至信股份立于1995年、总部位于重庆两江新区；是一家专注于汽车冲焊件以及相关模具的开发、加工、生产和销售的企业，主 要产品包括冷冲压件、热成型件、焊接总成件、模具。 | 打新早知道 | | | | 南财快讯 | | --- | --- | --- | --- | --- | | 今日申购 | | | | | | 603352.SH 至信股份 | | | | | | 机构报价(元/股) 发行价(元/股) | | | | | | 21.88 | 22.10 | | 37.20 | 汽车制造 | | 发行市盈率 | 行业市盈率 | | 可比公司 | 可比公司动态市盈率 | | 26.85 | | | 无锡振华 | 16.67 | | 华达科技 | 28.68 | | | 57.01 | | 多利科技 | | | | 36.32 | | 业绩情况 | | | | | | 35.0 | | | | 90% | | 30.0 | | | | 80% | | 25.0 | | | | 70% | | 20.0 | | | | 60% 50% | | 15.0 | | | | 40% | | 10.0 | | | | 30% ...

内容概要：干式离合器摩擦片作为汽车离合器中的重要组成部分之一，主要用于实现动力的传递和切断 功能。其具有良好的耐磨性和抗热衰退性等特点使得它在高速运转的汽车离合系统中发挥重要作用。随 着汽车市场的快速发展，干式离合器摩擦片行业需求不断扩大。同时，国家政策也积极推动汽车关键零 部件的发展，不仅为企业提供研发引导，还在标准制定、供应链建设等方面给予支持，而干式离合器摩 擦片作为汽车零部件之一，也将受益于相关政策的推动，行业市场规模显著增加。数据显示，2024年中 国干式离合器摩擦片行业市场规模达到16.86亿元，同比上涨5.0%。预计2026年行业市场规模增长至 18.31亿元。 相关上市企业：长春一东（600148）、金麒麟（603586）、铁流股份（603926）、一汽解放 （000800）、比亚迪（002594）、上汽集团（600104）、吉利汽车（00175）、长安汽车（000625）、 长城汽车（601633）、广汽集团（601238）等。 干式离合器摩擦片是汽车动力传递的关键组件，其材料选择和使用技巧直接关系到车辆性能和驾驶体 验。近年来，我国政府出台了一系列汽车零部件政策，这些政策的出台为干式离合器 ...

Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has met the requirements for issuance, listing, and information disclosure as per the North Exchange's review meeting [2] Group 1: Business Overview - The company specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [2] Group 2: Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 202 million, 199 million, and 249 million respectively, with net profits of 41.65 million, 49.05 million, and 71.03 million respectively [4] - For the first quarter of 2025, the company reported an operating revenue growth of 18.43% year-on-year, with a net profit increase of 41.56% after excluding non-recurring gains and losses [4] - For the first half of 2025, the estimated operating revenue is between 136 million to 141 million, reflecting a year-on-year growth of approximately 8.66% to 12.65%, with net profits expected to be between 43 million to 47 million, indicating a growth of 23.49% to 34.98% [4] Group 3: Market and Performance Stability - The North Exchange has requested the company to explain the rationale behind its gross margin being higher than that of its industry peers and to clarify the differences in gross margins when selling to manufacturers versus traders [3] - The company is also required to address the stability of its operating performance, including market space and expansion capabilities for its products, and whether there is a risk of demand shrinkage for dry friction plates [3]

Group 1 - This week, one new stock, Hongyuan Co., is set for subscription on the Beijing Stock Exchange, with the subscription starting on Monday [2] - Last week, three new stocks debuted in the A-share market, with significant first-day gains: Hansang Technology surged by 186.72%, Tianfulong increased by 140.68%, and Youli Intelligent rose by 246.89% [2] Group 2 - Three companies are undergoing IPO review this week, including two on the Beijing Stock Exchange (Kema Materials and Dapeng Industrial) and one on the Sci-Tech Innovation Board [3] - Kema Materials aims to raise 206 million yuan through its IPO, with projected revenues of 202 million yuan, 199 million yuan, and 249 million yuan for 2022, 2023, and 2024 respectively, and net profits of approximately 41.65 million yuan, 49.05 million yuan, and 71.03 million yuan for the same years [3] - The actual controllers of Kema Materials are closely related, with a family structure controlling 84.4% of the company's shares [3][5] Group 3 - The board of Kema Materials consists of seven directors, with significant representation from the controlling family, including the chairman and two other board members [4] - Key positions within the company are held by relatives of the actual controllers, indicating a strong family influence in management [5] - The company has seen a 40% increase in IPO counseling filings, with seven new companies added [5][7]

Group 1 - Three companies are scheduled for IPO meetings this week from August 11 to August 15, with one on the Sci-Tech Innovation Board and two on the Beijing Stock Exchange [1][2] - Xi'an Yicai plans to raise the most funds, with an expected amount of 4.9 billion yuan, aimed at the second phase of the Xi'an Yisiwei silicon industry base project [1][3] - The other two companies, Kema Materials and Dapeng Industrial, plan to raise 206 million yuan and 154 million yuan, respectively [1][3] Group 2 - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers [2] - Kema Materials specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, and is committed to developing new friction materials [3] - Dapeng Industrial is engaged in the research, design, production, and sales of precision industrial cleaning products [3]

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]

Group 1 - Four companies are scheduled for IPO meetings, including Jieka Co., Ltd. for the Sci-Tech Innovation Board, Fengbei Bio for the Shanghai Main Board, and Kema Materials and Nante Technology for the Beijing Stock Exchange [1][2] - Fengbei Bio plans to raise the most funds, with an expected amount of 750 million yuan, aimed at projects such as a new annual production of 300,000 tons of oleic acid methyl ester and 10,000 tons of industrial-grade mixed oil [1][3] - Jieka Co., Ltd. and Nante Technology are expected to raise 676 million yuan and 286 million yuan, respectively [1] Group 2 - Fengbei Bio's main business focuses on the comprehensive utilization of waste oil resources, with a secondary focus on oil chemical products [3] - Jieka Co., Ltd. specializes in the research, development, production, and sales of collaborative robot complete products, as well as robot system integration [4] - Nante Technology is engaged in the research, development, production, and sales of precision mechanical components, while Kema Materials focuses on the development and production of dry and wet friction materials [5]

Core Viewpoint - The IPO journey of Koma Materials has attracted significant attention due to its fluctuating performance during the reporting period and ongoing concerns regarding its part-time R&D personnel [2] Financial Performance - Koma Materials' main business involves the R&D, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [3] - From 2021 to 2023, Koma Materials reported revenues of 223 million yuan, 202 million yuan, and 199 million yuan, respectively, indicating a continuous decline in revenue [3] - Net profits for the same period were 72.52 million yuan, 41.65 million yuan, and 49.05 million yuan, showing volatility in profitability [3] - In 2022, the company experienced a 9.25% decline in revenue and a 42.57% drop in net profit, attributed to geopolitical issues, rising raw material costs, and a significant decrease in commercial vehicle production [5] - For 2024, Koma Materials projected a revenue of 249 million yuan, a 25.16% increase year-on-year, with a net profit of 68.72 million yuan, reflecting a 55.22% growth [6][7] R&D Personnel Structure - The number of part-time R&D personnel at Koma Materials decreased from 18 in 2021 to 10 in 2023, with a significant portion of their salaries accounted for in R&D expenses [8] - The company has been questioned about the specific roles and rationality of non-full-time R&D personnel, including senior management, and the allocation of their working hours and salary distribution [9][11] - As of the end of 2023, Koma Materials had 56 R&D personnel, with 46 being full-time and 10 part-time, and planned to reduce part-time personnel further in 2024 to enhance focus and efficiency [12][13] Governance and Control - Koma Materials is predominantly controlled by the Wang family, with significant shareholding and key management positions held by family members, raising concerns about potential governance risks [14][15] - The company has faced scrutiny regarding its internal control systems and compliance, particularly concerning the high salaries of executives and past tax evasion issues [16][17] - Koma Materials has stated that it does not engage in practices to evade tax obligations through low-income employees and has rectified previous discrepancies with tax authorities [18]