BROAD-OCEAN MOTOR(SZ:002249) 智通财经网·2025-10-13 10:24Core Viewpoint - The company, Dayang Electric (002249.SZ), is actively expanding its business into robotics and has initiated an employee stock ownership plan while applying for a dual listing in Hong Kong to enhance its global presence and funding for future projects [1][2]. Group 1: Business Expansion and Financial Performance - Dayang Electric has launched an employee stock ownership plan, transferring up to 9.1 million shares at a price of 4.08 yuan per share to incentivize its core team [1]. - The company submitted its application for H-share listing on September 22, 2023, aiming to raise funds for the second phase of its production base in Morocco and to enhance its global capacity [1]. - From 2022 to 2024, Dayang Electric's revenue is projected to grow from 10.93 billion yuan to 12.11 billion yuan, with net profits increasing from 425 million yuan to 912 million yuan during the same period [2][4]. Group 2: Business Diversification - Dayang Electric has diversified its business into three main sectors: HVAC (heating, ventilation, and air conditioning), vehicle powertrain systems, and fuel cell technology, which collectively mitigate operational risks and enhance growth potential [2][3]. - The HVAC segment has been a significant contributor, accounting for 58% of total revenue in 2024, with steady growth in sales [3][5]. Group 3: Market Position and Competitive Advantage - In the HVAC market, Dayang Electric ranks second among global third-party suppliers, with a revenue of 6.66 billion yuan in 2024, benefiting from its leading market position [5][13]. - The company is also a key player in the vehicle powertrain sector, being one of the few domestic brands supplying critical components to international Tier-1 automakers [5][6]. Group 4: Profitability and Efficiency - Dayang Electric's net profit growth rate significantly outpaces its revenue growth, with a compound annual growth rate of 46.49% for net profit from 2022 to 2024, compared to a 5.26% growth in revenue [7][8]. - The company's gross margin improved from 19.3% in 2022 to 22.2% in 2024, while net profit margin increased from 3.9% to 7.5% during the same period [8][9]. Group 5: Future Growth Areas - Dayang Electric is investing in emerging fields such as fuel cells and robotics, with ongoing research and development in PEM fuel cell technology and collaborations with academic institutions to advance robotics technology [16][17]. - The global HVAC market is expected to grow at a compound annual growth rate of 6.1% from 2024 to 2029, providing further opportunities for Dayang Electric to leverage its market position [10][13].