SANYOU CORP.(SZ:300932) Shang Hai Zheng Quan Bao·2025-09-22 18:48Core Viewpoint - The company Sanyou Lianzhong, led by Chairman Song Chaoyang, focuses on innovation and investment in high-value relay sectors such as new energy and automotive, aiming for high-quality development and breaking monopolies in the industry [2][10]. Group 1: Company Background and Development - Sanyou Lianzhong was founded in 2008 by Song Chaoyang and two university classmates, specializing in relay production and self-developed automation equipment [3]. - The company initially aimed to provide domestic brands for the home appliance industry, successfully producing relays that matched the quality of imported brands at a lower price [4]. - Sanyou Lianzhong faced challenges entering the white goods market due to procurement standards favoring imported brands, leading to a partnership with Japanese brand DEC to gain market access [5][6]. Group 2: Market Position and Product Expansion - The company has expanded its product range from general power relays to include magnetic latching relays, automotive relays, new energy relays, and signal relays, penetrating various sectors such as smart meters and industrial control [6][8]. - Sanyou Lianzhong ranked second in domestic relay sales for eight consecutive years from 2014 to 2021, indicating a strong market presence [6]. Group 3: Investment and R&D Focus - After going public on the Shenzhen Stock Exchange in 2021, Sanyou Lianzhong allocated significant funds to expand production lines for automotive and new energy relays, recognizing these as growth markets with higher technical demands [7]. - The company maintains a research and development investment ratio of over 5% of revenue, with a growing R&D team from 470 in 2022 to a projected 668 by the end of 2024 [7][8]. Group 4: Future Strategy and Market Trends - Sanyou Lianzhong is preparing for a shift towards automation and intelligent manufacturing in the relay industry, moving from mass production to customized production [9]. - The company aims to increase its self-manufacturing of core components and has developed fully automated production lines to enhance competitiveness [9]. - Sanyou Lianzhong is also expanding internationally, establishing subsidiaries in North America, South Korea, Germany, and Vietnam to enhance its global footprint [9].