科马材料冲刺北交所IPO，汽车制动领域“专精特新”企业迎关键一役

Core Viewpoint - Zhejiang Kema Material Co., Ltd. is set to raise 206 million yuan through its IPO, focusing on the development and production of friction materials, particularly in the dry clutch segment, where it holds a significant market share alongside major competitors [1] Group 1: Company Overview - Kema Material has been dedicated to the research, production, and sales of friction materials since its establishment in 2002, evolving from a small manufacturer to a leading player in the domestic dry clutch friction plate market [1] - The company has achieved over 85% market share in the high-end dry clutch friction plate segment, competing with Schaeffler and Valeo [1] Group 2: Product Portfolio - The main products include dry clutch friction plates and wet paper-based friction plates, which are utilized across various sectors such as commercial vehicles, passenger cars, engineering machinery, and agricultural machinery [1] - The dry clutch friction plate is a flagship product, with significant sales in the domestic commercial vehicle market, generating revenue of 44.25 million yuan in 2024 [2] Group 3: Market Opportunities - Kema Material is actively expanding into the wet paper-based friction plate business, which is crucial for automatic transmissions and has low domestic supply, presenting a significant growth opportunity [3] - The domestic market for wet paper-based friction plates is expected to grow rapidly, with a goal of achieving 80% localization by 2030, as outlined in the "Green Book on Key Areas of Technology Innovation in Chinese Manufacturing" [3] Group 4: Financial Performance - The company reported total revenue of 249 million yuan in 2024, reflecting a year-on-year growth of 25.16%, indicating strong market expansion and sales channel development [4] - The net profit after deducting non-recurring items reached 69 million yuan in 2024, a 55.22% increase from the previous year, showcasing improved cost control and operational efficiency [4] Group 5: Market Expansion - Kema Material has established a nationwide sales network and is actively pursuing international markets, with overseas sales accounting for 18.08% of total revenue in 2024 [5] - The domestic market for dry friction plates in passenger vehicles has grown from 203 million yuan in 2022 to 226 million yuan, providing further opportunities for domestic component manufacturers [5] Group 6: IPO Fund Utilization - The funds raised from the IPO will primarily be allocated to the "Environmental-Friendly Dry Impregnation Clutch Friction Material Technology Upgrade Project" and the "R&D Center Upgrade Project," aimed at enhancing production capacity and meeting the growing automotive market demand [5]