Group 1 - The company N Hongyuan (920018) was listed on the Beijing Stock Exchange, opening with a significant increase of 305.67%, and by midday, the increase expanded to 389.20% with a trading volume of 24.05 million shares and a turnover of 964 million yuan, resulting in a turnover rate of 82.52% [2] - The company specializes in the research, production, and sales of electromagnetic wires, with products including various types of conductor wires, paper-wrapped wires, enameled wires, and composite wires, primarily used in high-voltage, large-capacity power transformers, converter transformers, and reactors for large-scale power transmission and transformation equipment [2] Group 2 - The company's net profits for 2022, 2023, and 2024 are projected to be 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan respectively [3] - The public offering consisted of 30.6818 million shares at an issue price of 9.17 yuan, with an earnings per share (EPS) ratio of 12.34 times. The online issuance was 24.5455 million shares, and due to the overallotment option, an additional 4.6023 million shares were allocated, increasing the online issuance to 29.1477 million shares [3] - The effective subscription for the online issuance reached 8,078,875.82 million shares, with a subscription multiple of 2,771.70 times and a total of 678,100 accounts participating, resulting in an allocation ratio of 0.04% [3]

Core Viewpoint - N Hongyuan (920018) was listed on the Beijing Stock Exchange today, opening at 37.20 yuan, representing a 305.67% increase from its issue price of 9.17 yuan [1]. Company Overview - N Hongyuan primarily engages in the research, production, and sales of electromagnetic wires, including various types such as switch wires, paper-wrapped wires, enameled wires, and composite wires. These products are mainly used in high-voltage, large-capacity power transformers, converter transformers, and reactors for large-scale power transmission and transformation equipment [1]. Financial Performance - The company reported net profits of 49.9975 million yuan for 2022, 64.4657 million yuan for 2023, and is projected to reach 101 million yuan in 2024 [2]. IPO Details - The total number of shares issued in the public offering was 30.6818 million, with an issuance price of 9.17 yuan and a price-to-earnings ratio of 12.34 times. The online subscription amount was 24.5455 million shares, with an oversubscription ratio of 2771.70 times and an allocation ratio of 0.04% [1][2]. - The strategic placement of shares accounted for 6.1364 million shares, representing 20% of the initial issuance size [1].

Group 1 - Hongyuan Co., Ltd. (stock code: 920018) was listed on the Beijing Stock Exchange on August 20 [1] - The company specializes in the research, production, and sales of electromagnetic wires, with products including various types of conductors used in high-voltage and large-capacity power transformers and transmission equipment [2] - The major shareholder, Yang Lishan, held 41 million shares before the issuance, accounting for 44.54% of the total share capital, which will decrease to 33.41% after the issuance (before the exercise of the over-allotment option) [2][3] Group 2 - The actual controllers of the company are Yang Xuqing, Yang Lishan, and Yang Lina, who collectively controlled 83.62% of the voting rights before the issuance, which will reduce to 62.72% after the issuance (before the exercise of the over-allotment option) [3] - The total amount raised from this issuance is 281.35 million yuan, with a net amount of 238.51 million yuan after deducting issuance costs, which will be used for various projects including the digital upgrade of production lines and the construction of a research center [3]

Core Insights - The report highlights the significant growth in revenue and profitability for various companies in the technology and energy sectors, indicating a positive trend in their respective markets [6][23][15]. Industry Overview - The non-bank financial sector is experiencing a resurgence, with a focus on investment value as half-year reports are being released [5]. - The semiconductor and advanced packaging industries are seeing increased demand, driven by technological advancements and market expansion [8][11]. Company Analysis - **Stone Technology (688169.SH)**: The company reported a revenue of 7.903 billion, a year-on-year increase of 78.96%, but a decline in net profit by 39.55% [6]. - **Jiaocheng Ultrasonic (688392.SH)**: The company experienced a significant improvement in profitability, with a focus on scaling its advanced packaging business [8]. - **Green's Harmonics (688017.SH)**: The company achieved a revenue growth of 45.8% in the first half of 2025, driven by a recovery in the industrial robot market [15]. - **Hongyuan Co., Ltd. (920018.BJ)**: Recognized as a national champion in the electromagnetic wire industry, the company is leveraging its advantages in the ultra-high voltage sector [14]. - **JianTou Energy (000600.SZ)**: The company reported a substantial increase in net profit by 169.37% in the first half of 2025, attributed to effective cost management and stable power generation performance [23][24]. Financial Performance - **Stone Technology**: The company’s H1 revenue reached 7.903 billion, with a net profit of 678 million, reflecting a significant year-on-year revenue increase [6]. - **Jiaocheng Ultrasonic**: The company’s H1 gross margin was 44.56%, with a net margin of 8.57%, indicating improved profitability [8]. - **Green's Harmonics**: The company’s Q2 revenue grew by 69.5%, with a net profit increase of 101% [15]. - **JianTou Energy**: The company’s H1 revenue was 111.13 billion, with a net profit of 8.97 billion, showcasing strong financial health [23]. Investment Recommendations - The report suggests a "Buy-A" rating for companies like Stone Technology and Jiaocheng Ultrasonic, indicating strong future growth potential [8][11]. - JianTou Energy is also recommended for investment due to its robust financial performance and strategic project developments [23][26].

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 | | | 宏远股份(北交所,920 | | | --- | --- | --- | --- | | 发行价格 | 9.17元 | | | | 智签率 | 0.04% | | 询价 | | 总市值 | | | | | 发行市盈率 | 12.34 | | 行业 | | 业务及亮点 | 1、 公司主要从事电磁线的研发,已成为具有成熟 | | | | | 高压变压器用电磁线产品制造商。 | | | | | 2、公司客户涵盖特变电工、中国西电、山东电力 | | | | | 能源等主要大型输变电设备制造商。同时,公司 | | | | | 西亚、越南、韩国等多个国家和地区。 | | | | | 3、公司积极布局新能源行业,重点研发新能源车 | | | | | 内外部分新能源车企或电机企业的订单。 | | | ...

（文章来源：每日经济新闻） 每经AI快讯，8月20日，今日无新股申购，有1只新股上市，为北交所的宏远股份。 ...

Core Viewpoint - Hongyuan Co., Ltd. (920018.BJ) is set to be listed on the Beijing Stock Exchange, primarily engaged in the research, production, and sales of electromagnetic wires, with applications in high-voltage and large-capacity power transmission equipment [1][2]. Company Overview - The company specializes in various types of electromagnetic wires, including switch wires, paper-wrapped wires, enameled wires, and composite wires, which are mainly used in large power transformers and converters [1][3]. - In 2024, the product composition is projected to be 78.98% switch wires, 18.60% paper-wrapped wires, 1.77% enameled wires, and 0.66% composite wires, indicating a growing focus on switch wires [3]. Financial Metrics - The initial offering price is set at 9.17 yuan per share, with a market capitalization of 8.44 billion yuan and an issuance price-to-earnings ratio of 12.34, compared to the industry average of 21.32 [2]. - The company plans to invest 0.56 billion yuan in the intelligent digital upgrade and expansion of electromagnetic wire production lines, 0.11 billion yuan in the construction of an R&D center, and 0.79 billion yuan in the production of special electromagnetic wires for electric vehicles [2][3]. Market Position and Clientele - Hongyuan has established itself as a key supplier in the power industry, with clients including major manufacturers like TBEA, Xidian, and Hitachi Energy, and has expanded its market reach to countries such as Turkey, North America, and Vietnam [4]. - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and has participated in drafting 14 national or industry standards, showcasing its technical expertise [3]. Cash Flow and Financial Challenges - The net cash flow from operating activities has shown negative figures of -2.44 billion yuan in 2022 and -0.68 billion yuan in 2023, with a slight recovery to 0.29 billion yuan projected for 2024, indicating challenges in cash flow management [4].

Core Viewpoint - Hongyuan Co., Ltd. is actively expanding its market presence in the electromagnetic wire industry, focusing on high-voltage transformer applications and entering the new energy vehicle sector, supported by a robust financial performance and strategic fundraising initiatives [1][5][6]. Company Overview - Hongyuan Co., Ltd. specializes in the research, production, and sales of electromagnetic wires, with products including various types of wires used in high-voltage transformers and converters [1][3]. - The company has established a strong customer base, including major manufacturers such as TBEA, China XD Electric, and international clients in Turkey, North America, and Egypt [1][4]. Industry Position - The company is recognized as a leader in the high-voltage and ultra-high-voltage transformer electromagnetic wire market, having achieved significant milestones in the application of its products in ultra-high voltage projects [3][4]. - Hongyuan has accumulated over 80 patents, demonstrating its commitment to innovation and technological advancement in the electromagnetic wire sector [3]. Financial Performance - The company reported revenues of approximately 1.31 billion yuan, 1.46 billion yuan, and 2.07 billion yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 25.74% [6]. - Net profits for the same years were approximately 50 million yuan, 64 million yuan, and 101 million yuan, indicating a strong growth trend [6]. Fundraising and Investment Plans - Hongyuan plans to raise approximately 282 million yuan through a public offering, with funds allocated for upgrading production lines, expanding capacity, and developing new products for the electric vehicle market [9][10]. - The company aims to enhance its research and development capabilities and improve production efficiency through these investments [9][10]. Market Opportunities - The ongoing investment in power generation and grid projects in China, driven by carbon neutrality goals, presents significant growth opportunities for the electromagnetic wire industry [5]. - The increasing demand for high-voltage transformers and the expansion of the overseas power equipment market are expected to further boost the demand for electromagnetic wires [5].

Core Viewpoint - The company, Hongyuan Electromagnetic Wire Co., Ltd., is focusing on the intelligent digital upgrade of its electromagnetic wire production lines to enhance production efficiency and market competitiveness, aligning with national industrial policies and industry development characteristics [1][9]. Company Overview - Hongyuan Electromagnetic Wire Co., Ltd. specializes in the research, production, and sales of electromagnetic wires, including various types such as paper-wrapped wires, enameled wires, and combination wires, primarily used in high-voltage and large-capacity power transformers [1][2]. - The company has established itself as a leading manufacturer in the high, ultra-high, and extra-high voltage transformer electromagnetic wire sector, recognized as a national "Manufacturing Single Champion Enterprise" and a "Green Factory" [2][3]. Technological Advancements - The company has achieved significant technological milestones, including the development of "ultra-thin combination wires" and "high-temperature self-adhesive enameled combination wires," which have filled domestic gaps and reached international advanced levels [2][3]. - As of December 31, 2024, the company holds 80 patents, including 16 invention patents, showcasing its strong focus on innovation [3]. Market Position and Opportunities - The electromagnetic wire industry is experiencing favorable growth due to increased investments in power and grid projects driven by carbon neutrality goals, creating substantial market opportunities [5]. - The company has a solid market position in the extra-high voltage transformer wire sector, having completed significant technological advancements in the application of wires for ±500kV, ±800kV, and ±1100kV projects [3][5]. Financial Performance - The company reported revenues of 1.31 billion yuan, 1.46 billion yuan, and 2.07 billion yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 25.74% [6]. - Net profits for the same years were approximately 50 million yuan, 64 million yuan, and 101 million yuan, indicating a strong growth trend [6]. Fundraising and Investment Projects - The company plans to raise approximately 282 million yuan through a public offering, with funds allocated for projects including the intelligent digital upgrade of production lines and the establishment of a research center for electromagnetic wires [9][10]. - The intelligent digital upgrade project aims to enhance production efficiency and capacity, while the new production base for special electromagnetic wires for electric vehicles is expected to add an annual capacity of 6,000 tons [9][10]. Future Outlook - The company aims to continue focusing on high-voltage transformer electromagnetic wire development while expanding into the electric vehicle sector, aligning with the dual carbon goals and enhancing its competitive edge [10].

8月8日下午，沈阳宏远电磁线股份有限公司（以下简称"宏远股份"，股票代码：920018.BJ）向不特定 合格投资者公开发行股票并在北交所上市网上路演在全景路演举行。 投资者交流环节，问及产品在新能源车驱动电机中的应用情况，宏远股份董事、副总经理、董事会秘书 何润表示，公司依托多年对电磁线技术的研发，通过对裸铜扁线拉丝模具的改良、绝缘漆配方及涂漆工 艺的研究，提高漆包铜扁线的耐电晕性能，开发出性能满足新能源车 800V 驱动电机使用要求的耐电晕 高 PDIV 漆包铜扁线产品。公司为研发并试生产新能源车驱动电机用电磁线，自2021年开始对已有车间 进行改造、引入生产设备、招聘相关研发人员。公司积极开拓新能源车驱动电机用电磁线客户，截至招 股说明书签署日，公司已被纳入越南新能源车制造商 VinFast（美国上市公司，Nasdaq: VFS）的合格供 应商名录。 天眼查信息显示，宏远股份主要从事电磁线的研发、生产和销售，产品主要包括换位导线、纸包线、漆 包线、漆包纸包线、组合导线等多种品类，目前主要应用于高电压、大容量电力变压器、换流变压器和 电抗器等大型输变电设备。 二十多年的专业技术积累与市场沉淀，宏远股份现已成 ...