SIASUN(SZ:300024) 智通财经网·2025-08-25 22:40Core Viewpoint - Sanxie Electric (920100.BJ) has initiated its subscription with an issue price of 8.83 CNY per share and a price-to-earnings ratio of 11.86 times, focusing on the development, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors [1] Company Overview - Sanxie Electric is a high-tech enterprise that emphasizes research and development, with R&D investments of 10.64 million CNY, 12.54 million CNY, and 15.02 million CNY for 2022, 2023, and 2024 respectively, accounting for 3.71%, 3.46%, and 3.58% of revenue [1] - The company has obtained 56 patents, including 10 invention patents, 45 utility model patents, and 1 design patent [1] Product Application and Market Position - The products of Sanxie Electric are widely used in various industries such as security, textiles, photovoltaics, semiconductors, 3C, automotive, robotics, medical, and smart logistics [1] - The company has established stable partnerships with leading enterprises in specific fields, including Hikvision, Dahua Technology, and others [1] Revenue Breakdown - The revenue from main business operations for 2024, 2023, and 2022 is as follows: - Stepper Motors: 205.79 million CNY (52.87%), 183.64 million CNY (53.88%), 129.57 million CNY (46.65%) - Brushless Motors: 111.78 million CNY (28.72%), 91.21 million CNY (26.76%), 92.19 million CNY (33.19%) - Servo Motors: 59.71 million CNY (15.34%), 62.04 million CNY (18.20%), 48.87 million CNY (17.60%) - Gear Reducers: 4.48 million CNY (1.15%), 1.50 million CNY (0.44%) - Others: 7.49 million CNY (1.92%), 2.43 million CNY (0.71%), 7.13 million CNY (2.56%) [2] Market Trends - The global stepper motor market reached 2.079 billion USD in 2022, with China holding the largest share at approximately 63% [2] - The market is expected to grow to 2.411 billion USD by 2029, with a compound annual growth rate (CAGR) of 1.7% from 2022 to 2029 [2] Financial Performance - The company reported revenues of approximately 287.00 million CNY, 362.00 million CNY, and 420.00 million CNY for 2022, 2023, and 2024 respectively, with net profits of approximately 27.04 million CNY, 48.71 million CNY, and 56.37 million CNY [3] - Total assets increased from approximately 269.08 million CNY in 2022 to 475.31 million CNY in 2024, while total equity rose from approximately 171.41 million CNY to 284.01 million CNY during the same period [4]