A-share subscriptions | Morning Light Motors (920011.BJ) opens subscriptions. The product has been used in well-known clean appliance brands such as Haier and Midea.

On March 25th, Shenzhen Morning Motor (920011.BJ) began its initial public offering (IPO) with an issuing price of 15.5 yuan per share and a subscription limit of 930,000 shares. The price-to-earnings ratio is 14.96 times, and it is listed on the North Exchange. Sinolink is its sponsoring institution. The prospectus reveals that Shenzhen Morning Motor is specialized in the research, development, production, and sales of micro-motor products, mainly used in the field of cleaning appliances, with long-term stable business relationships with many cleaning appliance manufacturers such as Kate Li, Chuano Electric, Porodic, Love and Love, Chengjie Intelligent, Aipu Electric, Guangdong Deerma Technology, Guangdong Xinbao Electric Appliances Holdings, Chunjum Electric, and Puwoda. In recent years, the company has expanded its customer base to include well-known emerging cleaning appliance clients such as Beijing Roborock Technology, Tracer Technology, and Yunjing Intelligent, with these customers gradually becoming important clients for the company. The company's products have been applied to well-known domestic and international cleaning appliance brands such as Bissell, Shark, Whirlpool, Black+Decker, Candy Hoover, LG, Philips, Panasonic, Fanttik, SEB, Guangdong Deerma Technology, Zhejiang Supor, Haier, Xiaomi, and Midea. The application fields of micro-motors Data shows that by 2024, the global micro-motor market size had reached 49.276 billion US dollars, with a projected continuous growth at a compound annual growth rate of 5.76%, reaching 66.412 billion US dollars by 2029. According to statistics and forecasts, the market size of China's micro-motor market will increase from 16.742 billion US dollars in 2020 to 34.273 billion US dollars by 2029, with a compound annual growth rate of 8.29% during this period. In terms of finances, the company's revenue is expected to be approximately 712 million yuan, 827 million yuan, and 920 million yuan in RMB in 2023, 2024, and 2025 respectively. During the same period, the net profits are estimated to be around 99.3311 million yuan, 78.626 million yuan, and 93.4881 million yuan in RMB. During the reporting period, the company's main product sales prices showed a downward trend, with the sales price of AC series-excited motors decreasing from 24.89 yuan per unit in 2023 to 24.34 yuan per unit in 2025, and the sales price of DC brushless motors decreasing from 52.18 yuan per unit in 2023 to 41.22 yuan per unit in 2025. Due to the decrease in product prices and intense market competition, the gross profit margin of AC series-excited motors continues to decline, and the company's overall gross profit margin also decreases, at 22.83%, 19.73%, and 19.32% respectively.