BROAD-OCEAN MOTOR(SZ:002249) Zhi Tong Cai Jing·2025-10-13 11:43Core Viewpoint - The company, Dayang Electric (002249.SZ), is actively expanding its business into the robotics sector and has initiated an employee stock ownership plan while also applying for a dual listing in Hong Kong to enhance its global presence and funding capabilities [1][2]. Financial Performance - Dayang Electric has shown steady growth in revenue and net profit from 2022 to 2025, with revenues of 10.93 billion, 11.29 billion, and 12.11 billion RMB, and net profits of 0.425 billion, 0.675 billion, and 0.912 billion RMB respectively [2][4]. - In the first half of 2025, the company reported a revenue of 6.24 billion RMB, a year-on-year increase of 7.66%, and a net profit of 0.64 billion RMB, reflecting a significant growth of 37.36% [2][4]. Business Diversification - The company has diversified its business into three main sectors: HVAC (heating, ventilation, and air conditioning), vehicle powertrain systems, and fuel cell technology, which has helped mitigate risks and open new growth avenues [3][5]. - The HVAC segment has been a cornerstone of Dayang Electric's revenue, contributing 58% of total income in 2024, with a focus on air conditioning products [3][4]. Market Position - Dayang Electric ranks second among global third-party HVAC electric drive solution providers and holds the top position in both the Chinese and North American markets [5][14]. - In the vehicle sector, the company is a key supplier for major domestic and international automakers, providing integrated powertrain systems [5][6]. Global Expansion - The company has established a dual-market strategy with 15 production bases globally, including six overseas locations, which has contributed to a balanced revenue stream from domestic and international markets [6][8]. - From 2022 to 2024, overseas sales accounted for approximately 46% of total revenue, indicating a strong international presence [6][7]. Profitability Metrics - Dayang Electric has experienced a significant increase in both gross and net profit margins, with gross margins rising from 19.3% in 2022 to 22.2% in 2024, and net margins increasing from 3.9% to 10.3% in the same period [8][9]. Future Growth Areas - The company is focusing on emerging technologies such as fuel cells and robotics, with ongoing research and development efforts aimed at enhancing its competitive edge in these sectors [10][18]. - The global HVAC market is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2029, which could benefit Dayang Electric due to its strong market position [11][14]. Industry Trends - The powertrain system market is expected to grow significantly, with a projected CAGR of 20.2% from 2024 to 2029, driven by the increasing demand for electric vehicles [16][17]. - Dayang Electric's investments in fuel cell technology and robotics are aligned with industry trends towards clean energy and automation, positioning the company for future growth [18].