A-share subscription | Ruili Ke Mi (001285.SZ) opens for subscription, with the highest market share in pneumatic electric control motion system products.

On September 19, Ruili Keming (001285.SZ) started its subscription with an issue price of 42.28 yuan per share, a subscription limit of 16,000 shares, a P/E ratio of 29.64 times, listed on the Shenzhen Stock Exchange, with CITIC SEC as its sponsor. The prospectus shows that Ruili Keming is a national high-tech enterprise specializing in the research, development, production, and sales of core components of active safety systems for motor vehicles. Its main business is the research, development, production, and sales of active safety systems for motor vehicles and precision die-cast aluminum parts, as well as technical services. Through long-term and unremitting independent innovation, Ruili Keming has continuously broken through technological barriers and market bottlenecks, providing comprehensive active safety system solutions for vehicle manufacturers with high cost-effectiveness. It has grown into a leading enterprise in the domestic commercial vehicle active safety system industry. Ruili Keming is one of the few enterprises in China with the capability to develop active safety systems such as Anti-lock Braking System (ABS), Electronic Stability Control System (ESC), Electronic Braking System (EBS), Electronic Parking Brake System (EPB), and Electronic Controlled Air Suspension System (ECAS). Its core products cover mainstream technological routes such as air pressure braking/hydraulic braking, electronic braking/mechanical braking, and are widely used in the braking safety of commercial vehicles, passenger vehicles, and motorcycles. Currently, Ruili Keming's main products cover a number of leading domestic vehicle manufacturers such as FAW Jiefang Group, Sinotruk Jinan Truck, Dongfeng Group, Beiqi Foton, SAIC Hongyan, Shaanxi Automobile Group, Golden Dragon Bus, Zhongtong Bus Holding, CIMC Vehicles, Chery, Geely, Zhejiang CFMOTO Power, Zhejiang Qianjiang Motorcycle, and are exported to Europe, America, and other countries and regions, directly participating in international market competition. According to the statistics of the China Association of Automobile Manufacturers, from 2014 to 2023, Ruili Keming's ABS products have ranked first in terms of production and sales for ten consecutive years. According to the certificate issued by the China Association of Automobile Manufacturers, from 2021 to 2023, the company's market share of air pressure electronic braking system products has ranked first in the industry. In the past three years, China's commercial vehicle sales were 3.305 million vehicles, 4.031 million vehicles, and 3.873 million vehicles respectively. Excluding exports, Ruili Keming's commercial vehicle ABS, ESC, EBS products have approximately 792,100 sets, 956,000 sets, and 1.0813 million sets in domestic sales respectively. Assuming one commercial vehicle is equipped with a set of driving brake systems, the company's market share of ABS, ESC, EBS products in the commercial vehicle field is 24.00%, 23.72%, and 27.92%, respectively, maintaining a leading position in the industry. The funds raised in this offering, after deducting issuance expenses, will be invested in the following projects: Financially, in the fiscal years 2022, 2023, and 2024, Ruili Keming's operating income is expected to be approximately 1.326 billion, 1.76 billion, and 1.977 billion yuan respectively; with net profits of approximately 105 million, 239 million, and 275 million yuan respectively.