CICC(601995) 证券时报网·2025-01-16 00:36Core Viewpoint - Sanhua Intelligent Control has submitted a listing application on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Group 1: Company Background - The company originated from a refrigeration parts factory established in 1984 and evolved from a Sino-Japanese joint venture founded in 1994 [1] - It underwent a shareholding reform in 2001 and was listed on the Shenzhen Stock Exchange in 2005 [1] - The company specializes in the research, manufacturing, and sales of refrigeration and air conditioning electrical components, as well as automotive components [1] Group 2: Product Offerings - Key products in the refrigeration and air conditioning electrical components business include electronic expansion valves, four-way reversing valves, solenoid valves, microchannel heat exchangers, shut-off valves, pressure sensors, and Omega pumps [1] - These products are widely used in air conditioning, refrigerators, industrial refrigeration, cold chain transportation, heat pump heating, and washing machines [1] Group 3: Market Position and Growth - The company is a pioneer in the automotive thermal management market, becoming a key supplier of automotive thermal management system components globally [2] - The global market size for automotive thermal management system components increased from RMB 195.5 billion in 2019 to RMB 265.5 billion in 2023, with a compound annual growth rate (CAGR) of 8.0% [2] - Revenue from thermal management system components for new energy vehicles surged from RMB 15.7 billion in 2019 to RMB 102 billion in 2023, with a CAGR of 59.7% [2] - By 2028, the global market size for automotive thermal management system components is expected to reach RMB 511.5 billion, with a CAGR of 14.0% from 2023 to 2028 [2] Group 4: Competitive Advantages - The company has a leading advantage in the research and development of valves, pumps, heat exchangers, and integrated components, particularly in cabin thermal management, battery thermal management, and motor/electronic control system thermal management [2] - In 2023, the company held the highest market shares in various refrigeration and air conditioning electrical components, including 58.7% for four-way reversing valves and 58.1% for electronic expansion valves [3] - The company has established business relationships with the top ten global refrigeration and air conditioning manufacturers and automotive manufacturers as of September 30, 2024 [3] Group 5: Intellectual Property and Global Presence - As of September 30, 2024, the company holds over 4,000 patents in China and more than 700 patents in overseas jurisdictions, along with over 200 PCT patents [4] - The company has submitted over 7,300 patent applications in China and over 1,200 applications in overseas jurisdictions as of September 30, 2024 [4] - The company's products are distributed across more than 70 countries and regions, employing over 3,700 R&D personnel, including industry experts [5] - The company operates 48 production facilities globally, including 13 overseas factories in countries such as the USA, Poland, Mexico, Turkey, Austria, Vietnam, Thailand, and India [5]