BROAD-OCEAN MOTOR(SZ:002249) 阿尔法工场研究院·2025-09-26 00:25Core Viewpoint - The article discusses the challenges faced by Dayang Electric, a leading motor manufacturer, as it seeks to go public in Hong Kong while dealing with a patent lawsuit from competitor Nidec, which casts uncertainty on its overseas operations and IPO process [2][3]. Patent Litigation - Dayang Electric is facing a patent lawsuit in the U.S. from Nidec, claiming that several of Dayang's products infringe on four of its patents [5]. - The lawsuit has been moved to the Eastern District of Missouri, and Dayang's legal counsel believes the risk of an unfavorable outcome is low [5][8]. Customer Dependency - The top five customers of Dayang Electric contribute over 30% of its revenue, indicating an increasing reliance on major clients [3][10]. - Trade receivables have been rising, with amounts recorded from 2.328 billion to 2.886 billion yuan from 2022 to mid-2025, and the turnover days for trade receivables have also increased [10]. Growth Potential - Dayang Electric ranks second globally among HVAC electric drive solution providers and first in China and North America, with nearly half of its revenue coming from overseas markets [3][8]. - The company has been expanding into the robotics sector, establishing a joint research center with Tongji University to advance technology in this area [12][14]. Financial Performance - Dayang Electric's revenue has shown consistent growth, with figures of 10.93 billion, 11.288 billion, 12.113 billion, and 6.241 billion yuan from 2022 to mid-2025 [10]. - The net profit attributable to the parent company has also increased, reflecting a positive trend in financial performance [10]. Debt and Financial Health - As of mid-2025, Dayang Electric has short-term liabilities totaling approximately 6.264 billion yuan, with cash and cash equivalents around 2.6 billion yuan, indicating a significant debt pressure [11]. - The company's net debt has been rising, with an asset-liability ratio of about 34% as of mid-2025 [11]. Market Position and Competition - Dayang Electric is a key player in the HVAC sector, with major domestic clients including Gree and Haier, and international clients like Daikin and Johnson Controls [10][16]. - The electric motor and drive system industry is highly competitive, with significant players like Nidec and WEG, and ongoing pressure from competitors could impact Dayang's market share and profit margins [16].