Core Viewpoint - The automotive smart water valve market in China is experiencing rapid growth driven by the booming new energy vehicle (NEV) industry, with a projected market size of 4.96 billion yuan by 2025, representing a 44.6% year-on-year increase and accounting for 62.1% of the global market [1][11]. Overview - The automotive thermal management system is crucial for regulating and optimizing vehicle temperatures to enhance efficiency, safety, and comfort, encompassing various components such as heat exchangers, valves, pumps, and compressors [2]. - Automotive smart water valves, also known as electronic water valves, are key components in thermal management systems, enabling precise control of coolant flow to regulate temperature in electric vehicle systems [3]. Market Policies - The Chinese government has implemented several policies to support the development of the automotive parts industry, including the automotive smart water valve sector, creating a favorable policy environment for growth [5]. Industry Chain - The upstream of the automotive smart water valve industry includes metal parts, electronic components, and raw materials, while the midstream involves R&D, design, and production, and the downstream primarily targets the automotive market [6]. Development Status - The demand for high-end products like proportional valves and multi-way valves is rapidly increasing, driven by the higher precision and stability requirements of NEVs compared to traditional fuel vehicles [10][11]. Competitive Landscape - The global automotive thermal management system market is highly concentrated, with leading companies leveraging their expertise in core components and system integration. Chinese companies like Sanhua Intelligent Control and Top Group are gaining market share in the NEV sector [12]. - The competitive structure of the smart water valve market mirrors that of the overall thermal management system market, characterized by foreign dominance in high-end segments and the rise of domestic players in mid-range products [12]. Key Players Analysis - Sanhua Intelligent Control focuses on thermal management solutions and has established partnerships with major automotive manufacturers, achieving significant revenue from its automotive parts business [12]. - Tianbo Intelligent Technology specializes in automotive thermal management components and has seen substantial growth in smart water valve production and sales [14]. Development Trends - Future trends indicate a shift towards integrated and intelligent designs for smart water valves, incorporating multiple functions and advanced materials to enhance performance and efficiency [15]. - Regulatory pressures will drive product upgrades and green transformations, emphasizing energy efficiency and sustainability across the supply chain [15]. - Local companies are increasingly replacing imported products, enhancing supply chain localization and fostering collaboration between automakers and valve manufacturers [16].

招股书显示，天博智能是汽车热管理系统零部件制造商，并拓展了汽车声学部件等业务，公司主营产品 主要应用于汽车领域。公司客户已覆盖国内大部分主机厂，2024年中国汽车销量前十位的车企集团均是 公司的当期客户。 公司长期深耕以调温器、智能水阀为代表的汽车温控类部件、以温度传感器为代表的汽车传感类部件以 及以AVAS产品为代表的汽车电声类部件等领域，主要产品包括温控类、传感类、电声类和开关类部 件，此外公司亦经营了少量汽车用的弹簧类和阀类等零部件产品，以满足客户一站式采购的需求。 根据弗若斯特沙利文的研究，2024年公司汽车调温器收入位列全球第3名、国内第1名，2024年公司汽车 智能水阀、汽车温度传感器和AVAS产品销售收入分别位列国内第2名、第4名和第2名。 招股书提示，公司实际控制人吕新民、吕亚玮父子直接间接合计持有公司46.40%的股份，合计控制公 司95.57%的表决权比例，处于绝对控股地位。 此外，公司应收账款增长较快。报告期各期末，公司应收账款账面价值分别占流动资产的比例分别为 30.76%、29.43%、43.04%和45.59%，整体呈上升趋势。 1月22日，天博智能科技(山东)股份有限公司(简称： ...

招股书显示，天博智能成立于2001年9月，是行业内知名的汽车热管理系统零部件制造商，并拓展了汽 车声学部件等业务，公司主营产品主要应用于汽车领域。2024年中国汽车销量前十位的车企集团均是公 司的当期客户。 根据弗若斯特沙利文的研究，公司主要核心产品汽车调温器、汽车智能水阀、汽车温度传感器及AVAS 在行业内均处于领先地位，2024年国内市场占有率（按收入口径）分别位列行业第1名、第2名、第4名 和第2名。 本次IPO，天博智能拟使用募集资金20.57亿元，分别用于智能热管理部件及系统制造建设项目、汽车热 管理系统及核心元器件生产基地扩产技术改造项目、天博研发中心建设项目、信息化中心升级建设项 目。 瑞财经 王敏 12月31日，据上交所官网，天博智能科技（山东）股份有限公司（以下简称"天博智能"） 沪主板IPO获受理，保荐机构为中信建投，保荐代表人为鄢让、郝勇超。 公司的实际控制人为吕新民、吕亚玮父子。 吕新民直接持有发行人股份1,601.50万股、占发行人股份总数的17.79%；通过天博投资间接持有发行人 15.56%的股份，合计持有发行人33.35%的股份。吕亚玮通过天博投资间接持有发行人11.50%的股 ...