科马材料北交所IPO：以科技硬实力驱动国产替代，新能源赛道开启倍增空间

Core Viewpoint - The upcoming IPO of Zhejiang Kema Friction Material Co., Ltd. marks a significant milestone in the company's history and indicates a solid step forward for the domestic friction material industry towards high-end and international markets [2] Group 1: Business Performance - Kema Material has demonstrated excellent growth potential, with projected revenue increasing from approximately 202 million yuan in 2022 to about 249 million yuan in 2024, reflecting a year-on-year growth of 25.16% in 2024 [3] - In the first half of 2025, the company achieved revenue of 139 million yuan, a year-on-year increase of 11.37%, with net profit reaching 45.5 million yuan, up 30.68% [5] - The company's gross margin has been consistently high, reaching 47.39% in 2024, with overseas business gross margin at 58.8%, significantly above the industry average of about 26% [6][7] Group 2: Market Position and Strategy - Kema Material has established a robust cash flow base in the aftermarket for commercial vehicles, ensuring a steady market share through deep partnerships with major domestic commercial vehicle manufacturers [8] - The company is strategically expanding into the wet paper-based friction material market, which has been dominated by foreign giants, thus opening up significant opportunities for domestic production [9] Group 3: Innovation and Future Growth - Kema Material is actively developing torque dampers for hybrid vehicles, addressing new requirements for smooth power transmission in hybrid systems [10][11] - The company has successfully integrated its torque damper friction materials into over 500,000 hybrid vehicles, including models from major manufacturers like Huawei and BYD, indicating early success in its new energy initiatives [13] - The planned fundraising of 206 million yuan will enhance the company's capabilities for high-end transformation, solidifying its leading position in the industry [14]