Dare Auto(SZ:300473)2022-12-05 05:42Group 1: Company Overview and Strategy - The company aims to become an international first-class automotive parts platform supplier, focusing on the automotive industry's electronic and lightweight trends [4] - The overall strategy includes continuous new product development to mitigate risks from automotive technology changes and actively pursuing acquisition opportunities to enhance technical reserves and R&D capabilities [4] - The company plans to leverage its market resources, technical accumulation, and management foundation to improve product performance and service levels, ultimately enhancing core competitiveness and sustainable development [4][5] Group 2: Market Position and Competition - Steering pumps contribute over 90% of the company's revenue and gross profit, with domestic brands holding over 95% market share in commercial vehicles [5] - The main competitors in the domestic automotive steering pump market include Nanjing ZF, Beijing Yongxin, and Zhejiang Wan'an [5] - The company possesses competitive advantages in technology, quality control, customer resources, and rich experience in supporting products [5][6] Group 3: Product Development and Innovation - The company is facing pressure for product transformation due to the accelerated replacement of hydraulic power steering (HPS) systems by electric power steering (EPS) and electro-hydraulic power steering (EHPS) systems [6] - Current R&D efforts focus on new products such as PEPS, automatic transmission oil pumps, and EPS motors to adapt to market demands and alleviate pressures from HPS replacements [6][7] - R&D personnel account for over 15% of the total workforce, with a dedicated team in North America working on key projects [7] Group 4: Recent Acquisitions and Future Prospects - The acquisition of CCI, which specializes in acoustic control and thermal insulation products, is expected to enhance the company's product performance and market reach [7][8] - CCI's products are primarily used in the automotive sector, and the acquisition will facilitate technology and customer synergy, expanding the company's market coverage [8] - The integration of CCI's international management practices will support the company's transition from a domestic to an international enterprise [8]