Group 1: Company Overview - Taika Ying is the first company in the tire segment of the mining and construction industry to be listed on the Beijing Stock Exchange, recognized as the "first tire stock of the Beijing Stock Exchange" [2] - The company specializes in engineering radial tires and all-steel truck tires, holding a leading position in the engineering radial tire sector, ranking 3rd among Chinese brands and 8th globally in 2023 [3] - Taika Ying has established partnerships with major global and domestic construction machinery manufacturers, including SANY Group, XCMG, Liebherr, and JCB, among others [3] Group 2: Financial Performance - In 2024, Chaoying Electronics reported a main business revenue of 3.945 billion yuan, ranking 41st among global PCB manufacturers with a market share of 0.75% [5] - The company ranks 23rd among comprehensive PCB companies in China, with a market share of 1.41% in mainland China [5] - Chaoying Electronics is recognized as one of the top ten automotive electronic PCB suppliers globally and among the top five in China [5] Group 3: Market Position and Risks - Taika Ying's market share in the domestic engineering radial tire supporting market ranks 3rd among all tire brands, with the highest market share in the domestic market for large-tonnage crane tires [3] - Chaoying Electronics has a stable collaboration with Tier 1 automotive suppliers and well-known electric vehicle manufacturers like Tesla [4] - Both companies face risks related to their operational models, with Taika Ying relying on an outsourcing production model and Chaoying Electronics being sensitive to macroeconomic fluctuations and downstream market demand [4][5]

同时，本次募集资金对公司产品迭代、新产品开发、轮胎智能化管理系统性能提升、本地化服务的数字 化智能化发展等方面的支持，将进一步提高公司的整体实力与品牌知名度，推动公司未来经营发展目标 的实现。 据悉，泰凯英是聚焦于全球矿业及建筑业轮胎市场，专业从事矿山及建筑轮胎的设计、研发、销售与服 务的企业，产品包括工程子午线轮胎和全钢卡车轮胎。基于用户场景化需求的产品开发能力是其发展的 核心竞争力。 中化新网讯 10月15日，青岛泰凯英专用轮胎股份有限公司(以下简称泰凯英)正式启动在北京证券交易所 的发行申购。此次发行价格为7.50元/股，发行市盈率为11.02倍，预计募集资金总额3.32亿元。 泰凯英董事、副总经理、董事会秘书宋星表示，本次募集资金将用于全系列场景专用轮胎产品升级项 目、专用轮胎创新技术研发中心建设项目和专用轮胎智能化管理系统提升项目。若募集资金项目能按时 顺利实施，将有助于优化公司产品线，提升公司的研发实力与市场拓展能力，从而进一步提高公司的主 营业务收入规模。 ...

据招股书，募集资金到位后，公司资金实力将得到较大提高。本次募集资金投资项目紧紧围绕公司现有主营业务，并集中资源投入到产品竞争力、研发能力 和轮胎智能化管理系统提升，其中全系列场景专用轮胎产品升级项目将进一步优化公司现有场景化产品系列性能，专用轮胎创新技术研发中心建设项目将进 一步提高公司的技术创新能力，专用轮胎智能化管理系统提升项目将助力公司智能化轮胎业务发展及本地化服务的数字化智能化，上述能力的提升将进一步 强化公司场景化产品开发能力和市场影响力，为公司的长期持续发展营造有利环境。 若募集资金项目能按时顺利实施，将有助于优化公司产品线，提升公司的研发实力以及市场拓展能力，从而进一步提高公司的主营业务收入规模。同时，通 过本次募集资金对公司产品迭代、新产品开发、轮胎智能化管理系统性能提升、本地化服务的数字化智能化发展等的支持，将进一步提高公司的整体实力以 及品牌知名度，促进公司未来经营发展目标的实现。 招股书显示，泰凯英是一家以技术创新为驱动，聚焦于全球矿业及建筑业轮胎市场，专业从事矿山及建筑轮胎的设计、研发、销售与服务的企业。公司产品 范畴属于工程子午线轮胎和全钢卡车轮胎。根据矿业及建筑业轮胎用户使用工况复 ...

智通财经APP获悉，10月15日，泰凯英(920020.BJ)开启申购，发行价格为7.50元/股，申购上限为199.12万股，发行市盈率11.02倍，属于 北交所，招商证券为保荐人(主承销商)。 招股书显示，泰凯英是一家以技术创新为驱动，聚焦于全球矿业及建筑业轮胎市场，专业从事矿山及建筑轮胎的设计、研发、销售与服 务的企业。公司产品范畴属于工程子午线轮胎和全钢卡车轮胎。 根据中国橡胶工业协会轮胎分会对行业内企业的调研与统计，公司 2023 年工程子午线轮胎总体位列中国品牌第 3 名、全球品牌第 8 名。根据中国工程机械工业协会对行业内企业的调研与统计，公司在 2023 年国内工程子午线轮胎配套市场占有率总体位列国内外轮胎 品牌第 3 名，其中大吨位起重机轮胎国内配套市场占有率第 1 名。 公司合作客户包括国内工程机械龙头三一集团、徐工集团，世界工程机械领先制造商利勃海尔(LIEBHERR)、杰西博(JCB) ，国内矿业 巨头紫金矿业、全球矿业巨头力拓集团(RIO TINTO)、全球矿业和大宗商品交易巨头嘉能可(GLENCORE)、全球最大铁矿公司淡水河谷 (VALE)、全球最大矿业公司必和必拓(BHP)等跨国 ...

Investment Rating - The report suggests a focus on the company, with a price of 7.50 CNY per share and a P/E ratio of 10.59X for the upcoming issuance [2][5]. Core Insights - The company, Taikaiying, is recognized as a "little giant" in the engineering radial tire sector, with a projected CAGR of 37.81% for net profit from 2021 to 2024 [10][47]. - The company has developed over 600 tire products suitable for various operational scenarios and holds 166 patents [13][16]. - The engineering radial tire market is expected to grow significantly, with a projected market size of 16 billion USD by 2029 [56][60]. Summary by Sections 1. Initial Issuance - The company plans to issue 44,250,000 shares at a price of 7.50 CNY per share, representing 20% of the total post-issuance share capital [2][5]. - The net proceeds from the issuance will be invested in projects aimed at upgrading specialized tire products and enhancing technological capabilities [8][9]. 2. Company Overview - Taikaiying specializes in the design, research, and sales of tires for mining and construction, focusing on reducing tire consumption and improving operational efficiency [10][22]. - The company has a diverse product range, including engineering radial tires and all-steel truck tires, with projected revenues of 1.718 billion CNY from engineering radial tires in 2024 [20][36]. 3. Industry Insights - The global market for engineering radial tires is estimated at 8 billion USD in 2023, with a significant growth trajectory expected [56][60]. - The trend towards radialization in the tire industry is evident, with China's overall radialization rate reaching 95.20% in 2022, although the engineering tire radialization rate was only 43.2% in 2023 [58][61].

2025 年 10 月 14 日 FFT HE E J/4 泰凯英 (920020): 轮胎 "小巨人 聚焦矿山及建筑轮胎市场 —北交所新股申购策略报告之一百四十五 本期投资提示: 申万宏源研究微信服务号 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王閣疇 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 基本面：专精工程子午线轮胎和全钢卡车轮胎。公司 2007 年成立，总部位于山东青岛， ● 专业从事矿山及建筑轮胎的设计、研发、销售与服务，产品范畴属于工程子午线轮胎和全 钢卡车轮胎。根据中国橡胶工业协会轮胎分会对行业内企业的调研与统计，公司 2023 年 工程子午线轮胎总体位列中国品牌第 3 名、全球品牌第 8 名。自主品牌获得国际知名客 户认可,在业内有较高的知名度。公司是行业内最早一批为国外工程机械品牌配套轮胎的 企业，客户包括国内国外多家行业知名企业，具体包括三一集团、徐工集团， ...

策 略 研 究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 ——北交所新股申购策略报告之一百四十五 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 新股申购 2025 年 10 月 14 日 泰凯英（920020）：轮胎"小巨人"， 聚焦矿山及建筑轮胎市场 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 ⚫ 基本面：专精工程子午线轮胎和全钢卡车轮胎。公司 2007 年成立，总部位于山东青岛， 专业从事矿山及建筑轮胎的设计、研发、销售与服务，产品范畴属于工程子午线轮胎和全 钢卡车轮胎。根据中国橡胶工业协会轮胎分会对行业内企业的调研与统计，公司 2023 年 工程子午线轮胎总体位列中国品牌第 3 名、全球品牌第 8 名。自主品牌获得国际知名客 户认可，在业内有较高的知名度。公司是行业内最早一批为国外工程机械品牌配套轮胎的 ...

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange and is set to enter the registration and issuance process [1] Company Overview - Taike Ying focuses on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires [3] - The company has developed over 600 types of tires suitable for various working environments, meeting user needs in mining and construction scenarios [6] - Taike Ying's brand "TECHKING" is recognized in the engineering radial tire market and ranks 3rd among Chinese brands and 8th globally in 2023 [6] Market Position and Clientele - The company has established a leading position in both the mining and construction segments, particularly in overseas markets, serving major industry players such as SANY Group, XCMG Group, and others [3][4] - Taike Ying has signed long-term procurement framework agreements with companies like Liebherr and Rio Tinto, and is recognized as an A-class supplier by Liebherr [3][6] Product Development and Innovation - The company employs a scenario-based technical development system to enhance tire consumption reduction and equipment operational efficiency [3] - Taike Ying's products are designed to address user pain points by incorporating various scenario elements into the product development process [4] Fundraising and Future Plans - The company aims to raise 390 million yuan for projects including the upgrade of specialized tire products, the establishment of an innovative technology research center, and the enhancement of intelligent management systems [7] - Successful implementation of these projects is expected to optimize the product line, enhance R&D capabilities, and expand market reach, ultimately increasing the company's revenue [8]

Core Viewpoint - Qingdao Taikaiying Special Tire Co., Ltd. (hereinafter referred to as "Taikaiying") has successfully passed the IPO review on the Beijing Stock Exchange, despite relying entirely on external OEM factories for tire production, raising concerns about its dependency on a key supplier facing financial difficulties [1][26][31]. Group 1: Company Overview - Taikaiying, established in 2007, specializes in the design, research and development, sales, and service of tires for mining and construction, with main products including engineering radial tires and all-steel truck tires [2][4]. - The company is controlled by a couple, Wang Chuan Zhu and Guo Yong Fang, who hold a combined 79.71% of the shares [7][8]. Group 2: Financial Performance - In the reporting period, Taikaiying's revenue was 18.03 billion, 20.31 billion, and 22.95 billion yuan, with year-on-year growth rates of 21.18%, 12.64%, and 12.99% respectively [18][20]. - The net profit attributable to the parent company was 1.08 billion, 1.38 billion, and 1.57 billion yuan, with growth rates of 81%, 22.84%, and 13.58% respectively [18][20]. - The company's gross profit margins were 18.08%, 19.20%, and 18.79% during the same period, fluctuating and generally lower than the average of comparable companies [21][20]. Group 3: Supply Chain and Dependency Risks - Taikaiying's procurement from its top five suppliers accounted for 75.48%, 78.73%, and 79.85% of total procurement in the reporting years, indicating a high concentration of suppliers [24][22]. - A significant portion of Taikaiying's procurement, amounting to 8.6 billion yuan over three years, was from Xingda Tire, which is currently facing severe debt issues and has been restricted from high consumption [28][26][31]. Group 4: Research and Development - Taikaiying's R&D expenses were 320.17 million, 418.78 million, and 481.24 million yuan, representing 1.78%, 2.06%, and 2.10% of revenue, which is lower than the average R&D expense ratio of comparable companies [35][36]. - The company focuses on scenario-based product development, but a portion of its products are essentially "private label" items, relying heavily on the capabilities of its OEM partners [34][32].

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. successfully passed its IPO application, indicating strong growth potential in the specialized tire market, particularly in mining and construction sectors [2] Company Overview - Taike Ying specializes in the design, research and development, sales, and service of tires for mining and construction [2] - The company plans to raise 390 million yuan through its IPO to upgrade its product line, establish an innovation center, and enhance its intelligent management system [2] Financial Performance - From 2021 to 2024, Taike Ying's revenue grew from 1.488 billion yuan to 2.295 billion yuan, with a compound annual growth rate (CAGR) of 15.54% [2][8] - The revenue figures for each year during the reporting period were 1.488 billion yuan, 1.803 billion yuan, 2.031 billion yuan, and 2.295 billion yuan, showing a consistent upward trend [8] Product Analysis - Mining tires are the main growth driver for Taike Ying, benefiting from the strong demand for infrastructure in Belt and Road Initiative countries and the global mining industry's growth [11][13] - The company’s main products include engineering radial tires and all-steel truck tires, with revenue contributions of 75.03% and 21.89% respectively in 2024 [11] Market Position - Taike Ying ranks third among Chinese brands and eighth globally in the engineering radial tire market as of 2023 [10] - The company has a significant market share in the domestic engineering radial tire market, particularly leading in the large-tonnage crane tire segment [10] Industry Context - The global tire industry is dominated by traditional players like Bridgestone, Michelin, and Goodyear, which hold over 36% of the market share [8] - Chinese companies are increasingly entering the market, with 38 firms collectively achieving a sales total of 38.136 billion USD, representing a 19.86% market share [8] Pricing and Cost Trends - Taike Ying's mining tire prices are projected to decrease by 15% in 2024, contrasting with stable prices among most competitors [15] - The unit cost of mining tires has been decreasing, from 3,800 yuan per tire in 2022 to 3,100 yuan per tire in 2024 [15] International Expansion - Over 60% of Taike Ying's revenue comes from overseas, with approximately 80% of its exports directed to Belt and Road Initiative countries [13] - The company is strategically positioned to benefit from the growing infrastructure investments in resource-rich regions, particularly in Africa [13]