A-share subscription | Jia Chen Intelligent (920096.BJ) opens for subscription. Its main products include motor drive control systems, whole machine control systems, etc.

On May 6th, Jiachen Intelligent (920096.BJ) started its subscription, with an issue price of 14.43 yuan per share, a subscription limit of 810,000 shares, a P/E ratio of 14.99 times, belonging to the Beijing Stock Exchange, and CICC as the sponsor institution. According to the prospectus, Jiachen Intelligent's main business is the research, development, production, and sales of electric control system products and overall solutions. Its main products include motor drive control systems, whole machine control systems, vehicle networking products and applications, with the current downstream main application scenarios being industrial vehicles, gradually expanding to excavators, aerial work machinery, and other engineering machinery scenarios, as well as site vehicles, mobile Siasun Robot & Automation, and other diversified application fields. The company's downstream customers include Hangcha Group, Anhui Heli Co., Ltd., Noblelift Intelligent Equipment, Longgong, Guangxi Liugong Machinery, BYD Company Limited, XCMG, Kalmar, Hiab, and other major industrial vehicle manufacturers at home and abroad. It has established strategic partnerships with customers such as Hangcha Group, Anhui Heli Co., Ltd., and Noblelift Intelligent Equipment. In recent years, the company has successively overcome core technologies in electric control system software and hardware, such as "wide speed range, high efficiency control technology," "structural integration design technology," "high power density power electronics design technology," "MOSFET parallel drive and health management technology," and has independently produced various models of motor controllers. It continues to enhance its R&D capabilities for mid-to-high-end motor drive control systems, gradually increasing the production and proportion of self-made motor controllers to help downstream customers meet their demand for core components. In addition to the industrial vehicle sector, the company's self-developed ACM series motor controller products have completed market verification and achieved mass production in diversified application scenarios such as aerial work platforms and site vehicles. By deep integration with the industry's electrification and intelligent development trend, the company's self-branded motor controllers have significant competitive advantages in key technical indicators such as volume power density and level of intelligence through continuous technological iteration. With efficient development and rapid response capabilities, the company has a broad market space in terms of brand awareness, customer resources, and downstream application scenarios. With a solid foundation in precision control technology, the company is expected to further expand into core components and other areas as Siasun Robot & Automation industrialization accelerates, opening up new growth opportunities. In terms of finances, Jiachen Intelligent is expected to achieve operating revenues of approximately 376 million yuan, 382 million yuan, and 401 million yuan in 2023, 2024, and 2025 respectively. During the same period, net profits are expected to be approximately 49.27 million yuan, 57.37 million yuan, and 71.23 million yuan.