BROAD-OCEAN MOTOR(SZ:002249) Zhi Tong Cai Jing·2025-09-22 11:12Core Viewpoint - The company, Zhongshan Dayang Electric Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, with Citigroup and Huatai International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange and specializes in electric motors and drive systems, including products for HVAC, starters, generators, and new energy vehicle powertrains [1][2]. Company Overview - Zhongshan Dayang Electric is a supplier of electric motors and drive systems, with a product range that includes motors for building and household appliances, starters, generators, and key components for new energy vehicles [1]. - According to Frost & Sullivan, the company ranks second globally among third-party HVAC drive solution suppliers by sales revenue in 2024, and first in China and North America. It ranks fourth globally in the starter motor industry and second among Chinese companies [1]. - The company is also ranked fifth among third-party suppliers of new energy vehicle powertrains in China by sales revenue in 2024, and it holds the top position among Chinese suppliers in terms of overseas sales revenue [1]. Financial Performance - The company has 15 production bases globally as of June 30, 2025, with six located overseas in the USA, UK, Vietnam, Thailand, Mexico, and India. This strategic positioning enhances global supply chain management and logistics competitiveness [2]. - The overseas sales accounted for 46.0%, 44.5%, 45.1%, and 47.7% of total revenue during the past four years, with gross margins generally higher than those from sales in China [2]. - Financial results show revenues of RMB 10.93 billion, RMB 11.29 billion, RMB 12.11 billion, and RMB 6.24 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits were approximately RMB 425 million, RMB 675 million, RMB 911 million, and RMB 639 million [2][3].