A-share subscription | Radiance Electric (920220.BJ) opens for subscription, main business is the electric drive components business of thermal management systems.

On May 13, Langxin Electric (920220.BJ) opened its subscription with an issue price of 28.29 yuan per share, a subscription limit of 595,800 shares, a price-earnings ratio of 14.99 times, belonging to the Beijing Stock Exchange, with China Securities Co., Ltd. as its sponsoring institution. The prospectus shows that Langxin Electric's main business is the research and development, production, and sales of electric drive components for thermal management systems. It is the largest supplier of electronic fans for passenger car thermal management systems in the domestic market. The company has developed and sold products around thermal management applications, including motor assemblies (used for electronic fans), electronic fans, electronic water pumps, and air conditioning blowers. During the reporting period, the sales of motor assemblies and electronic fans accounted for more than 90% of the total revenue, being the company's main products; revenue from the passenger car market accounted for over 90%, being the main application area for the company's products. The end customers of the company's electronic fan products include well-known domestic and foreign automobile manufacturers such as Chery, Geely, BYD Company Limited, Chang'an, "North America's new energy car companies," FAW Group, GAC, M customers, Lixiang, NIO, Xiaopeng, Ideal, Volvo, Nissan, Smart, among others. The company's automotive parts customers mainly include well-known Tier 1 enterprises such as Yilun Group, Mahle, Asdak, Jiangsu Jiahe, Fuer Hanang, Valeo, Nakamoto, etc. In the Siasun Robot & Automation field, based on electric drive technology, the company actively develops joint motors for humanoid Siasun Robot & Automation to meet industry customer demand. The products in this field have already started to be supplied to industry-renowned customers in bulk by 2025. In the low-altitude economy field, eVTOL (electric vertical take-off and landing aircraft) as a key carrier in the low-altitude field, due to its similar three-electric system as electric vehicles, also has thermal management requirements. As a second-tier supplier, the company's thermal management electric drive components have been matched with Xpeng Huitian flying cars. In the new energy charging pile field, thermal management systems directly relate to the safety, efficiency, reliability, and service life of high-power fast charging piles. As a second-tier supplier, the company has supplied motor assemblies products to "North America's new energy car companies." Financially, the company achieved operating revenue of about 1.031 billion yuan, 1.301 billion yuan, and 1.411 billion yuan in the fiscal years of 2023, 2024, and 2025 respectively; during the same period, it recorded a net profit of about 81.238 million yuan, 116 million yuan, and 132 million yuan respectively.