Shuanglin Auto Parts(SZ:300100) Xin Hua Cai Jing·2025-10-16 23:29Core Viewpoint - Shuanglin Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, with CITIC Securities and GF Securities as joint sponsors. The company specializes in manufacturing intelligent components for transmission and drive systems, showing significant growth in its revenue from new energy drive systems [2][17]. Business Overview - Shuanglin Co., Ltd. is a manufacturer of intelligent components for transmission and drive systems, with its product range including transmission components, new energy drive systems, and wheel hub bearing components [3][5]. - The revenue from transmission and drive intelligent components accounted for 58.9% of total revenue in the first half of 2025, remaining stable compared to the previous year. The revenue share from new energy drive systems increased by 6.6 percentage points to 17.4%, indicating significant growth [5][14]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.525 billion yuan, a year-on-year increase of 20.1%, and a profit of 287 million yuan, up 15.5% year-on-year [14]. - The gross profit margin improved to 20.2% in the first half of 2025, up 2.9 percentage points from 17.3% in 2024, driven by a higher proportion of high-end products and effective cost control [14]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 54.3% of revenue in the first half of 2025. The largest single customer contributed 27.4% of revenue, slightly up from 26.8% in 2024 [10][14]. Market Position - As of 2024, Shuanglin Co., Ltd. is the second-largest supplier of automotive seat horizontal drive mechanisms (HDM) globally, with a market share of 15.1%, and the largest in China with a market share of 32.8% [9]. Future Plans - The funds raised from the IPO will be used to expand overseas production capacity, establish an international sales network, and invest in emerging fields such as humanoid robots and core components for new energy vehicles [17].