元创股份：凭一条橡胶履带成为穿越周期的硬通货丨IPO黄金眼

Core Viewpoint - Yuan Chuang Co., Ltd. has become the first listed company in China's rubber track industry, marking a significant milestone for a niche champion in the market [1] Group 1: Company Background - Yuan Chuang's predecessor, Sanmen Rubber Factory, was established in 1991, initially producing ordinary rubber belts before transitioning to the rubber track industry in 1998 [2] - The company has evolved over 30 years, overcoming technological challenges and expanding its product range from agricultural tracks to engineering tracks and track plates [2][3] - Yuan Chuang has become one of the largest rubber track production bases in China, with an annual capacity exceeding 700,000 tracks and a product matrix covering over a thousand models [3] Group 2: Market Position and Client Network - The company has established a robust customer network, collaborating with leading domestic manufacturers and international traders, with the top five clients accounting for 49.94% of revenue in 2024 [5] - Yuan Chuang holds the top market share in China, recognized as a leading enterprise in the rubber track sector and awarded multiple honors by industry associations [5][6] Group 3: Financial Performance - The company's revenue from agricultural and engineering tracks is projected to grow from 621 million yuan and 527 million yuan in 2022 to 715 million yuan and 539 million yuan in 2024, respectively [8] - Despite a temporary decline in 2023, the company demonstrated resilience with a revenue rebound of 18.19% in 2024 [8] - In the first half of 2025, the company reported a revenue increase of 8.05% year-on-year, reaching 1.053 billion yuan, with a net profit growth of 6.27% [11] Group 4: Growth Drivers - The agricultural rubber track market is expected to grow annually by 8%-10% due to increasing mechanization rates and supportive government policies [13] - The global engineering machinery market is also on an upward trend, with a compound annual growth rate of 7.84% from 2016 to 2024, providing further growth opportunities for Yuan Chuang [16] - The company plans to raise 485 million yuan through its IPO, with 400 million yuan allocated for production base expansion, focusing on enhancing capacity for engineering and high-end agricultural tracks [16] Group 5: Production Capacity and Utilization - As of the first half of 2025, the company's rubber track production capacity utilization rate increased to 92.38%, up from 88.32% in 2022 [17] - The production capacity for rubber tracks is projected to reach 670,000 units in 2024, with a significant increase in output expected post-expansion [17]