Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to become the first publicly listed company in the civil drone motor sector [2][3]. Company Overview - Established in 2009, Sanrui Intelligent specializes in the manufacturing of drone and robot power systems, focusing on the research, production, and sales of electric power systems for drones and robots [2]. - According to a Frost & Sullivan industry report, Sanrui is projected to hold a 7.1% market share in the global civil drone electric power system market in 2024, ranking second globally after DJI [2]. Financial Performance - The company plans to raise approximately 769 million yuan through the IPO, with funds allocated to three projects: expansion of drone and robot power systems, construction of a research center and headquarters, and upgrades to information technology and smart warehousing [3]. - Revenue figures for the years 2022, 2023, and 2024 are reported as 361 million yuan, 533 million yuan, and 831 million yuan, respectively, with net profits of 100 million yuan, 161 million yuan, and 320 million yuan after excluding non-recurring gains [3]. Pricing Trends - The average selling price of the motors has been declining, with prices dropping from 295 yuan per unit in 2022 to 148 yuan per unit in 2024, and further down to 110.4 yuan in the first half of 2025, representing a 62.57% decrease from 2022 [4]. - The price of robot power system motors also decreased significantly, from 1,455.31 yuan per unit in 2022 to 615.26 yuan per unit [4]. Export and Market Risks - The company has seen rapid growth in revenue and net profit, but faces challenges such as international trade tensions, fluctuations in raw material prices, and declining prices of core products [5]. - Export revenue for the years 2022, 2023, 2024, and the first half of 2025 was 235 million yuan, 382 million yuan, 426 million yuan, and 213 million yuan, respectively, with a significant portion of exports going to Europe and Asia [5]. - The company has been affected by increased tariffs on imports to the U.S. since 2025, which has raised procurement costs for customers and weakened competitiveness in the U.S. market [5]. Tax Benefits - Sanrui is recognized as a national high-tech enterprise, benefiting from a reduced corporate income tax rate of 15% and other tax incentives, which contributed to tax savings of 16.18 million yuan, 28.84 million yuan, 46.99 million yuan, and 24.49 million yuan during the reporting period [6]. - The proportion of tax benefits to total profit was 12.13%, 14.28%, 12.04%, and 13.01% for the respective years [6]. Dividend Policy - The company declared cash dividends of 130 million yuan in 2023 and 40 million yuan in 2025, totaling 170 million yuan [7]. Future Outlook - Sanrui acknowledges potential risks related to macroeconomic changes, unfavorable adjustments in industrial policies, and challenges in technology development and customer acquisition, particularly concerning the market penetration of new products [8].

Core Viewpoint - The rapid development of the low-altitude economy has significantly boosted the revenue and performance of Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as "Sanrui Intelligent") [1] Group 1: Company Overview - Sanrui Intelligent is a leading manufacturer of drone and robot power systems, recently submitted an IPO application to the ChiNext board, which has been accepted [1] - The company focuses on the research, production, and sales of electric power systems for drones and robots, which are critical components for the continuous development of these industries [2][3] Group 2: Financial Performance - From 2022 to 2024, Sanrui Intelligent achieved operating revenues of 362 million, 534 million, and 831 million yuan, with year-on-year growth rates of 47.61% and 55.77% for the latter two years [5] - The net profits for the same period were 131 million, 172 million, and 333 million yuan, with growth rates of 52.29% and 93.36% for the last two years [5] Group 3: Revenue Structure - Over 80% of Sanrui Intelligent's revenue comes from drone power systems, while robot power systems currently contribute less than 10% [3] - In 2024, the revenue from electric motors, the company's core product, is projected to reach 462 million yuan, accounting for 55.72% of total revenue [4] Group 4: Market Presence - Sanrui Intelligent's products are exported to over 100 countries and regions, with foreign sales accounting for 65.16%, 71.78%, and 51.38% of total revenue during the reporting period [5][6] - The company has established partnerships with notable clients in the drone industry, including Aerospace Electronics and Leica Geosystems [2] Group 5: R&D and Competitive Position - Sanrui Intelligent's R&D expenses for 2024 are projected to be lower than some comparable companies, but it holds a higher number of authorized patents [9][10] - The company's gross profit margins are significantly higher than those of comparable companies, with rates of 52.60%, 55.99%, and 59.79% over the reporting period [10][11]