Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [45]. Core Insights - The company, Aomeisen, specializes in intelligent manufacturing equipment, focusing on the research, design, production, and sales of smart production devices and lines, primarily serving the air conditioning, environmental protection, and new energy sectors [1][29]. - The intelligent manufacturing equipment industry in China is expected to grow from approximately 3.2 trillion yuan in 2023 to 3.6 trillion yuan in 2024, driven by increasing demand in downstream sectors [2][11]. - Aomeisen has established significant technological advantages in core areas such as forming processes, workpiece transfer, and intelligent control, which contribute to its competitive edge in the industry [3][39]. Summary by Sections 1. Industry Overview - The intelligent manufacturing equipment industry in China is in a growth phase, with increasing demand from enterprises for smart manufacturing solutions [11]. - The household appliance sector, a key application area for Aomeisen's products, is transitioning towards technology-driven competition, with a focus on quality and efficiency improvements [17]. 2. Company Overview - Aomeisen's main products include intelligent equipment for heat exchanger production and pipeline processing, with a strong customer base among leading appliance manufacturers like Gree and Midea [4][29]. - The company reported revenues of 279 million yuan, 325 million yuan, and 358 million yuan for 2022, 2023, and 2024 respectively, with a projected revenue of 191.38 million yuan for the first half of 2025, reflecting a year-on-year growth of 17.75% [1][35]. 3. Technological Innovation - Aomeisen has developed proprietary technologies such as a non-shrinkage expansion tube process, achieving over 99.6% qualification rates and reducing energy consumption by 70% [3][39]. - The company holds 467 valid patents, including 195 domestic invention patents, which protect its core technologies and enhance its market position [40]. 4. Market Position and Growth Potential - Aomeisen's core products are expected to generate significant revenue, with intelligent equipment for heat exchangers projected to account for 69.89% of its main business revenue in 2024 [4][41]. - The company is expanding into environmental protection and new energy sectors, with products like SRF/RDF production lines and lithium battery equipment, positioning itself as a multi-domain intelligent equipment service provider [6][41].

Core Viewpoint - Aomen Sen (920080.BJ) has been listed on the Beijing Stock Exchange, specializing in intelligent equipment manufacturing, particularly in smart production equipment and production lines for various industries, including electrical appliances, environmental protection, wind power, and lithium battery new energy [1][2]. Company Overview - Aomen Sen focuses on the research, design, production, and sales of intelligent production equipment, which is essential for achieving automation, intelligence, and efficiency in manufacturing [1]. - The company has established itself as a leader in the fields of heat exchangers and pipeline processing technology since its founding in 2003 [2][3]. Financial Information - The initial offering price was set at 8.25 yuan per share, with a market capitalization of 1.2 billion yuan [2]. - The company has a projected earnings growth rate of 200% for 2023, indicating strong performance compared to previous years [2]. Investment and Development Plans - Aomen Sen plans to invest 0.90 billion yuan in the construction of a digital forming equipment production base and 0.75 billion yuan in the establishment of a research and development center [2]. - The company aims to expand its product offerings into environmental protection, wind power, and lithium battery new energy sectors, with notable products including SRF/RDF production lines and lithium battery thermal pressing equipment [3][4]. Client Relationships - Aomen Sen has established long-term partnerships with major domestic and international electrical appliance manufacturers, including Gree Electric, Midea Group, and Daikin, positioning itself as a "hidden champion" in the intelligent equipment sector [3][4]. - The company has also secured contracts with clients in the environmental and new energy sectors, such as China Power Construction and BYD [4].

Core Viewpoint - Aomen Sen (920080.BJ) has been listed on the Beijing Stock Exchange, focusing on intelligent equipment manufacturing, particularly in sectors such as electrical appliances, environmental protection, wind power, and lithium battery new energy [1][5]. Company Overview - Aomen Sen specializes in the research, design, production, and sales of intelligent production equipment and lines, which are essential for achieving automation and efficiency in manufacturing [1]. - The company has developed key products including heat exchanger production equipment, pipeline processing equipment, and customized intelligent devices for various industries [4]. Financial Information - The initial offering price was set at 8.25 yuan per share, with a projected market capitalization of 1.2 billion yuan [3]. - The company has a price-to-earnings ratio of 12.52, significantly lower than the industry average of 36.54 [3]. - Aomen Sen's net profit for 2021 was 4 billion yuan, with a projected growth rate of 200% [3]. Investment and Development Plans - The company plans to allocate 0.90 billion yuan for the construction of a digital forming equipment production base and 0.75 billion yuan for a research and development center [3]. - Aomen Sen aims to expand into environmental protection, wind power, and lithium battery sectors, with products already recognized by major clients such as BYD and China Power Construction [5]. Technical Achievements - Aomen Sen has achieved international advanced levels in several key technology projects, including digital design and manufacturing of heat exchanger equipment [4]. - The company is recognized as a "hidden champion" in the domestic intelligent equipment sector, maintaining long-term partnerships with leading appliance manufacturers [4]. Market Position and Clientele - Aomen Sen has established a strong client base in the air conditioning manufacturing sector, collaborating with major companies like Gree Electric, Midea Group, and Haier [4]. - The company is also expanding its reach into other industries, with notable products for environmental and new energy applications [5].

Group 1 - The core viewpoint of the article highlights the IPO of Aomeisen (920080.BJ), a specialized manufacturer of intelligent equipment, focusing on the development, design, production, and sales of smart production devices and lines, which are crucial for automation and efficiency in various industries [1] - Aomeisen has established itself in heat exchange and pipeline processing technology since its founding in 2003, with key products including intelligent equipment for heat exchangers and pipeline processing, as well as customized intelligent devices for environmental protection and renewable energy sectors [1] - The company has achieved international and domestic recognition for its technological advancements, with projects reaching international advanced levels in digital design and manufacturing of heat exchanger equipment and integrated CNC pipeline processing technology [1] Group 2 - Aomeisen maintains long-term stable partnerships with major domestic and international electrical appliance manufacturers, including Gree Electric, Midea Group, and Panasonic, among others [2] - The company is actively expanding into environmental protection, wind power, and lithium battery new energy sectors, with notable products such as SRF/RDF production line equipment and lithium battery thermal pressing equipment [2] - Despite some success in new business development, Aomeisen acknowledges potential risks in expanding its business, particularly in entering new application fields due to customer resource barriers and technology validation challenges [2] Group 3 - From 2022 to 2024, Aomeisen's government subsidies accounted for significant portions of its total profit, with amounts of 7.67 million, 6.55 million, and 2.09 million yuan, representing 41.28%, 12.08%, and 3.31% of total profit respectively [3] - The company warns that a reduction in government support for its industry could lead to decreased subsidies, impacting future operational performance [3]