在北交所即将启动的打新中，克莱特（831689.NQ）作为专精特新的小巨人企业，以其通风机和通风冷却系统的研发生产能力吸引了投资者的关注。公司成立于2011年，总部位于山东省威海市，是工信部第一批专精特新小巨人企业。

通风机是日常生活中不可或缺的一种机械，它通过提供空气流通来保证空间内的健康环境。现代通风机不仅应用于轨道交通、船舶、工厂，还广泛应用于新能源装备等领域，如风电、燃气轮机和核电。

克莱特主要产品运用于高端领域，其中轨道交通、新能源装备（如明阳智能）、海洋工程与舰船以及冷却塔和空冷器等行业。下游客户包括中国中车、西屋制动及全球领先的工业巨头GE等。

从营收占比看，虽然每年通风机营收都在增加，但占比不断下降，而通风冷却系统占比则逐年上升。这表明公司正以原有业务为基础，不断拓展新的市场领域，比如快速增长的新能源装备应用领域。

在轨道交通领域，克莱特提供牵引电机冷却风机及供風單元，为变流器、变压器、牵引电机和制动电阻等重要设备提供关键组件。此类产品需要满足极高性能要求，如可靠性、高效率低噪音，以及轻量化。这些产品已获得国内外知名客户认可，并且获得了相关认证，如CRCC铁路产品认证及美国铁路协会AAR认证。

在新能源领域，克莱特也具备丰富经验。在wind energy sector, the company has developed wind turbines and their associated cooling systems. In the gas turbine sector, Kratte has partnered with global leaders like GE and Siemens. In nuclear power, Kratte has secured permits for equipment design and manufacturing.

The company's upstream raw materials include motors, carbon steel, aluminum plates and profiles. The motor products cost accounts for about 38% of the total costs, but prices are relatively stable. Other materials such as steel and aluminum have ample supply but price volatility is higher.

Kratte's downstream clients are large-scale enterprises that operate in various fields. These clients have long-term demand for high-quality air conditioning equipment. The top five customers account for around 50% of revenue with no single customer dependence.

In terms of sales regions, domestic markets remain the main focus while exports mainly target North America, Europe and Japan. However, trade risks arise due to factors such as US tariffs on imports from China or fluctuations in the value of the dollar against other currencies.

Looking ahead at industry growth prospects:

Rail transportation: According to a report by China Railway Corporation (CRC), by 2025 China aims to increase its rail network by an additional 3,000 km to reach a total length of approximately 10 million kilometers.

Wind power: By end-2020 China had installed over 278 GW land-based wind capacity and another125 GW offshore capacity.

Gas turbines: With government support Chinese market demand is expected to grow rapidly.

Nuclear energy: As low-carbon clean energy source it will continue growing; new installations would require significant investment in cooling systems.

International competitors include companies like Vahterus (Germany), Greenheck (USA) Nicotra (Italy)and Kruger Switzerland). Domestic players include Newantech Sanfu Shares Jindu Shares Yili Group Gold Lion Zhejiang Huicheng etc., all these companies are listed on Shanghai or Shenzhen stock exchange with substantial market capitalization.

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