2 1 Shi Ji Jing Ji Bao Dao·2025-08-18 23:21Core Viewpoint - Balanshi (920112.BJ) is a high-tech enterprise focused on the research, production, and sales of automotive maintenance, inspection, and repair equipment, with an IPO available for subscription on August 19 [1][5]. Company Overview - Balanshi specializes in manufacturing equipment such as tire changers, wheel balancers, lifts, refrigerant recovery and charging machines, and pneumatic oil extractors [1]. - The company has a significant domestic sales network covering most provinces and municipalities in China, with products sold to various automotive service providers and manufacturers [5]. - Balanshi is recognized as a high-tech enterprise and holds leadership positions in several automotive maintenance industry associations [5]. Financial Performance - The projected revenues for Balanshi from 2022 to 2024 are 6.43 billion, 7.94 billion, and 10.57 billion CNY, respectively, with net profits of 0.3 billion, 0.81 billion, and 1.29 billion CNY [6]. - The company's gross profit margins are expected to increase from 23.62% in 2022 to 28.55% in 2024, indicating a positive growth trend [6]. Market Position and Risks - Balanshi has established partnerships with well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as major automotive service chains [5]. - The company primarily operates under a private label sales model for its exports, which poses risks if major clients experience significant revenue declines or operational issues [6]. - The proportion of foreign sales to total revenue is high, accounting for approximately 75% in recent years, with potential risks from currency fluctuations affecting competitiveness and profitability [7].