印度制造大厂上市！“玩具代工第一股”？

Core Viewpoint - Aequs Limited, a comprehensive manufacturing group from Karnataka, India, has recently gone public, with its stock opening nearly 13% above the issue price and a market capitalization approaching 940 billion rupees (approximately 77 billion RMB) [1][5]. Company Background - Founded in 2006, Aequs is one of the few Indian companies capable of precision manufacturing for the aerospace sector and is a supplier to major global aircraft manufacturers like Boeing and Airbus [3]. - The company has expanded its focus beyond high-precision manufacturing to larger-scale production in consumer goods, toys, plastic parts, and electronic components, with a significant emphasis on the toy business, which has been growing rapidly [3][5]. - Aequs established a 200,000 square foot toy manufacturing facility in 2016 and built a specialized manufacturing park for toys by 2021, benefiting from government support for the toy manufacturing sector [3]. Financial Performance - For the first half of the fiscal year 2025 (ending September 30, 2025), Aequs reported sales of 53.716 billion rupees (approximately 4.19 billion RMB), a significant increase from 45.8973 billion rupees (approximately 3.58 billion RMB) in the same period the previous year [5]. - Aerospace remains the core revenue driver, contributing about 89% of total revenue, while the consumer goods segment, including toys, is seen as a new growth area [5]. - Aequs Toys Private Limited experienced a notable financial growth trend in the 2022-2023 fiscal year, with net assets increasing by 172.02% and capital investment of 1.31 billion rupees (approximately 102 million RMB) [5]. Market Response - The IPO of Aequs was met with strong market interest, with subscription rates exceeding 100 times, and the stock price rising 13% on the first day of trading [5]. - Despite the company still being in a loss-making position, the capital investment and business expansion speed indicate investor confidence in Aequs's growth narrative [5]. Business Ambitions - Aequs's increased focus on the toy industry aligns with a global trend of supply chain migration, as Western brands seek to diversify their manufacturing bases away from single countries [6]. - The company is well-positioned to capitalize on this trend due to its established industrial parks and manufacturing systems, allowing for quick adjustments to enter the toy contract manufacturing market [6][8]. Competitive Landscape - Aequs has secured toy orders primarily from well-known Western brands, benefiting from India's policy advantages and cost benefits, while also providing a comprehensive manufacturing system [8]. - The high tariffs imposed by the U.S. on toy imports from India (up to 50%) present a challenge, necessitating Aequs to enhance its competitiveness in delivery speed, supply chain stability, and compliance systems [10][11]. - Despite the tariff challenges, the trend of supply chain diversification continues, making Aequs a strategic player for brands looking to reduce reliance on China [11].