汽车驱动轴“小巨人”腾励传动再战IPO

Core Viewpoint - Tengli Transmission has restarted its listing process, submitting a listing guidance report to the Zhejiang Securities Regulatory Bureau, with Guotai Junan as the advisory institution. This is not the company's first attempt at going public, as it previously withdrew its application in July 2024 after initially submitting it in April 2023 [1]. Company Overview - Tengli Transmission specializes in the research, production, and sales of constant velocity drive shaft components and assemblies, primarily focusing on the passenger vehicle market. The company has established itself as one of the few domestic manufacturers to enter the supply chain of well-known automotive manufacturers [1][2]. Product and Market Position - The main products of Tengli Transmission include constant velocity drive shaft components such as cages, intermediate shafts, and inner and outer star wheels, as well as some electric drive connection shafts. The constant velocity drive shaft is a critical component in automotive transmission systems, ensuring reliable torque transmission to the drive wheels [2]. - From 2021 to 2023, Tengli Transmission's major clients included prominent players in the industry such as Nidec, Fawer, Hyundai Wia, Leap Motor, Xpeng Motors, Chery, and Ningbo Liancheng, establishing long-term stable partnerships and actively expanding its customer base among new energy vehicle manufacturers [2]. Financial Performance - Tengli Transmission has shown significant growth in both revenue and profitability from 2021 to 2023, with revenues of 377 million yuan, 510 million yuan, and 606 million yuan, reflecting a compound annual growth rate (CAGR) of 26.83%. Net profits for the same period were 53.30 million yuan, 65.91 million yuan, and 83.16 million yuan, with a CAGR of 24.91% [3]. - The company's ownership structure indicates that Fu Xiaoqing directly holds 57.18% of the shares, with additional indirect holdings through Tongli Investment and Tengli Investment, totaling 64.02% of the company's equity [3].