好盈科技科创板IPO，聚焦无人机动力系统领域，上市前多次分红

Group 1: Company Overview - Shenzhen is a significant base for China's high-tech industry, known as "China's Silicon Valley," housing major tech companies like Huawei and Tencent, and has over 400 A-share listed companies [1] - Haoying Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, with Guolian Minsheng Securities as the sponsor [1][19] - The company specializes in the research, production, and sales of drone power systems, which are critical components that determine the safety, reliability, and performance of drones [1][4] Group 2: Business Performance - From 2022 to the first half of 2025, the revenue share from drone power systems increased from 39.94% to 75.57%, while the share from other systems decreased [4][5] - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 468 million, 546 million, 738 million, and 580 million respectively, with net profits of about 82 million, 94 million, 152 million, and 139 million [15] - The comprehensive gross margin for the same periods was 44.88%, 45.68%, 47.41%, and 44.85%, indicating some fluctuations influenced by sales prices and production costs [15] Group 3: Market Dynamics - The global drone power system market is projected to reach 10.308 billion in 2024, with a compound annual growth rate (CAGR) of 19.05% from 2019 to 2024 [15] - The Chinese drone market is expected to reach 110.849 billion in 2024, accounting for 57.19% of the global market, with industry-level drones growing faster than consumer-level drones [11] - Haoying Technology holds a global market share of 4.12% in drone power products, ranking among the top tier of third-party suppliers [17] Group 4: Competitive Landscape - The consumer drone market is dominated by DJI, while the industry-level drone market is still developing with a diverse competitive landscape [17] - The company faces competition from both self-manufactured drone power systems by drone manufacturers and third-party suppliers [17] - The supply chain includes upstream raw material producers and downstream drone manufacturers, with potential risks from self-manufacturing by clients [6][7][8] Group 5: Future Prospects - The company plans to raise 1.96 billion for projects including a high-end power system smart industrial park and R&D center upgrades [20][22] - The company has a history of cash dividends, distributing approximately 20 million in 2022 and 2024, and 30 million in the first half of 2025 [20] - The company is positioned to benefit from the rapid rise of the low-altitude economy and the expansion of drone applications [20]