Core 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 automotive maintenance equipment, including 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, achieving high brand recognition [5]. Financial Performance - The total revenue for Balanshi from 2022 to 2024 is projected to be 6.43 billion, 7.94 billion, and 10.57 billion respectively, with net profits of 0.3 billion, 0.81 billion, and 1.29 billion, indicating a consistent upward trend in both revenue and profit [6]. - The gross profit margins for the same period are 23.62%, 27.04%, and 28.55%, showing an overall growth trajectory [6]. Market Position and Clientele - 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 and oil companies [5]. - The company exports to over 100 countries and regions, enhancing its global market presence [5]. Investment and Use of Proceeds - The company plans to allocate raised funds towards the intelligent transformation and expansion of automotive maintenance equipment, with specific projects including a smart factory for lifting equipment and the establishment of a research and development center [4]. Risks and Challenges - Balanshi acknowledges risks associated with its reliance on OEM (original equipment manufacturer) sales, which may impact revenue if major clients face operational difficulties or if competition intensifies [6]. - The company’s foreign sales, which account for approximately 75% of its main business income, are primarily settled in USD, exposing it to currency exchange risks [7].
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