"Electric Eel Finance" Liu Yunfeng/text
Recently, Ananda Drive Technology (Shanghai) Co., Ltd. (stock abbreviation: Ananda, stock code: 603350) launched a new share offering and will be listed on the Shanghai Stock Exchange. The company issued a total of 29 million new shares, with an IPO initial price of 20.56 yuan per share, and the raised funds were mainly invested in the "Ananda electric two-wheeled vehicle electric drive system construction project" and "electric two-wheeled vehicle electric drive system expansion project".
According to the disclosure, Ananda is a high-tech enterprise specializing in the research and development, production and sales of electric drive systems for electric two-wheeled vehicles. At this stage, the company has become one of the few enterprises in the industry with R&D, design and production capacity of electric drive systems such as motors, controllers, sensors, and meters.
Hang on
Ananda's products include three series of motors, including direct drive hub motors, reduced hub motors and mid-mounted motors, as well as controllers, sensors, instruments and other components that match the motors, which are mainly used in electric bicycles, electric bicycles, electric motorcycles, electric scooters and other electric two-wheeled vehicles at home and abroad.
"Electric Eel Finance" learned that since its establishment, Ananda has adhered to independent innovation, constantly enriched its own product line, combined with the downstream application market to broaden the application field of products, at the same time, the company also attaches great importance to the research and development of electric drive systems, and constantly improves the motor and the controller, sensor, instrument and other components that match the motor.
According to the prospectus, during the reporting period (2021-2023), the company's R&D expenses increased accordingly with the growth of operating income, with a total R&D investment of 42.216 million yuan, 49.3948 million yuan and 54.7593 million yuan respectively, accounting for 3.58%, 3.53% and 3.84% of operating income respectively.
Through continuous high proportion of R&D investment, Ananda has strong technical R&D strength, and has independently developed a number of core technologies such as wireless control system for electric bicycles, high-speed motor rotor reliability technology, control system for electric vehicles based on data sharing, and assembly method for brushless motor rotor structure with tangential magnetization of built-in magnets. After years of technology research and development accumulation and production and sales practice, Ananda has become one of the few enterprises in the industry with the R&D, design and production capacity of electric drive systems such as motors, controllers, sensors, and meters.
It is reported that Ananda has set up a R&D center in Shanghai to be responsible for the research and development of new technologies, new products and new processes; Jiangsu Ananda has a technology center, and Tianjin Ananda has a technical department to provide technical support for the process optimization of the production line and the customized needs of customers. In addition, Ananda has also established industry-university-research cooperation with Shanghai Municipal Science and Technology Commission, Shanghai University, Shanghai Dianji University and other institutions of higher learning and scientific research institutions, providing innovative directions for the company's future technological development through cooperation and exchanges with external institutions.
According to the prospectus, as of December 31, 2023, the company has a total of 114 patents, including 19 invention patents (18 domestic invention patents, 1 US invention patent) and 95 utility model patents. Ananda is not only a high-tech enterprise, but also a state-level specialized and new "little giant" enterprise, Shanghai Enterprise Technology Center, and Shanghai Patent Pilot Enterprise.
There are many high-quality customers, and the products are exported to overseas
With strong technical advantages and excellent product quality, Ananda is well recognized by customers. It is reported that Ananda sales are divided into domestic and overseas sales according to the sales area. The company's domestic sales are mainly direct-drive in-wheel motors, supplemented by mid-mounted motors, deceleration in-wheel motors and controllers, of which direct-drive in-wheel motors are mainly used for electric bicycles, electric motorcycles, electric scooters and other models; Domestic customers mainly include well-known electric two-wheeler brands such as Yadea, Emma, Tailing, Little Bird, Xinri, and Ninebot, among which Yadea, Emma, Tailing, and Xinri are among the top 10 brands in domestic electric two-wheeler sales.
Ananda's overseas sales are mainly mid-mounted motors, reduction hub motors and controllers, etc., and mainly supporting various electric bicycle models such as city bikes, mountain bikes, road bikes, and gravel bikes; Foreign customers mainly include MFC, Accell and other well-known European electric bicycle brands, and the company's export products are sold to the Netherlands, Germany, France, Italy and other countries.
"Electric Eel Finance" understands that Ananda's customers have strong customer stickiness, and its customers have established a very strict supplier management system, which has higher requirements for the comprehensive ability of cooperative suppliers, and once the cooperation is established, it will have stable and sustainable cooperation.
In addition, compared with competitors in the same industry, Ananda has more domestic well-known brand customers, and the company's foreign customers are mainly bicycle brands in large-scale supermarket sales scenarios. The customer resources of well-known brands in the downstream industry accumulated by Ananda will become an important resource for it to maintain its competitive advantage in the future.
The market space is broad and the development momentum is abundant
In recent years, with the enhancement of people's awareness of "energy saving, environmental protection and green travel", more and more people choose electric two-wheeled vehicles as the preferred choice for short-distance travel and physical fitness.
According to Frost & Sullivan's statistics, in recent years, especially since the implementation of the new national standard in 2019, as the transition deadline of the new national standard approaches, domestic sales of electric two-wheeled vehicles, including electric bicycles, electric mopeds and electric motorcycles, have increased significantly. In 2022, the domestic sales of electric two-wheelers will be 60.7 million units, a growth rate of 64.95% compared with 2019, a large increase. Starting from 2021, over-standard electric two-wheelers will officially usher in a large number of replacements, and the production and sales of electric two-wheelers will continue to rise sharply.
On the other hand, according to the European Bicycle Industry Association, the European electric bicycle market will reach 5.5 million units in 2022, a year-on-year increase of 8.76%; From 2011 to 2022, the compound annual growth rate of electric bicycle sales in Europe reached 20.36%, showing a rapid growth trend. It is not difficult to see that the large market size and broad market prospects of the electric two-wheeled vehicle industry provide an effective guarantee for the future development of Ananda.
It is particularly noteworthy that consumers have an increasing demand for personalized design of two-wheeled vehicle products, which is more obvious in overseas markets. In the European market, electric bicycles can be divided into city bikes, road bikes, mountain bikes, snowmobiles, gravel bikes and other models, each of which requires different configurations according to the applicable people, applicable terrain, speed, price and other factors.
Diversified needs not only have higher requirements for motors, but also have high system integration requirements for controllers, sensors, instruments, etc., so downstream customers will prefer to complete system integration by the same appliance drive supplier. At this time, Ananda's advantages as a comprehensive supplier integrating three series of motors, including direct-drive in-wheel motors, mid-mounted motors, and reduced-wheel in-wheel motors, as well as controllers, sensors, instruments and other supporting components, will be more significant. The company's strong system integration capabilities will better meet the comprehensive needs of downstream customers, so as to further consolidate market share and obtain better development momentum.
It is about to enter the secondary market and enter a new era
Ananda plans to use the funds raised
This time, Ananda plans to raise about 1.039 billion yuan, and the funds raised will be invested in the construction project of Ananda electric two-wheeled vehicle electric drive system, the expansion project of electric two-wheeled vehicle electric drive system, the construction project of R&D center and supplementary working capital.
It is reported that the "Ananda Electric Two-Wheeled Vehicle Electric Drive System Construction Project" and the "Electric Two-Wheeled Vehicle Electric Drive System Expansion Project" are Ananda's new production capacity projects. After the construction of the above projects is completed and put into production, the production capacity of 4 million units per year of direct drive hub motors, 600,000 units of reduction hub motors, 500,000 units of mid-mounted motors and 900,000 units of controllers will be added. With the implementation of the above projects, the production capacity of Ananda's electric two-wheeled vehicle electric drive system related products will be greatly increased, and the company's market share in the industry will be further improved.
In addition, after the completion of the "R&D Center Construction Project", Ananda's R&D capabilities will be further enhanced; "Replenishment of liquidity" will provide Ananda with a stronger guarantee for its daily operating capital needs, and further enhance the company's financial soundness. In the future, with the gradual implementation of fundraising projects, Ananda's comprehensive core competitiveness will be significantly improved.
Ananda said in the prospectus that this landing in the capital market is the beginning of Ananda towards a new era of development. In the future, on the basis of the existing electric two-wheeled vehicle electric drive system, the company will consolidate the in-depth research and development of core technologies, improve the intelligent manufacturing level of core products, consolidate core competitiveness, and steadily increase market share. The company will also actively establish an external ecology of intelligent electric drive system that embraces the Internet of Things and cloud ecology, and at the same time enhance the international popularity of the brand, it will form a deep penetration of products, technologies and brands into the industry.
Electric Eel Express