Core Insights - 瑞立科密 has received a development notification from a well-known domestic flying car company, marking a significant milestone in the low-altitude economy sector [2] - The company will serve as a parts supplier, focusing on the development and supply of core components related to connection and folding [2] - The project reflects the client's recognition of 瑞立科密's R&D capabilities, manufacturing strength, and product quality stability [2] Company Capabilities - 瑞立科密 specializes in automotive electronics, with expertise in electronic control units (ECUs), actuators, and sensors [2] - The company has advanced manufacturing processes in lightweight aluminum alloy die-casting [2] - These core advantages support the company's efforts in developing and applying products related to the low-altitude economy [2] Project Implications - The project is expected to positively impact the company's future operating performance if subsequent orders are successfully converted [2] - However, it will not significantly affect the company's operating performance for the current fiscal year [2] Risk Considerations - The project involves new product applications, which may present inherent risks [3] - The notification only indicates the client's recognition of the company's capabilities and does not constitute a final order or sales contract [3] - Actual sales amounts will depend on the client's production plans and market conditions, which may lead to changes in supply volume [3]

Core Insights - 瑞立科密's recent listing on the Shenzhen Stock Exchange marks a significant milestone in its development and strengthens the domestic automotive core component supply chain [1] - The company has achieved the highest market share in key products such as ABS, ESC, and EBS for several consecutive years, breaking the technological monopoly of multinational giants like ZF and Bosch [1][2] - 瑞立科密 has built a strong technological barrier through two decades of development, transitioning from "technology follower" to "industry leader" [2] Technology Development - The company has developed 22 core technologies, including electromechanical coupling dynamic coordination anti-lock control technology and high-safety multi-level heterogeneous redundancy distributed system architecture control technology [2] - 瑞立科密 has achieved 100% independent research and development of core components such as electronic control units (ECU), actuators, and sensors, establishing a fully controllable solution from hardware to software [2] - As of the end of 2024, the company has obtained 459 authorized patents, including 58 invention patents, and has received national recognition for its technological capabilities [2] Market Position - 瑞立科密 has solidified its leading position in the commercial vehicle active safety system sector, with its ABS product output and sales ranking first in the industry for ten consecutive years from 2014 to 2023 [5][6] - The company's market share in the commercial vehicle sector for ABS, ESC, and EBS products reached 24.00%, 23.72%, and 27.92% respectively, showing a year-on-year increase [5][6] - The company has established strong customer relationships with major domestic commercial vehicle manufacturers, which creates high switching costs for clients [6] International Expansion - 瑞立科密 has successfully expanded into international markets, with overseas revenue increasing from 65.74 million to 312 million yuan from 2022 to 2024, accounting for 16.07% of total revenue [8] - The company has diversified its business into the aluminum alloy precision die-casting sector, serving major global automotive supply chains [8] - Financial data indicates strong growth potential, with revenue rising from 1.326 billion to 1.977 billion yuan and net profit increasing from 96.96 million to 269 million yuan from 2022 to 2024 [8] Industry Outlook - The automotive industry's transition to electrification and intelligence presents a golden opportunity, with new regulations mandating the installation of ESC and EBS in commercial vehicles expected to create a market worth approximately 3 billion yuan [9] - The global linear control braking market is projected to reach 57.5 billion yuan by 2026, with a compound annual growth rate of 46%, indicating significant growth potential for the company [9] - With a domestic penetration rate of less than 10% in the ECAS field compared to 80% in Europe and the U.S., 瑞立科密 is well-positioned to benefit from both policy incentives and market demand [9]