巴兰仕（920112）：北交所新股申购策略报告之一百三十九：专业汽车维保设备制造商，募投扩产顺势扩张-20250817

Investment Rating - The investment rating for the company is to actively participate in the new stock subscription [23]. Core Viewpoints - The company is a professional automotive maintenance equipment manufacturer with rich customer resources, benefiting from the global aging of vehicles and the upgrade in maintenance demand, which presents development opportunities. The fundraising will alleviate capacity bottlenecks [23]. - The company has a well-established R&D system and a strong product lineup, including tire changers, balancing machines, and lifts, with a focus on innovation and automation [6][10]. - The company achieved a revenue of 1.057 billion yuan in 2024, with a three-year CAGR of +28.26%, and a net profit of 129.4 million yuan, with a three-year CAGR of +107.57% [7]. Summary by Sections 1. Company Overview - The company was established in 2005 and is headquartered in Shanghai, primarily engaged in the R&D, production, and sales of automotive maintenance and testing equipment. It serves both domestic and international markets [6]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method with an initial issuance scale of 19 million shares, accounting for 23.17% of the total share capital post-issuance. The expected fundraising amount is 107 million yuan, with an issuance price of 15.78 yuan per share [12][13]. 3. Industry Situation - The automotive maintenance equipment industry is crucial for the automotive aftermarket, with increasing vehicle aging leading to higher maintenance demand. The growth of electric vehicles necessitates innovation in maintenance equipment [14][16]. 4. Competitive Advantages - The company has a strong R&D advantage, a well-established marketing network, and robust production and quality management capabilities, which contribute to its competitive edge in the market [17]. 5. Comparable Companies - The company is relatively small in scale compared to its peers, with a gross margin of 28.55%, placing it in the middle of the industry [21][22].