Core Viewpoint - Ningbo Peiyuan Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, with a focus on the research, production, and sales of automotive parts, particularly shock absorber components and hydraulic systems [3] Financial Performance - Revenue projections for Peiyuan Co. from 2022 to 2025 are as follows: 5.51 billion yuan in 2022, 6.1 billion yuan in 2023, 6.52 billion yuan in 2024, and 3.32 billion yuan for the first half of 2025 [3] - Net profit attributable to the parent company is projected to be 69.22 million yuan in 2022, 75.82 million yuan in 2023, 59.63 million yuan in 2024, and 34.69 million yuan for the first half of 2025 [3] Shareholder Structure - The major shareholders of Peiyuan Co. include Yu Peijun (26.07%), Zhang Peiqin (24.74%), Yu Keyu (39.55%), and Tian Yu (0.37%), collectively holding 90.73% of the shares [4][5] - Yu Peijun has been serving as the chairman and general manager since the company's establishment, indicating significant influence over operational decisions [5][6] IPO Fundraising Purpose - The IPO aims to raise 297 million yuan, which will be allocated to increase production capacity for 17 million shock absorber piston rods, supplement working capital, and repay bank loans [10][11]

Core Viewpoint - Ningbo Peiyuan Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, with sponsorship from Zhongtai Securities and auditing by Rongcheng Accounting Firm [2]. Financial Performance - Revenue projections for Peiyuan Co. are as follows: CNY 551 million for 2022, CNY 610 million for 2023, CNY 652 million for 2024, and CNY 332 million for the first half of 2025 [2]. - Net profit forecasts are: CNY 69.22 million for 2022, CNY 75.82 million for 2023, CNY 59.63 million for 2024, and CNY 34.69 million for the first half of 2025 [2]. Shareholder Structure - Major shareholders include Yu Peijun (26.07%), Zhang Peiqin (24.74%), Yu Keyu (39.55%), and Tian Yu (0.37%), collectively holding 90.73% of the company [3][4]. - The four major shareholders have signed a joint action agreement, ensuring they act in concert regarding shareholder decisions [4]. Corporate Governance - Yu Peijun has been the Chairman and General Manager since the company's inception, indicating significant influence over operational and managerial decisions [4][5]. - The company has a stable management team with extensive experience in the automotive parts industry [7][8][9][10][11].

Core Viewpoint - Ningbo Peiyuan Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, with sponsorship from Zhongtai Securities [2] Financial Performance - Revenue for Peiyuan Co. is projected to be 5.51 billion yuan in 2022, 6.1 billion yuan in 2023, 6.52 billion yuan in 2024, and 3.32 billion yuan for the first half of 2025 [2] - Net profit attributable to the parent company is expected to be 69.22 million yuan in 2022, 75.82 million yuan in 2023, 59.63 million yuan in 2024, and 34.70 million yuan for the first half of 2025 [2] Shareholder Structure - The major shareholders include Yu Peijun (26.07%), Zhang Peiqin (24.74%), Yu Keyu (39.55%), and Tian Yu (0.37%), collectively holding 90.73% of the shares [3][4] - Yu Peijun, Zhang Peiqin, Yu Keyu, and Tian Yu have signed a joint action agreement, ensuring they act in concert regarding shareholder decisions [4][5] Company Overview - Peiyuan Co. specializes in the research, production, and sales of automotive parts, particularly shock absorber components and hydraulic systems [2] - The company has a total asset value of approximately 1.06 billion yuan as of June 30, 2025, with total equity of about 509.51 million yuan [3] Management Background - Yu Peijun has been the chairman and general manager since the company's inception, with significant influence over operational decisions [4][5] - Zhang Peiqin and Yu Keyu also hold key management positions, contributing to the company's strategic direction [8][9]

Core Viewpoint - Ningbo Peiyuan Co., Ltd. has officially submitted its IPO application to the Beijing Stock Exchange, aiming to raise 297 million yuan through this offering [1] Financial Performance - The total assets of Peiyuan Co. are projected to reach approximately 1.06 billion yuan by June 30, 2025, up from 704.15 million yuan in 2022, indicating a steady growth trend [2] - The company's total equity is expected to increase from 341.25 million yuan in 2022 to approximately 509.51 million yuan by mid-2025 [2] - Revenue figures show a consistent upward trajectory, with projected revenues of 332.40 million yuan for the first half of 2025, compared to 551.06 million yuan in 2022 [3] - Net profit is expected to decline slightly to 34.70 million yuan in the first half of 2025 from 69.22 million yuan in 2022, reflecting some fluctuations in profitability [3] Product and Market Position - Peiyuan Co. specializes in automotive parts, focusing on the research, production, and sales of shock absorber components and hydraulic flipping system components [2] - The company maintains a stable gross margin, with some high-end products significantly exceeding industry averages, attributed to ongoing R&D investments and optimized production processes [5] - In the shock absorber component sector, Peiyuan Co. holds a leading position, effectively avoiding homogenization risks through differentiated product strategies and precise market positioning [6]

Core Viewpoint - Ningbo Peiyuan Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of shock absorber components and hydraulic system parts [1] Financial Performance - The company reported revenues of 551 million yuan, 610 million yuan, and 652 million yuan for the years 2022, 2023, and 2024 respectively, indicating a growth trend [1] - Net profits for the same years were 69.22 million yuan, 75.82 million yuan, and 59.63 million yuan, showing a decline in 2024 compared to previous years [1] - Key financial metrics include: - Revenue for 2024 is projected at 652.08 million yuan, up from 609.61 million yuan in 2023 and 551.06 million yuan in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 59.63 million yuan, down from 75.82 million yuan in 2023 and 69.22 million yuan in 2022 [1] - Basic and diluted earnings per share for 2024 are both projected at 0.88 yuan, a decrease from 1.12 yuan in 2023 and 1.03 yuan in 2022 [1] - The weighted average return on equity is forecasted to be 13.17% in 2024, down from 19.75% in 2023 and 21.25% in 2022 [1] - Net cash flow from operating activities is expected to be 127.23 million yuan in 2024, a significant increase from 16.74 million yuan in 2023 and 100.27 million yuan in 2022 [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][5]. Core Insights - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 14.7% in revenue and 61.3% in net profit for the first half of 2025 [5][6]. - The company is expanding its product offerings in the automotive sector, particularly in the steering gear and air conditioning compressor segments, and is investing over 20 billion RMB in new production lines in Jiangsu and Thailand [5][6]. - The company is well-positioned to benefit from the growing demand in the automotive and robotics industries due to its leading position in the screw rod sector [6]. Summary by Sections Company Overview - The company operates in the automotive industry, focusing on components such as steering gear racks and air conditioning compressors [5]. - As of September 23, 2025, the stock price is 57.93 RMB, with a target price set at 68 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.11 billion RMB, reflecting a 14.7% increase year-on-year, driven by strong orders in commercial vehicle air conditioning compressors and aluminum lightweighting [6]. - The net profit attributable to the parent company for the same period was 50 million RMB, marking a 61.3% increase year-on-year [6]. Investment Plans - The company plans to invest approximately 18.5 billion RMB in a new factory in Jiangsu for the development of planetary roller screws, with construction expected to be completed by the end of 2025 [6]. - An additional investment of 3.5 billion RMB is planned for a factory in Thailand, which aims to produce 800,000 sets of planetary roller screws annually [6]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 110 million RMB, 150 million RMB, and 222 million RMB for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 55%, 35%, and 48% [6][8].

Investment Rating - The investment rating for the company is "Buy" with an upgrade noted in the report [10]. Core Viewpoints - The company, Beite Technology, is a leading domestic automotive parts manufacturer with strong technical accumulation in components such as compressors, steering gear racks, and shock absorber piston rods. The growth in the new energy vehicle market is expected to drive steady growth in the company's automotive parts business, with an anticipated increase in market share. Additionally, the company has strategically developed various screw products in the metal precision processing field, which is expected to become a second growth curve for the company, benefiting from the development wave of humanoid robots [3][6][8]. Summary by Sections Company Overview - Beite Technology has established technical barriers in the research and production of automotive chassis components, particularly in steering gear racks and shock absorber piston rods. The company has a rich product structure and maintains a leading position in segmented markets. Its main business includes three segments: chassis components, aluminum alloy lightweight products, and air conditioning compressors. The company is actively expanding into new business areas, including the establishment of subsidiaries focused on humanoid robot core components [6][17][19]. Market Demand and Growth - The company's main business in automotive parts is expected to grow due to the increasing market demand for new energy vehicle components. The company is enhancing its competitive advantage by collaborating with steel manufacturers to expand its product offerings. The demand for lightweight vehicles is becoming increasingly urgent as the penetration rate of new energy vehicles rises. The company is positioned to accelerate growth in its aluminum alloy business as production capacity comes online [7][48]. Humanoid Robot Industry - The humanoid robot market is poised for significant growth, with various manufacturers expected to ramp up production by 2025. The company has strategically positioned itself in the production of planetary roller screws, which are critical components for humanoid robots. The report anticipates that the company will achieve net profits of 117 million and 155 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 166 and 125 times [8][73]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 2.024 billion yuan in 2024, reflecting a year-on-year increase of 7.57%. In the first half of 2025, the company reported total revenue of 1.113 billion yuan, a year-on-year increase of 14.71%. The net profit attributable to the parent company is expected to reach 71 million yuan in 2024, up 40.43% year-on-year, and 55 million yuan in the first half of 2025, up 45.14% year-on-year [27][29][68]. Competitive Position - The company has a stable shareholding structure, with the actual controller holding a significant portion of shares, ensuring stability in management. The company has also been expanding its overseas business, with export revenue accounting for 6.9% of total revenue in 2024, indicating a growing international presence [39][35]. Product Segmentation - The company's product revenue structure is diversified, with automotive chassis components accounting for 64.16%, air conditioning compressors 27.53%, and aluminum alloy lightweight products 8.31%. The company is focusing on enhancing its product offerings and expanding its market share in these segments [20][24].