A-shares Subscription | Sanrui Intelligent ( 301696.SZ ) Opens Subscription Civil Drone Power Systems Market Share Closely Following DJI

On March 27, Sanrui Intelligent (301696.SZ) will open for subscription, with an issue price of 24.68 yuan per share. The subscription limit is 60,000 shares, with a price-to-earnings ratio of 30.80 times. It is listed on the Shenzhen Stock Exchange, with Guotai Haitong Securities as its sponsor.

According to the prospectus, Sanrui Intelligent is a leading manufacturer in the industry of drone and robot power systems. Its main business involves the research, development, production, and sales of electric power systems for drones and robots, and it is actively developing power systems for electric vertical takeoff and landing (eVTOL) aircraft. According to industry research by Frost & Sullivan, based on 2024 sales, the company ranks second globally in the civil drone electric power system industry (excluding power batteries), just behind DJI Innovation.

In the field of drone electric power systems, the company’s products are highly recognized in the market and are sold to over 100 countries and regions across Asia, Europe, the Americas, Africa, and Oceania. The company’s downstream direct sales customers are relatively dispersed and numerous, including well-known clients in the drone industry such as Aerospace Electronics (600879.SH), Zongheng Co., Ltd. (688070.SH), China Navigation (300627.SZ), and Japan’s NTT (9432.T).

In the robot power system sector, the company established its own brand CubeMars in 2018, focusing on robot joints. It has achieved full in-house development of core components such as motors, drive boards, and planetary reducers for robot power modules. Its products can be applied in humanoid robots, exoskeletons, wearable devices, quadruped robots, and other emerging fields. During the reporting period, revenue from the robot power system business grew rapidly, with a compound annual growth rate of 29.39% over the past three years, and a 106.39% increase in the most recent period compared to the same period in 2024.

At the industry level, according to Frost & Sullivan data, the global civil drone market size grew from 65.74 billion yuan in 2019 to 193.83 billion yuan in 2024, with a compound annual growth rate of 24.14%. China is the largest civil drone market in the world, accounting for over 57% of the global market in 2024.

Based on Frost & Sullivan data, the consumer-grade drone market size increased from 38.14 billion yuan in 2019 to 77.53 billion yuan in 2024, with a CAGR of 15.24%. The industrial-grade drone market grew from 27.60 billion yuan to 116.30 billion yuan over the same period, with a CAGR of 33.33%. Since 2021, the industrial drone market has surpassed the consumer drone market in size.

Financially, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 362 million yuan, 534 million yuan, and 831 million yuan, respectively; net profits were approximately 113 million yuan, 172 million yuan, and 333 million yuan, respectively.

Sanrui Intelligent expects that in 2025, operating revenue will increase by 23.88% to 32.29% year-over-year, and net profit attributable to the parent company after deducting non-recurring gains and losses will grow by 24.80% to 34.16% year-over-year, maintaining steady growth in both revenue and profit.

The company states that the main drivers of performance growth in 2025 are twofold: first, the high prosperity of the drone and power system industry, supported by favorable policies and technological iterations, which has led to rapid industry expansion and a large influx of orders for leading enterprises like itself; second, the company continues to improve its product layout in the drone and robot sectors, achieving rapid growth in non-motor products such as electronic speed controllers, propellers, integrated power systems, and new robot power system businesses, which are important supports for its performance growth.