通领科技IPO：专注汽车内饰创新，向智能化进军

Core Viewpoint - Tongling Technology is set to be reviewed by the Beijing Stock Exchange on November 21, 2025, with a profit of 128 million yuan in 2024, making it the best performer among the four companies [1] Company Overview - Tongling Technology, established in 2007, specializes in the R&D, production, and sales of automotive interior components, including door trim strips and dashboard panels, primarily for passenger vehicles [1] - The company has a significant market share in the automotive interior components sector, with a domestic market share of 15.44%, 10.95%, 9.02%, and 9.40% over the past four years [3] Industry Context - China's automotive market has seen rapid growth, maintaining the largest global sales for 15 consecutive years, although the per capita car ownership remains lower than in traditional automotive powerhouses like the US, Germany, and Japan [2] - The demand for automotive interior components is closely linked to the overall development of the automotive industry, with increasing importance placed on design and functionality [1][2] Market Growth Potential - The market for automotive interior components in China is projected to grow from 231.1 billion yuan in 2024 to 276.5 billion yuan by 2029, indicating substantial growth potential [3] - The shift towards electric vehicles (EVs) has created new demands for interior components, such as battery management systems and smart cockpit designs, further driving industry growth [3] Technological Innovation - Tongling Technology's core competitiveness lies in its technological innovation, having obtained 127 patents, including 44 invention patents [4] - The company has established a research and development center since 2009, focusing on mold design and new process development to meet the evolving needs of the automotive market [4] Financial Performance - The company reported revenues of 892 million yuan, 1.013 billion yuan, and 1.066 billion yuan for the years 2022 to 2024, with a compound annual growth rate of 9.29% [5] - The net profit after deducting non-recurring items was 62.15 million yuan, 107 million yuan, and 128 million yuan for the same period, showing a compound growth rate of 43.38% [5] IPO Plans - Tongling Technology plans to publicly issue up to 15.6 million shares, accounting for 25% of the total share capital post-issue, with funds allocated for various projects including production and R&D upgrades [6]