将投中网设为"星标⭐"，第一时间收获最新推送 一场由产业积淀与资本势能联合掀起的行业变革。 作者丨 簪竹 来源丨 投中网 什么样的公司能够吸引基金下场做并购？答案，或许藏在国产替代浪潮下千亿级赛道的机会里。 这家公司的核心创始人履历颇为亮眼，董事长宋嘉历任长安汽车副总裁、东风小康（赛力斯）总经理、潍柴集团 轻型车业务总经理、中国重汽（香港）公司副总裁等，对中国汽车市场有深刻的洞察和卓越的经营能力；另一大 投资方海川资本，是一家产业资本，以深挖水下龙头企业、布局其首轮融资为核心策略；东霖智行所在汽车的赛 道，正是海川资本重点布局的领域。 当"精准卡位"的资本力量遇上"行业资深老兵"后，一场由产业积淀与资本势能联合掀起的行业变革，就此展开。 近期， 东霖智行完成天使轮融资，投资方包括海川资本、苏州基金、张创投集团、亚通精工股份等产业资本与财 务投资机构。 那么，这一备受资本青睐、敢于联合产业资本下注的企业，背后藏着怎样的底层逻辑与战略共识？ 本文将从三大视角，深度拆解这场并购投资背后的故事。 产业资本精准挖掘"水下龙头" 尽管东霖智行是一家新成立的公司，但回溯发现，不管是核心团队还是技术积累都有"深厚根基"。 董 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of approximately 6.048 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.3%. However, the net profit attributable to shareholders decreased by 20.3% year-on-year to 198 million yuan, and the net profit after deducting non-recurring items fell by 37.0% year-on-year to 132 million yuan, slightly below expectations [5][7] - The company experienced a quarter-on-quarter revenue increase of 13.9% in Q3 2025, reaching 2.098 billion yuan, while the net profit attributable to shareholders was 63 million yuan, showing a significant quarter-on-quarter improvement of 60.0% [7] - The company is expected to see further growth in its air suspension business in Q4, driven by strong orders from models such as NIO ES8 and Li Auto L90, which are anticipated to lead to record-high revenue in this segment [7] - The company has slightly adjusted its profit forecast for 2025-2027, now projecting net profits of 354 million yuan, 493 million yuan, and 624 million yuan respectively, with corresponding year-on-year growth rates of 17.0%, 39.4%, and 26.5% [7] Financial Data and Profit Forecast - For 2025, the total revenue is estimated at 8.661 billion yuan, with a year-on-year growth rate of 23.3%. The net profit attributable to shareholders is projected to be 354 million yuan, reflecting a year-on-year increase of 17.0% [6] - The gross profit margin for Q3 2025 was reported at 21.3%, with a slight quarter-on-quarter improvement of 0.9 percentage points [7] - The company’s return on equity (ROE) for 2025 is projected to be 10.6%, with a price-to-earnings (PE) ratio of 23 [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 3.95 billion yuan in the first half of 2025, representing a year-on-year increase of 24.06%, while the net profit attributable to shareholders decreased by 9.15% to 135 million yuan [7] - The gross margin has slightly declined, while the expense ratios have decreased: the gross margin for the first half of 2025 was 21.8%, down by 5.1 percentage points; the sales expense ratio was 3.1%, down by 0.4 percentage points; the management expense ratio was 5.3%, down by 1.7 percentage points; and the R&D expense ratio was 7.4%, down by 1.1 percentage points [7] - Significant revenue growth was observed in the intelligent suspension business, with a 50.22% increase to 637 million yuan; the TPMS & accessories and tools business revenue rose by 22.69% to 1.209 billion yuan; while the automotive metal pipe business revenue decreased by 0.94% to 743 million yuan [7] - The company has entered into strategic partnerships to expand its market presence, including collaborations with Weifu High Technology and JAC Motors [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 509 million, 725 million, and 887 million yuan, respectively, with corresponding PE ratios of 15.9, 11.1, and 9.1 [7] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 5.897 billion yuan, 2024A: 7.025 billion yuan, 2025E: 8.651 billion yuan, 2026E: 10.723 billion yuan, 2027E: 13.321 billion yuan, with growth rates of 23.4%, 19.1%, 23.2%, 23.9%, and 24.2% respectively [6][8] - The net profit attributable to shareholders is projected to grow significantly in 2025, with a forecast of 509 million yuan, reflecting a growth rate of 68.3% [6][8] - The company's EPS is expected to increase from 1.82 yuan in 2023 to 4.15 yuan in 2027, indicating a strong upward trend [6][8] - The company's ROE is projected to improve from 12.8% in 2023 to 17.8% in 2027, showcasing enhanced profitability [6][8]

Core Viewpoint - The Chinese intelligent suspension industry is undergoing a historic transformation with the launch of the magnetic rheological damper (MRD) and magnetic rheological fluid (MRF) production line by Huiding Technology, marking a significant step towards breaking the long-standing foreign monopoly in high-end damping technology [4][6][12]. Group 1: Technological Breakthroughs - Huiding Technology's production line has an annual capacity of 2 million sets, achieving the domestic mass production of two core technologies, which supports the breakthrough of the Chinese automotive industry in the high-end intelligent chassis sector [4][6]. - The magnetic rheological technology, referred to as the "brain of intelligent suspension," allows for real-time adjustment of damping characteristics through changes in magnetic field strength, enabling adaptive regulation of vehicles under different road conditions [4][12]. - The company has developed a fully autonomous technology system, overcoming six major technical challenges, including the stability of magnetic rheological fluid and adaptability to extreme temperatures [12][19]. Group 2: Market Dynamics - The cost of a magnetic rheological suspension system is approximately 12,000 yuan, significantly higher than the 1,200-3,000 yuan cost of comparable CDC systems, which limits its mainstream market penetration [20][23]. - Despite the high costs, the domestic production of magnetic rheological technology is expected to reduce prices to below 8,000 yuan, making it more accessible to a broader consumer base [23][30]. - The market for vehicles equipped with magnetic rheological suspension systems is currently concentrated in the high-end segment, with less than 3% of domestic models featuring this technology as of 2024 [15][18]. Group 3: Future Trends - The anticipated reduction in costs and the increasing consumer awareness of intelligent driving technologies are expected to accelerate the adoption of magnetic rheological systems in the automotive market [30][31]. - A hybrid system combining CDC and magnetic rheological technology is under development, which aims to optimize costs while retaining performance advantages, potentially revolutionizing the market landscape [31][32]. - The intersection of cost curves and demand curves is projected to mark a pivotal moment for magnetic rheological technology, transitioning it from a "technical benchmark" to a "market mainstream" [30][32].

Core Insights - Smart suspension supplier Shijia Technology has recently completed a multi-hundred million yuan Series A strategic financing led by Geely Xingyuan, with participation from several industry capitals and Tongji University Innovation Fund [2][4] - The company aims to become a representative enterprise in China's suspension sector within the global top 100 supply chains over the next decade [4] Company Overview - Established in 2021 and located in Shanghai, Shijia Technology focuses on the independent research and development of smart suspension control systems and air supply units [3] - The core team comprises members from top universities such as Tongji University, Tsinghua University, Beijing Institute of Technology, and the University of Stuttgart, all with over ten years of experience in OEM and international component industries [3] - The company has successfully launched innovative products like the "eight-in-one integrated closed air supply module" and "fully active air suspension system," significantly enhancing the driving experience under complex conditions [3] Financing Purpose - The financing will primarily be used for the research and development of key technologies for the third-generation fully active suspension and the construction of an advanced smart manufacturing center with an annual production capacity of 500,000 sets [4] Investment Rationale - Geely Xingyuan's representatives highlighted Shijia Technology's strong technical capabilities and innovation in the smart suspension field, along with the core team's extensive industry experience and the company's full-stack development and mass production capabilities [5] - The investment aligns with the automotive industry's trend towards intelligence and Geely Xingyuan's strategic focus on cutting-edge technology, with Shijia Technology expected to occupy a significant position in the smart suspension market [5] Investment Ecosystem Perspective - The investment reflects the high importance placed on smart suspension as a key component of automotive intelligence, receiving significant government and industry attention [6] - Recent government policies have supported innovation in automotive component enterprises, and local governments have actively provided support for company operations [6] - This financing not only showcases Shijia Technology's technical strength and market potential but also indicates investor confidence in its future development, contributing to the advancement of smart suspension technology and the upgrading of the automotive industry [6]