According to the Financial APP, on June 24th, Anaida (603350.SH) began to apply for shares with an issue price of 20.56 yuan per share, a subscription limit of 11,500 shares, and a PE ratio of 18.02 times. The sponsor and main underwriter are Zhongtai Securities and it belongs to the Shanghai Stock Exchange.

According to the prospectus, Anaida is a high-tech enterprise specializing in R&D, production and sales of electric two-wheeler electric drive systems. The company's products include three series of electric motors: direct-drive hub motors, reduction hub motors, and mid-drive motors, as well as controllers, sensors, instruments and other components. They are mainly used in electric bicycles, electric assist bicycles, electric motorcycles, electric scooters and other electric two-wheelers both domestically and internationally. After years of technical research and development and production and sales practices, the company has become one of the few enterprises in the industry with the production capacity of R&D and design of electric motors, controllers, sensors, instrument and other electric drive systems.

Anaida has strong technical research and development capabilities and has independently developed a wireless control system for electric bicycles, high-speed motor rotor reliability technology, control system based on data sharing for electric vehicles, and assembly method for skew-pole magnetizing brushless motor rotor structure. The company and Jiangsu Anaida have been rated as high-tech enterprises. As of August 31, 2022, the company has a total of 98 patents, including 14 invention patents (13 domestic invention patents and 1 US invention patent) and 84 utility model patents; the company has participated in the formulation of a total of 4 industry standards.

Anaida's domestic market sales are mainly direct-drive hub motors, which are matched with domestic electric bicycles, electric motorcycles, electric scooters and other types of vehicles. Its domestic customers mainly include well-known electric two-wheeler brand manufacturers such as Yadea, Aima, Tailing, Xiaoniao, Xinri, and Nanbo. The company's overseas market sales are mainly mid-drive motors, reduction hub motors, controllers and other products, which are matched with various types of electric assist bicycles such as city bikes, mountain bikes, road bikes, and gravel bikes. Its foreign customers mainly include well-known European electric assist bicycle brand manufacturers such as MFC, Accell, Prophete. The company's products are sold to many countries such as the Netherlands, Germany, France, Italy and other countries.

In terms of finance, Anaida achieved operating revenues of approximately RMB542 million, RMB769 million, RMB1.18 billion, and RMB714 million in 2019, 2020, 2021 and January-June 2022 respectively, with net profits of approximately RMB24.6145 million, RMB78.1388 million, RMB129 million, and RMB93.6181 million respectively during the same period.

It should be noted that Anaida reminds investors to pay special attention to market competition risks in its prospectus.

The company focuses on global competition and has a certain market position in the field of electric drive systems for electric two-wheelers. Although the company has a certain scale of operations and brand awareness, it still faces fierce market competition. In overseas markets, the company directly competes with Bosch, Shimano, Bafang Electric (Suzhou), and as a latecomer in the European market, it faces great competitive pressure; the domestic market is in a mature stage and the market competition is relatively sufficient. If any vicious competition arises in the future, it will have an adverse impact on the company's domestic sales. The company faces domestic and foreign competitive pressures. If it cannot be addressed in a timely and effective manner, it may lead to a slowdown or decline in the company's business performance.