Company Overview - The company, Zhenqu Technology (Shanghai) Co., Ltd., is a technology-driven supplier of electric control solutions primarily targeting the new energy vehicle sector. It focuses on converting electrical energy into controllable power output for precise motor or power system regulation, ensuring efficient and reliable vehicle performance [3] - The company has developed a layered solution portfolio that includes power modules, motor controllers, and power bricks. Unlike traditional suppliers, its integrated solutions allow customers to select based on vehicle design, cost targets, and engineering requirements [3] - The company pioneered the concept of power bricks and achieved mass production of main drive power bricks in 2021, establishing a future development direction for the industry. This architecture simplifies assembly processes, enhances platform reusability, and shortens development cycles [3] Market Position - As of September 30, 2025, the company has secured 50 designations from 13 major manufacturers, indicating that its solutions will be integrated into multiple vehicle models throughout their lifecycle. Its solutions have been applied to 82 vehicle models, with 54 already in mass production [4] - The company ranks first in the main drive power brick market and third in the dual motor controller market as of September 30, 2025. It also holds significant positions in the electric motor controller and power module markets [4] Financial Performance - The company's revenue for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 160 million, RMB 1.16 billion, and RMB 1.22 billion, respectively [5][7] - The company reported losses of approximately RMB 237 million, RMB 335 million, and RMB 257 million for the same periods [5] - The gross margins for the fiscal years 2024 and the nine months ending September 30, 2025, are 1.3% and 3.4%, respectively [6] Industry Overview - The electric control market is rapidly expanding, with a projected growth from RMB 383.1 billion in 2020 to RMB 446.3 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 3.9%. It is expected to continue growing at a CAGR of about 5.3% from 2025 to 2030, reaching around RMB 608.4 billion [8] - The motor controller market is anticipated to grow from RMB 114.7 billion in 2020 to RMB 195.4 billion in 2024, driven by the rapid increase in new energy vehicle sales and the penetration of electrified powertrains, with a CAGR of 14.2% [8] - The global power module market is expected to grow from RMB 29.4 billion in 2020 to RMB 68.3 billion in 2024, with a CAGR of approximately 23.5%, and is projected to continue expanding at a CAGR of about 8.9% from 2025 to 2030 [10]
新股消息 | 臻驱科技递表港交所 电机控制器装机量在中国排名第八
智通财经网·2026-01-02 12:54