RADICAL(300652)2024-07-16 09:25Company Overview - Founded in 2002, Leidi Ke is a comprehensive bearing manufacturing enterprise with over 20 years of experience in the automotive parts sector [1] - Listed on the Shenzhen Stock Exchange GEM in 2017, with the second factory located at the IPO project site [1] - Transitioned from solely serving the aftermarket to expanding into OEM business post-listing [1] - Issued convertible bonds in 2020 to fund the construction of a third factory in Jiaxing Tongxiang, expected to be operational by the end of this year [1] OEM Market Expansion - Initially had limited OEM collaborations due to capacity constraints, prioritizing higher-margin overseas aftermarket orders [1] - Officially began expanding OEM business after the completion of the second factory in 2017 [1] - Currently supplies wheel hub units to Great Wall and Changan for small cars, gradually expanding to sedans and SUVs [2] - Collaborates with major clients including Great Wall, Changan, SAIC, GAC, Geely, Chery, as well as new energy vehicle brands like Leapmotor, Xpeng, and Hozon [2] Overseas Aftermarket - Warranty periods vary based on product structure, region, and customer, with the largest proportion being wheel hub units typically offering a 3-year warranty [2] Core Manufacturing Processes - Heat treatment is a critical process, utilizing oil quenching, salt quenching, and induction hardening equipment based on product specifications [2] - The heat treatment process significantly impacts product structural stability and is challenging to inspect, requiring both advanced equipment and extensive technical expertise [2]