Core Viewpoint - Sanxie Electric (920100.BJ) was listed on the Beijing Stock Exchange on September 8, 2023, and is a high-tech enterprise engaged in the research, manufacturing, and sales of control motors [1] Company Overview - Established in 2002, Sanxie Electric specializes in control motors, including stepper motors, servo motors, and brushless motors, which are essential components in industrial manufacturing [7] - The company has been recognized as a national high-tech enterprise and a provincial specialized and innovative small and medium-sized enterprise [7] Financial Information - The initial offering price was 8.83 yuan per share, with an issuance price-to-earnings ratio of 11.86, compared to the industry average of 21.85 [4] - The company plans to invest 1.15 billion yuan in expanding its green energy-saving intelligent control motor production, 320 million yuan in R&D center construction, and 120 million yuan to supplement working capital [6] Market Position and Competition - Sanxie Electric's products have gained recognition in the AGV and collaborative robot sectors, with stable partnerships established with leading companies such as Hikvision and Dahua [8] - The company faces competition in the U.S. market with products used in medical devices and automotive applications, although it acknowledges a risk of concentrated business sources [8] Industry Context - The micro-special motor manufacturing industry in China has significant production bases in the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions [8] - The company's gross profit margins for its main business were 22.24%, 29.28%, and 29.12% from 2022 to 2024, indicating a reliance on raw material prices and market competition [9]