A-share subscription | Tianbo Intelligence (603448.SH) opens subscription as a component manufacturer for automotive thermal management systems
The Zhitong Finance App learned that on August 26, Tianbo Intelligence (603448.SH) began the subscription. The issuance price was 62.65 yuan/share, and the subscription limit was 0.95 million shares, with a price-earnings ratio of 21.43 times. It belongs to the Shenzhen Stock Exchange, and CITIC Construction Investment is its sponsor.
According to the prospectus, Tianbo Intelligence is a well-known manufacturer of automotive thermal management system components in the industry, and has expanded its business such as automotive acoustic components. The company's main products are mainly used in the automotive field. With decades of deep industry cultivation and accumulation, the company's customers have covered most domestic OEMs, and have extensive and high-quality customer resources and strong brand influence. The top ten automobile enterprise groups in China in 2025 are all current customers of the company. In non-automotive fields such as energy storage and AI data center servers, the company's thermal management products have also been expanded in recent years, and cooperative relationships have been established with some well-known companies in the industry.
Tianbo Intelligence has long been deeply involved in the fields of automotive temperature control components represented by thermostats and intelligent water valves, automotive sensing components represented by temperature sensors, and automotive electroacoustic components represented by AVAS products, etc., and has an outstanding position in the industry and market. The company's main products include temperature control, sensors, electroacoustic and switch components. In addition, the company also sells a small number of automotive spring and valve components to meet customers' one-stop procurement needs.
Driven by the rapid development of the domestic NEV industry, China's automotive thermal management and acoustic components industry has ushered in broader development prospects. The structural innovation of thermal management and acoustic systems for new energy vehicles has broken traditional technology path dependency. Domestic thermal management and acoustic component suppliers are facing historic opportunities. Some outstanding domestic leading companies are beginning to emerge, driving the continuous increase in domestic replacement rates, and reshaping the competitive landscape of the industry.
According to the certification of the China Association of Automobile Manufacturers, in 2024, the company's automobile thermostats and automobile temperature sensor products ranked 1st and 4th in China in 2024; according to Frost & Sullivan's research, in 2024, the company's automobile thermostat revenue ranked 3rd in the world and 1st in China; in 2024, the company ranked 2nd, 4th, and 2nd in China for sales revenue of automotive smart water valves, automotive temperature sensors, and AVAS products, respectively. Furthermore, the company is one of the drafting units for industry standards for four products, including wax thermostats and temperature sensors for automobiles, and national standards for three products including AVAS.
On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 1.27 billion yuan, 1,693 billion yuan, and 1,961 billion yuan respectively; in the same period, it recorded net profit of about 117 million yuan, 332 million yuan, and 361 million yuan respectively.
