A-share subscription | Sanrui Intelligent (301696.SZ) opens subscription Civilian drone power system market share closely following DJI

On March 27, Sur Intelligent (301696.SZ) started its subscription, with an issue price of 24.68 yuan/share, a subscription limit of 6,000 shares, a P/E ratio of 30.80 times, listed on the Shenzhen Stock Exchange, and Guotai Haitong as its underwriter. The prospectus disclosed that Sur Intelligent is a leading manufacturer of drones and Siasun Robot & Automation power systems in the industry. Its main business is the research, production, and sale of electric power systems for drones and Siasun Robot & Automation systems. It is actively deploying electric vertical take-off and landing aircraft (eVTOL) power system products. According to a Frost & Sullivan industry research report, based on sales in 2024, the company's market share in the global civil drone electric power system (excluding power batteries) industry in 2024 is second only to DJI Innovations, ranking second. In terms of drone electric power systems, the company's products have high market recognition and are sold to over 100 countries and regions in Asia, Europe, America, Africa, and Oceania. The downstream direct sales customers of the issuer are relatively diversified, covering a large number of customers, with sales to over 1 million customers including China Aerospace Times Electronics, Chengdu Jouav Automation Tech Co., Ltd., Shanghai Huace Navigation Technology, and Japan NTT, among other well-known customers in the drone industry. Regarding Siasun Robot & Automation power systems, the company established its independent brand CubeMars in 2018, focusing on Siasun Robot & Automation joints. It has independently developed and produced core components such as motors, drive boards, and planetary reducers in Siasun Robot & Automation power modules. The company's products can be used in various emerging fields such as humanoid Siasun Robot & Automation, exoskeletons, wearable devices, and quadruped Siasun Robot & Automation. During the reporting period, the company's revenue from Siasun Robot & Automation power systems business grew rapidly. The compound annual growth rate in the last three years was 29.39%, with a 106.39% increase compared to the same period in 2024. On the industry level, according to Frost & Sullivan data, the global civil drone market size grew from 657.40 billion yuan in 2019 to 1,938.33 billion yuan in 2024, with a compound annual growth rate of 24.14%. China is the world's largest civil drone market, with a market share of over 57% in the global civil drone market in 2024. According to Frost & Sullivan data, the consumer-grade drone market size increased from 381.40 billion yuan in 2019 to 775.33 billion yuan in 2024, with a compound annual growth rate of 15.24%; the industrial-grade drone market size increased from 276.00 billion yuan to 1,163.00 billion yuan in 2024, with a compound annual growth rate of 33.33%. Since 2021, the industrial-grade drone market size has exceeded the consumer-grade drone market size. Financially, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 362 million yuan, 534 million yuan, and 831 million yuan respectively; and net profits of approximately 113 million yuan, 172 million yuan, and 333 million yuan respectively during the same period. Sur Intelligent expects that in 2025, its operating revenue will grow by 23.88% to 32.29% compared to the previous year, and net profit attributable to the owners of the parent company, after deducting non-recurring gains and losses, will increase by 24.80% to 34.16% compared to the previous year. The scale of revenue and profit is expected to maintain steady growth. The company stated that the growth in performance in 2025 is mainly due to two core driving factors: the high prosperity of the drone and power system industry, coupled with policy support, technological iteration, and other favorable factors leading to the rapid expansion of the industry, with the company as a leading enterprise gaining a large number of incremental orders; and the company's continuous improvement in product layout in the two major tracks of drones and Siasun Robot & Automation, achieving rapid growth in non-motor products such as electronic speed controllers, propellers, integrated power systems, and new businesses in Siasun Robot & Automation power systems, thus becoming an important support for driving performance growth.