Drone Propulsion System Leader Opens Subscription This Week

According to the issuance plan, this week (March 23–27), there will be three new stock offerings in the A-share market: Longyuan Co., Ltd. listed on the Beijing Stock Exchange; Hongban Technology on the Shanghai Main Board; and Sanrui Intelligent on the ChiNext Board. Longyuan Co. will open for subscription this Monday, while Hongban Technology and Sanrui Intelligent will be available for subscription on Friday.

Data shows that Longyuan Co. is a “small giant” enterprise specializing in precise aluminum alloy die-cast parts for automobiles. Hongban Technology is a leading company in the domestic HDI mainboard and mobile battery industry. Sanrui Intelligent is a leading manufacturer of drone and robot power systems.

Specifically, Longyuan Co.'s issue price is 24.7 yuan per share, with a maximum subscription limit of 765,000 shares per account.

The prospectus states that Longyuan Co. is engaged in R&D, production, and sales of aluminum alloy precision die-cast parts. With extensive experience in mold design and manufacturing, product die-casting, and precision machining, the company has developed a product system centered on automotive aluminum alloy die-cast parts. These products are mainly used in key areas such as automotive engine systems, new energy vehicle three-electric systems, steering systems, and thermal management systems.

In recent years, the company has accurately seized the strategic opportunities of automotive electrification and lightweighting. While maintaining its leading position in aluminum alloy die-cast parts for engine and steering systems, it has increased R&D and production of aluminum alloy die-cast parts for electrified and intelligent vehicles. Components for new energy vehicle three-electric systems have become a significant growth driver. Relying on highly reliable products, the company supplies OBC enclosures and integrated onboard power supply enclosures to leading clients in new energy vehicle control systems such as Fute Technology, Delta Group, and KESIDA. Through years of market development and customer resource accumulation, the company has formed a customer structure of “globally renowned auto parts suppliers + vehicle manufacturers,” with major clients including BorgWarner, Leapmotor, and Great Wall Motors. Its products are widely used by well-known global auto brands including Ford, General Motors, Tesla, BMW, and Mercedes-Benz.

From 2023 to 2025, the company expects to achieve operating revenues of 699 million yuan, 869 million yuan, and 1.026 billion yuan, respectively, with net profits attributable to the parent company of 126 million yuan, 128 million yuan, and 143 million yuan.

The funds raised will be used for the second phase of the new energy three-electric system and lightweight automotive parts production project, and for R&D center construction.

Hongban Technology’s total offering is 100 million shares, with a maximum subscription limit of 21,000 shares per account. To subscribe at the maximum, an investor needs a Shanghai market value of 210,000 yuan.

The prospectus shows that Hongban Technology focuses on R&D, production, and sales of printed circuit boards (PCBs). Its products target mid-to-high-end applications, characterized by high precision, high density, and high reliability. It is one of the industry leaders in HDI boards, capable of mass production of interconnect HDI boards and IC substrates of any complexity. The company has a complete product structure, including HDI boards, rigid boards, flexible boards, rigid-flex boards, quasi-substrate boards, and IC substrates, with comprehensive R&D and manufacturing capabilities to offer diverse products and one-stop services. Its products are widely used in consumer electronics, automotive electronics, high-end displays, and communications electronics, with notable competitive advantages and market positions in consumer and automotive electronics.

With over 20 years of experience in HDI boards, Hongban Technology is one of the few companies capable of mass-producing high-layer-count interconnect HDI boards, with up to 26 layers. It leads in mobile HDI mainboards, providing 154 million units to the top ten global mobile phone brands in 2024, capturing a 13% market share. In the mobile battery board sector, it is a major supplier to seven of the top ten global smartphone brands, with a 20% market share in 2024. The company has also broken through IC substrate technology barriers and achieved mass production, becoming one of the few capable of IC substrate mass production.

In consumer electronics, the company has established long-term stable partnerships with global brands such as OPPO, vivo, Honor, Transsion, and Motorola; leading ODMs like Huaqin Technology, Wingtech, and Longqi Technology; and well-known lithium battery manufacturers like Dongguan XinNengDe, Sunwoda, and Desay Battery. In automotive electronics, it maintains close cooperation with EMS giant Flex, major auto parts suppliers such as KESIDA, Makuai, and Melcos, and BYD, a leading new energy vehicle manufacturer. In high-end display, it collaborates with Zhaochi and Omoo Technology. In communications electronics, it supplies high-quality PCB products to module manufacturers like Quectel and Guanghetong.

From 2023 to 2025, the company expects operating revenues of 2.34 billion yuan, 2.702 billion yuan, and 3.677 billion yuan, respectively, with net profits attributable to the parent of 105 million yuan, 214 million yuan, and 540 million yuan.

The funds raised will be used for a project with an annual output of 1.2 million square meters of high-precision circuit boards.

Sanrui Intelligent’s maximum subscription per account is 6,000 shares, with a Shanghai market value of 60,000 yuan required for the maximum subscription.

The prospectus states that Sanrui Intelligent is a leading manufacturer of drone and robot power systems, mainly engaged in R&D, production, and sales of drone electric power systems and robot power systems, actively developing eVTOL (electric vertical takeoff and landing) aircraft power systems.

In the drone electric power system sector, its products include motors, electronic speed controllers, propellers, and integrated power systems, applicable in agriculture, forestry, industrial inspection, surveying, logistics, emergency rescue, security, model flying, FPV racing, aerial photography, and light shows, compatible with multirotor, fixed-wing, and hybrid drones. Since 2019, the company has been actively developing eVTOL power systems, providing scaled-down models and prototype R&D systems.

Its products are highly recognized in the market, exported to over 100 countries and regions across Asia, Europe, the Americas, Africa, and Oceania. Its downstream clients are diverse, with over 1 million in sales, including well-known drone companies such as Aerospace Electronics, Zongheng Co., Ltd., Huace Navigation, and NTT Japan. It is one of the most competitive and largest companies in the civil drone electric power system industry. According to Frost & Sullivan industry research, in 2024, the company’s market share in the global civil drone electric power system (excluding batteries) industry ranks second, just behind DJI.

In the robot power system sector, since establishing its own brand CubeMars in 2018, the company has focused on robot joints, with core components like motors, drive boards, and planetary reducers all developed and produced in-house. Its products are used in humanoid robots, exoskeletons, wearable devices, quadruped robots, and other emerging fields.

From 2023 to 2025, the company expects operating revenues of 534 million yuan, 831 million yuan, and 1.075 billion yuan, respectively, with net profits attributable to the parent of 172 million yuan, 333 million yuan, and 421 million yuan.

The funds raised will be used for expanding drone and robot power systems production, R&D center and headquarters construction, and upgrading information systems and smart warehousing centers.