A-share IPO | KERUI SI (688827.SH) opens for subscription, possessing both PWM-type CNC systems and bus-type CNC systems, both of which have achieved large-scale sales

On October 29, KERUI SI (688827.SH) opened for subscription, with an issue price of RMB45.37 per share, a subscription cap of 4,000 shares, and an issue price-to-earnings ratio of 41.86 times. It is listed on the Shanghai Stock Exchange, with Guotai Haitong as its sponsor. According to the prospectus, KERUI SI is a leader in fully direct-drive CNC machine tools in China and one of the few domestic companies that possesses both PWM-type CNC systems and bus-type CNC systems, with both types having achieved large-scale sales. All of the company's fully direct-drive CNC machine tools adopt its self-developed PWM-type CNC systems, which can address the bottleneck constraints of high-end machine tools. During the reporting period, more than 80% of the company's CNC machine tools were applied in three major fields: precision molds, aerospace, and consumer electronics. To date, KERUI SI's CNC system products have cumulatively sold and been used in more than 20,000 units, applied in fields such as precision milling machines, precision grinders, five-axis linkage machine tools, 3D five-axis laser equipment, force-controlled polishing equipment, and automation-like equipment, replacing mainstream CNC systems from Germany's Siemens, Germany's Heidenhain, Japan's Fanuc, and Japan's Mitsubishi, and have gained a certain market reputation. Among them, the U-series PWM-type CNC systems successfully broke Germany's Heidenhain's monopoly in China's machine tool market. In the domestic machine tool market, Germany's Heidenhain and the issuer are the main suppliers of PWM-type CNC systems. In addition, due to their outstanding performance and product stability, the issuer's N-series bus-type CNC systems have been successfully sold to a number of globally renowned automation solution companies, such as Fanuc and Siasun Robot&Automation. In terms of financials, for the 2023, 2024, and 2025 fiscal years, the company achieved operating revenue of approximately RMB253 million, RMB317 million, and RMB409 million, respectively; during the same periods, net profit was approximately RMB35.6109 million, RMB63.2374 million, and RMB76.4823 million, respectively.