and fourth globally in the integrated micro-drive and drive system industry, holding a market share of 3.9% in China, significantly higher than the second-place competitor at 1.4% [3][9]. - The company holds 382 relevant patents, the highest in the Chinese market for this sector, reflecting its strong focus on research and development [3]. Industry Growth - The integrated micro-drive and drive system industry is projected to grow from RMB 782 billion in 2020 to RMB 1,113 billion by 2024, with a compound annual growth rate (CAGR) of 9.2% [6]. - In China, the industry is expected to expand from RMB 203 billion in 2020 to RMB 332 billion by 2024, with a CAGR of 13.0% [7]. Competitive Landscape - The top five market participants in China's integrated micro-drive and drive system industry are expected to hold a combined market share of approximately 9.0% by 2024, with Zhaowei Electromechanical leading at 3.9% [9]. - The industry has high entry barriers due to its interdisciplinary nature, requiring strong research and design capabilities, which creates a natural protective barrier for established companies [9].