Core Viewpoint - The successful implementation of the "Double King" strategy by Huichuan Technology is attributed to the independent operation of its subsidiary, United Power, which has recently launched its IPO and achieved significant market performance [2][5]. Group 1: Company Strategy and Performance - United Power initiated its IPO on September 15, with an issue price of 12.48 yuan per share, raising 3.6 billion yuan, and saw its stock price surge by 147.6% on the first trading day, closing at 30.9 yuan, giving it a market capitalization exceeding 74 billion yuan [2][3]. - The "Double King" strategy, proposed in 2016, focuses on becoming a leader in both the new energy vehicle (NEV) components and industrial automation sectors, significantly boosting the company's performance in the NEV market [5][6]. - The NEV sales penetration rate in China increased from 1.8% in 2016 to over 40% by 2024, with expectations to exceed 50% by 2025, while the company's revenue grew over eightfold during the same period [6][9]. Group 2: Market Position and Competitive Advantage - United Power has established itself as a leading independent third-party automotive powertrain supplier, holding significant market shares in various NEV components, including a 10.1% share in electric motor controllers and an 11.3% share in stator installations [9][10]. - The company serves over 40 OEMs and has developed hundreds of power system solutions, leveraging modular design to reduce costs and enhance responsiveness to market demands [10][11]. - The competitive landscape is characterized by a dual-track model where independent suppliers and OEMs coexist, with United Power positioned as a flexible and scalable supplier capable of meeting diverse customer needs [10][12]. Group 3: Future Outlook and Innovation - The automotive industry is transitioning towards greater intelligence, with United Power aiming to lead in smart chassis technology and digitalization, which are seen as critical for future competitiveness [4][15]. - The company plans to innovate by integrating robotics principles into automotive design, focusing on advanced motion control and safety features [12][13]. - Predictions indicate that the global smart chassis market will exceed $80 billion by 2025, with a significant portion attributed to steer-by-wire technologies, highlighting the importance of innovation in this sector [15].