巴兰仕（920112）：深耕汽车维修保养设备20年，募资拟扩充维修保养设备与举升机产能

Investment Rating - The report suggests a "Focus on Subscription" for the company [3][4]. Core Viewpoints - The company is focused on the automotive maintenance and repair equipment sector, with plans to expand its production capacity for maintenance equipment and lifts through a public offering [2][11]. - The expected revenue for 2024 is projected to reach 1.057 billion yuan, representing a year-on-year growth of 33.10%, with a net profit of 129.40 million yuan, reflecting a year-on-year increase of 60.64% [3][22]. - The automotive maintenance market in China is anticipated to reach 1.35 trillion yuan by 2025, indicating a robust growth potential for the industry [3][14]. Summary by Sections 1. Initial Offering - The company plans to issue 19 million shares at a price of 15.78 yuan per share, with an initial P/E ratio of 10.00X [3][6]. - The total number of shares post-issue will be 82 million, with the offering representing 23.17% of the total shares before any over-allotment [3][6]. 2. Business Focus - The company specializes in automotive maintenance, testing, and repair equipment, with a diverse product range including tire changers, balancing machines, and lifts [13][18]. - The company has established a strong domestic and international sales network, serving over 100 countries and regions [13][27]. 3. Financial Performance - The projected revenue for 2024 is 1.057 billion yuan, with a net profit of 129.40 million yuan, showing significant growth compared to previous years [3][22]. - The gross profit margins for various products are improving, with balancing machines showing the highest margins [23][24]. 4. Market Outlook - The automotive maintenance industry is expected to benefit from the increasing age of vehicles and the growth of the automotive market, with a projected CAGR of 6.50% for the passenger vehicle maintenance business from 2020 to 2025 [3][14]. - The company is well-positioned to capitalize on the growing demand for automotive maintenance equipment due to its long-standing experience and technological advancements [2][3].