摘要 德昌股份汽车 EPS 电机业务进入放量期，2024 年营收达 4 亿元，占比 10%，预计 2027 年达 15 亿元，成为核心业务，净利润率约 15%。 公司家电业务定位为现金流来源，虽受关税和降价影响，但通过提高自 制率和优化项目，未来将注重盈利能力提升，预计保持 10%-15%的稳 健增长。 德昌股份积极布局机器人关节电机，凭借强大的产品力，有望卡位国内 外头部本体客户，并已间接对接特斯拉，市场空间巨大。 市场对德昌股份认知存在误区，忽视了汽车 EPS 电机和机器人关节电机 等新兴业务的潜力，公司正积极拓展这些高增长领域。 预计德昌股份 2025 年净利润约 2 亿元，2026 年预计达到 4 亿元左右， 主要受家电业务盈利波动影响，但汽车 EPS 电机业务将贡献显著增长。 基于特斯拉机器人量产数量测算，德昌股份在机器人本体市场取得类似 进展，其市场空间与现有市值相近，未来三年市值仍有翻倍空间。 德昌股份在汽车 EPS 电机和机器人等业务上具备增长潜力，公司专注于 核心业务发展，值得持续跟踪和关注，股价在未来三年内翻倍的可能性 较高。 Q&A 德昌股份的核心逻辑是什么？公司在汽车 EPS 电机和机 ...

Core Viewpoint - Daming Electronics Co., Ltd. is set to officially list on the Shanghai Stock Exchange on November 6, marking a significant step in its IPO process and reflecting its strong position in the automotive electronics sector [1] Company Overview - Daming Electronics has over 30 years of experience in the automotive electronics components field, serving major Chinese electric vehicle manufacturers such as Changan Automobile, BYD, SAIC, and FAW [1][2] - The company has evolved into a comprehensive solution provider for automotive body electronic control systems, with core products spanning five categories: driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2] Market Position and Competitive Advantage - Daming Electronics has established a robust customer base that includes nearly all major domestic automotive manufacturers and has successfully entered the supply chains of international brands like Ford and Toyota [3] - The company has accumulated 166 patents and invests 4% of its annual revenue in R&D, showcasing its commitment to innovation and quality [3] Financial Performance - From 2022 to the first half of 2025, Daming Electronics has shown continuous revenue growth, with revenues of 1.713 billion, 2.147 billion, 2.727 billion, and 1.297 billion respectively [5] - The company’s net profit has also increased, with figures of 143 million, 196 million, 279 million, and 112 million for the same periods [5] - In the first half of this year, the main business revenue grew by 11.24%, with a gross margin of 18.16%, comparable to industry averages [5] Product Segmentation - The revenue breakdown shows that driving assistance systems account for 28.3% of total revenue, followed by window control systems at 24.62%, and intelligent optoelectronic systems at 19.9% [5] - The cockpit central control system has the highest gross margin at 27.49%, while the driving assistance system follows with a gross margin of 22.86% [6] IPO and Fundraising - The IPO aims to raise approximately 400 million yuan, primarily for the construction of a new factory in Chongqing and to supplement working capital, addressing capacity constraints [7][8] - The company plans to optimize its asset structure and enhance its market share and technological advantages through the implementation of the fundraising projects [9] Future Development - Daming Electronics aims to deepen its operational framework in Wenzhou and Chongqing, leveraging regional automotive industry resources to meet future order demands [9] - The company’s evolution from a single product provider to a comprehensive solution supplier reflects the broader trend of domestic automotive parts localization in China [9]

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. plans to raise 206 million yuan through its IPO, focusing on the development and production of friction materials, particularly in the dry clutch segment, where it holds a significant market share alongside major competitors [1] Group 1: Company Overview - Kema Materials has been dedicated to the research, production, and sales of friction materials since its establishment in 2002, evolving from a small manufacturer to a leading player in the domestic dry clutch friction plate market [1] - The company’s products include dry clutch friction plates and wet paper-based friction plates, which are widely used in commercial vehicles, passenger cars, engineering machinery, and agricultural machinery [1] Group 2: Market Position and Products - The dry clutch friction plate is a key product for Kema Materials, holding a significant share in the domestic commercial vehicle market and maintaining long-term partnerships with major manufacturers like FAW Liberation and Dongfeng Motor [2] - Kema Materials has developed the KM1790A/KM1790 series products to meet the high power demands of commercial vehicles, achieving sales revenue of 44.25 million yuan in 2024 [2] Group 3: Growth Opportunities - The rapid development of the new energy vehicle industry has prompted Kema Materials to expand into the wet paper-based friction plate business, which has excellent wear resistance and high transmission efficiency [3] - The wet paper-based friction plate market is expected to grow significantly, as domestic production is currently low, and the industry aims to achieve a higher localization rate by 2030 [3] Group 4: Financial Performance - Kema Materials has shown steady growth in its operating performance, with total revenue reaching 249 million yuan in 2024, a year-on-year increase of 25.16% [4] - The company’s net profit, excluding non-recurring items, reached 69 million yuan in 2024, reflecting a substantial year-on-year growth of 55.22%, indicating improved cost control and operational efficiency [4] Group 5: Market Expansion and Future Plans - Kema Materials has established a nationwide sales network and is actively expanding into overseas markets, with international sales accounting for 18.08% of total revenue in 2024 [5] - The IPO funds will primarily be used for upgrading the dry clutch friction material production capacity and enhancing the research and development center, aiming to meet the growing automotive market demand [5]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. is set to raise 206 million yuan through its IPO, focusing on the development and production of friction materials, particularly in the dry clutch segment, where it holds a significant market share alongside major competitors [1] Group 1: Company Overview - Kema Material has been dedicated to the research, production, and sales of friction materials since its establishment in 2002, evolving from a small manufacturer to a leading player in the domestic dry clutch friction plate market [1] - The company has achieved over 85% market share in the high-end dry clutch friction plate segment, competing with Schaeffler and Valeo [1] Group 2: Product Portfolio - The main products include dry clutch friction plates and wet paper-based friction plates, which are utilized across various sectors such as commercial vehicles, passenger cars, engineering machinery, and agricultural machinery [1] - The dry clutch friction plate is a flagship product, with significant sales in the domestic commercial vehicle market, generating revenue of 44.25 million yuan in 2024 [2] Group 3: Market Opportunities - Kema Material is actively expanding into the wet paper-based friction plate business, which is crucial for automatic transmissions and has low domestic supply, presenting a significant growth opportunity [3] - The domestic market for wet paper-based friction plates is expected to grow rapidly, with a goal of achieving 80% localization by 2030, as outlined in the "Green Book on Key Areas of Technology Innovation in Chinese Manufacturing" [3] Group 4: Financial Performance - The company reported total revenue of 249 million yuan in 2024, reflecting a year-on-year growth of 25.16%, indicating strong market expansion and sales channel development [4] - The net profit after deducting non-recurring items reached 69 million yuan in 2024, a 55.22% increase from the previous year, showcasing improved cost control and operational efficiency [4] Group 5: Market Expansion - Kema Material has established a nationwide sales network and is actively pursuing international markets, with overseas sales accounting for 18.08% of total revenue in 2024 [5] - The domestic market for dry friction plates in passenger vehicles has grown from 203 million yuan in 2022 to 226 million yuan, providing further opportunities for domestic component manufacturers [5] Group 6: IPO Fund Utilization - The funds raised from the IPO will primarily be allocated to the "Environmental-Friendly Dry Impregnation Clutch Friction Material Technology Upgrade Project" and the "R&D Center Upgrade Project," aimed at enhancing production capacity and meeting the growing automotive market demand [5]

1-1-0 上海汽车空调配件股份有限公司 Shanghai Automobile Air-Conditioner Accessories Co., Ltd. （上海市浦东新区莲溪路 1188 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披 露之用。投资者应当以正式公告的招股说明书全文作为作出投资决 定的依据。 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 上海汽车空调配件股份有限公司 首次公开发行股票招股 ...