Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. successfully passed its IPO application, indicating strong growth potential in the specialized tire market, particularly in mining and construction sectors [2] Company Overview - Taike Ying specializes in the design, research and development, sales, and service of tires for mining and construction [2] - The company plans to raise 390 million yuan through its IPO to upgrade its product line, establish an innovation center, and enhance its intelligent management system [2] Financial Performance - From 2021 to 2024, Taike Ying's revenue grew from 1.488 billion yuan to 2.295 billion yuan, with a compound annual growth rate (CAGR) of 15.54% [2][8] - The revenue figures for each year during the reporting period were 1.488 billion yuan, 1.803 billion yuan, 2.031 billion yuan, and 2.295 billion yuan, showing a consistent upward trend [8] Product Analysis - Mining tires are the main growth driver for Taike Ying, benefiting from the strong demand for infrastructure in Belt and Road Initiative countries and the global mining industry's growth [11][13] - The company’s main products include engineering radial tires and all-steel truck tires, with revenue contributions of 75.03% and 21.89% respectively in 2024 [11] Market Position - Taike Ying ranks third among Chinese brands and eighth globally in the engineering radial tire market as of 2023 [10] - The company has a significant market share in the domestic engineering radial tire market, particularly leading in the large-tonnage crane tire segment [10] Industry Context - The global tire industry is dominated by traditional players like Bridgestone, Michelin, and Goodyear, which hold over 36% of the market share [8] - Chinese companies are increasingly entering the market, with 38 firms collectively achieving a sales total of 38.136 billion USD, representing a 19.86% market share [8] Pricing and Cost Trends - Taike Ying's mining tire prices are projected to decrease by 15% in 2024, contrasting with stable prices among most competitors [15] - The unit cost of mining tires has been decreasing, from 3,800 yuan per tire in 2022 to 3,100 yuan per tire in 2024 [15] International Expansion - Over 60% of Taike Ying's revenue comes from overseas, with approximately 80% of its exports directed to Belt and Road Initiative countries [13] - The company is strategically positioned to benefit from the growing infrastructure investments in resource-rich regions, particularly in Africa [13]