农机与工程机械双轮驱动，年营收超13亿，橡胶履带龙头元创股份上市在即

Core Viewpoint - The demand for rubber tracks is expanding due to the dual opportunities of increasing demand and technological upgrades in the context of deepening food security strategies and accelerating agricultural mechanization [1] Market Dynamics - The market for rubber tracks is driven by policies and demand, with rice being a staple food for over 200 million people in China, leading to a consumption of 180 million tons annually, the highest globally [2] - Traditional rice planting methods are becoming unsustainable due to labor shortages and increasing food demand, particularly in southern regions where mechanization is challenging [2] - Rubber tracks offer significant advantages over traditional metal tracks, such as lower ground pressure, reduced vibration, and less road damage, making them essential for agricultural production [2] - By 2025, China's comprehensive mechanization rate for crop farming is expected to reach 75%, providing sustained growth momentum for the rubber track market [2] - The rapid increase in agricultural mechanization in Southeast and South Asia, where rice planting areas are approximately three times that of China, will further drive demand for agricultural tracks [2] Technological Advancements - Yuan Chuang Technology Co., Ltd. has developed a comprehensive product line covering agricultural and engineering tracks, adapting to over a thousand machine models [3][4] - The company has mastered core technologies in the rubber track supply chain and has developed diverse rubber formulations to meet specific customer needs, including low-temperature resistance for extreme environments [4] - Yuan Chuang holds 38 patents, including 12 invention patents, establishing itself as a leader in setting industry standards [5] Strategic Partnerships - The rubber track market consists of both original equipment manufacturer (OEM) and aftermarket segments, with strong customer relationships in the OEM market being crucial [6] - Yuan Chuang has established strategic partnerships with leading manufacturers such as WoDe Agricultural Machinery and Weichai Lovol, ensuring stable supply relationships [6] - The company's revenue is projected to grow steadily, with operating income increasing from 1.261 billion yuan in 2022 to 1.349 billion yuan in 2024 [6] Global Expansion and Market Coverage - The aftermarket for rubber tracks is expanding as they typically need replacement every 1-2 years, driven by the increasing number of agricultural and engineering machines [7] - Yuan Chuang has developed a global marketing system, with overseas revenue accounting for 44.75% of its main business income in 2024, contributing significantly to revenue growth [7] Financial Performance and Growth Strategy - In the first three quarters of 2025, Yuan Chuang achieved an operating income of 1.053 billion yuan, a year-on-year increase of 8.05%, and a net profit of 120 million yuan, up 6.77% [8] - The company plans to raise 485 million yuan through its IPO to expand production capacity and enhance intelligent manufacturing levels [8] - The production capacity utilization rates are high, at 91.41% and 92.38% for 2024 and the first half of 2025, respectively, indicating a need for capacity expansion [8] Future Outlook - Yuan Chuang is actively pursuing 19 R&D projects to maintain its competitive edge, focusing on innovations such as high-damping rubber tracks and long-life shear-resistant tracks [9] - The company aims to align its development with national strategies, supporting agricultural modernization and food security while contributing to urbanization and infrastructure upgrades [10] - With ongoing industry demand growth, policy benefits, and capital from the IPO, Yuan Chuang is positioned to further expand its market share and lead industry upgrades [10]