A-share Subscription | Tianbo Intelligent (603448.SH) Opens for Subscription as a Manufacturer of Automotive Thermal Management System Components

On August 26, Tianbo Intelligent (603448.SH) opened for subscriptions, with an issue price of 62.65 yuan per share, a maximum subscription limit of 0.95 million shares, and a price-to-earnings ratio of 21.43 times. The company is listed on the Shenzhen Stock Exchange, with China Securities Co., Ltd. as its sponsor. According to the prospectus, Tianbo Intelligent is a well-known manufacturer of automotive thermal management system components in the industry, and has expanded into automotive acoustic components among other businesses. The company's main products are primarily applied in the automotive sector. With decades of deep industry engagement and accumulation, its clientele covers most domestic OEMs, boasting a wide range of high-quality customer resources and strong brand influence. By 2025, all of the top ten automotive manufacturers by sales in China will be its current customers. In non-automotive fields such as energy storage and AI data center servers, the companys thermal management products have also seen some expansion, establishing cooperative relationships with several well-known enterprises in the industry. Tianbo Intelligent has long focused on automotive temperature control components represented by thermostats and smart water valves, automotive sensor components represented by temperature sensors, and automotive acoustic components represented by AVAS products, holding a prominent position in the industry and market. The company's main products include temperature control, sensor, acoustic, and switch components. Additionally, the company also offers a small number of spring and valve products for automotive use to meet customers' one-stop procurement needs. Driven by the rapid development of the domestic new energy vehicle industry, China's automotive thermal management and acoustic components industry is facing broader development prospects. The architectural innovation of thermal management and acoustic systems in new energy vehicles has broken the traditional reliance on technical pathways, providing domestic thermal management and acoustic component suppliers with historic opportunities. Some outstanding domestic leading enterprises have begun to emerge, promoting the continuous increase in domestic replacement rates and reshaping the competitive landscape of the industry. According to certification from the China Association of Automobile Manufacturers, within its statistical range, the company ranks first and fourth in the domestic sales of automotive thermostats and automotive temperature sensors, respectively, in 2024. Based on research by Frost & Sullivan, in 2024, the company's revenue from automotive thermostats ranks third globally and first in China, while its revenue from automotive smart water valves, automotive temperature sensors, and AVAS products ranks second, fourth, and second in China, respectively. In addition, the company is one of the drafting units for industry standards for four products, such as wax-based thermostats and automotive temperature sensors, and for national standards for three products, including AVAS. In terms of finance, in 2023, 2024, and 2025, the company achieved operating revenues of approximately 1.27 billion yuan, 1.693 billion yuan, and 1.961 billion yuan, respectively; during the same period, it recorded net profits of approximately 117 million yuan, 332 million yuan, and 361 million yuan, respectively.