Sou Hu Cai Jing·2025-10-10 06:34Core Viewpoint - The announcement by Zhongshan Dayang Electric Motor to apply for an IPO in Hong Kong marks a significant step towards establishing a dual capital platform, indicating its ambition to expand beyond the domestic market and compete globally in the electric motor and drive sector [1][3]. Financial Data Comparison: Strategic Divergence in Scale Stability and Growth Elasticity - Dayang Electric Motor reported a revenue of 6.241 billion yuan and a net profit of 601 million yuan for the first half of 2025, approximately three times the size of Jiangsu Leili, which had a revenue of 1.958 billion yuan and a net profit of 186 million yuan [4][7]. - Dayang's gross profit margin improved to 21.90%, with a significant increase in the gross margin of its new energy vehicle powertrain systems by 8.70% to 19.09%, reflecting effective product structure upgrades and cost control [6]. - Jiangsu Leili, despite its smaller scale, achieved a gross profit margin of 25.41%, particularly in its industrial control motor segment, which reached a gross margin of 40.03%, indicating strong product value [6][11]. - Dayang's revenue growth was 7.66%, with net profit growth of 34.41%, driven by stable performance in its construction and home appliance motor business [8]. - Jiangsu Leili exhibited higher growth elasticity with a revenue increase of 20.71%, primarily from its new energy vehicle motor segment, which surged by 63.72% [8]. Business Structure Divergence: System Integration vs. Focused Segmentation - Dayang Electric Motor's IPO is a key indicator of its global strategy, transitioning from product export to localized operations, with plans to use raised funds for expanding its Moroccan production base [13][18]. - Dayang's 47.67% overseas revenue is supported by a mature global production network, while Jiangsu Leili's international capacity expansion is still in its early stages, focusing on domestic high-growth sectors [14][12]. - Dayang's business model is characterized by a dual-drive approach, with a stable cash flow from its construction and home appliance motor business and clear growth in new energy vehicle systems [16]. - Jiangsu Leili's strategy emphasizes excellence in multiple electric motor segments, achieving breakthroughs in new energy vehicle components and maintaining high barriers in industrial control motors [16][20]. Capital Strategy and Future Outlook: "Going Out" vs. "Digging In" - Dayang's H-share listing aims to provide a long-term financing channel for global operations and enhance its brand credibility, aligning with its vision to become a global supplier [18][20]. - Jiangsu Leili's focus on the A-share market is driven by its commitment to upgrading its core business in high-growth segments, leveraging the domestic market to support its development [20][22]. - The contrasting strategies of Dayang and Jiangsu Leili reflect two successful paradigms in China's high-end manufacturing transformation: one pursuing global engagement and the other deepening domestic capabilities [22].