IPO专题：新股精要—国内电动两轮车电驱动系统领先制造商安乃达

Investment Rating - The report assigns a cautious buy rating for the company, Ananda, based on its market position and growth potential in the electric two-wheeler drive system sector [55]. Core Insights - Ananda is a leading manufacturer of electric drive systems for electric two-wheelers in China, with significant market share and strong ties to major clients like Yadi and Tailg [11][9]. - The company achieved revenues of 1.427 billion yuan and a net profit of 148 million yuan in 2023, with a compound annual growth rate (CAGR) of 9.98% for revenue and 6.92% for net profit from 2021 to 2023 [56]. - The IPO involves issuing 29 million shares, representing 25% of the total post-IPO share capital, with the raised funds aimed at enhancing profitability and market share [46][23]. Business Analysis - Ananda's product offerings include various motors, controllers, sensors, and instruments for electric two-wheelers, with a focus on direct drive hub motors, mid-mounted motors, and reduction hub motors [9][32]. - The company has maintained a stable gross margin of around 20% from 2021 to 2023, although the gross margin for its core product, the direct drive hub motor, remains below 10% [15][32]. - The direct drive hub motor sales have shown steady growth, driven by increasing demand in the domestic electric two-wheeler market, while mid-mounted and reduction hub motors are benefiting from the expanding European e-bike market [32][11]. Industry Development and Competitive Landscape - The domestic electric two-wheeler market is experiencing rapid growth, with a compound annual growth rate of 12.93% from 2020 to 2022, driven by new regulations and increasing demand from logistics and delivery services [41][17]. - The market for electric assist bicycles in Europe is also growing, with a compound annual growth rate of 20.36% from 2011 to 2022, indicating a robust demand for Ananda's products in international markets [19][17]. - The competitive landscape is characterized by a concentration of leading manufacturers, with Ananda competing against established players like Bosch and Shimano in the international market [42][45]. Comparable Company Valuation - The report notes that the average price-to-earnings (PE) ratio for comparable companies in the electric machinery manufacturing sector is 16.99, with Ananda's projected PE ratios for 2023, 2024, and 2025 being 39.95, 29.20, and 20.48, respectively [26][56].