格隆汇10月24日｜今日超颖电子(603175.SH)上市，大明电子(603376.SH)申购。 ...

Core Viewpoint - The automotive electronics industry is experiencing dual opportunities of deepening localization and intelligent upgrades, leading to a significant increase in global market size and the value proportion of electronics per vehicle, creating vast growth space for quality enterprises in niche sectors [2] Group 1: Company Overview - Daming Electronics is recognized as an "invisible champion" in the automotive body electronic control systems sector, achieving steady growth in performance for three consecutive years due to its comprehensive product range and competitive advantages in pricing and rapid response [2][5] - The company has established a diversified customer base, collaborating with both domestic brands like Changan and BYD, as well as international brands such as Ford and Toyota, and is actively expanding into the new energy vehicle sector [3][4] Group 2: Market Position and Financial Performance - Daming Electronics has achieved significant market share in various product segments, with a projected market share of 16.29% in the main driver window control assembly by mid-2025, and over 10% in several other product categories [3] - The company reported revenues of 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan from 2022 to 2024, with net profits of 151 million yuan, 205 million yuan, and 282 million yuan respectively, indicating robust financial growth [5] Group 3: Research and Development - Daming Electronics emphasizes R&D investment, with expenditures of approximately 98.8 million yuan, 114 million yuan, and 119 million yuan from 2022 to 2024, enhancing its market competitiveness [6][9] - The company has received numerous accolades for its technological contributions and product quality, reflecting its commitment to innovation and customer satisfaction [7][8] Group 4: Production Capacity and Future Outlook - The company plans to raise approximately 400 million yuan, with around 300 million yuan allocated for a new plant in Chongqing, aiming to produce 12.637 million sets of body electronic control systems annually [9][10] - Daming Electronics aims to enhance its market share and core competitiveness through strategic collaborations and the promotion of comprehensive vehicle customization solutions, positioning itself for high-quality development in the automotive electronics industry [10]

Core Viewpoint - Daming Electronics Co., Ltd. is set to list its shares on the Shanghai Stock Exchange on January 6, 2025, and investors are advised to understand the risks associated with stock trading, especially during the initial phase of new stock listings [1][2]. Section 1: Important Statements and Reminders - The company guarantees the accuracy and completeness of the information disclosed in the listing announcement and assumes legal responsibility for any false or misleading statements [1]. - Investors are encouraged to read the full prospectus available on the Shanghai Stock Exchange website, particularly the "Risk Factors" section [2]. Section 2: Investment Risk Alerts - The company highlights the investment risks associated with new stock listings, urging investors to participate rationally [3]. - Specific risks include: - **Price Fluctuation Risk**: The absence of price limits during the first five trading days may lead to significant price volatility [4]. - **Limited Liquidity Risk**: Post-listing, only 3,103.76 million shares will be freely tradable, representing 7.76% of the total share capital, which may result in insufficient liquidity [5]. Section 3: Valuation Metrics - The issue price of 12.55 CNY per share corresponds to various price-earnings ratios (P/E): - 16.02 times based on pre-tax profit excluding non-recurring gains [7] - 16.18 times based on post-tax profit excluding non-recurring gains [7] - 17.80 times based on pre-tax profit including non-recurring gains [7] - 17.97 times based on post-tax profit including non-recurring gains [7] - The average static P/E ratio for the automotive manufacturing industry is 30.42 times, indicating that the company's P/E ratios are below the industry average [9]. Section 4: Industry and Market Risks - The company's main business is closely tied to the automotive industry, which is sensitive to macroeconomic fluctuations. Historical data shows a decline in automotive production and sales from 2018 to 2020, followed by a recovery in subsequent years [10][11]. - The automotive electronics industry is experiencing intensified competition, and the company must maintain product quality and innovation to retain market share [12]. - The rapid technological advancements in automotive electronics and the rise of electric vehicles pose risks of product obsolescence if the company fails to adapt [12]. Section 5: Operational Risks - The company has a high customer concentration, with the top five customers accounting for over 57% of revenue, which poses risks if relationships with these customers deteriorate [13]. - Quality control is critical, as any product quality issues could lead to significant liabilities [14]. - The company relies on outsourcing for certain production processes, which could lead to quality and supply chain risks if not managed properly [17]. Section 6: Financial Risks - The company faces risks from fluctuations in raw material prices, which constitute a significant portion of total procurement costs [21]. - The asset-liability ratio is relatively high, which may lead to financial strain if cash flow from customers is delayed [22]. - Inventory levels are substantial, and any market changes could lead to difficulties in inventory liquidation, impacting profitability [22].

Core Viewpoint - The company, Daming Electronics, will list 4000.10 million shares of its ordinary shares on the Shanghai Stock Exchange on November 6, 2025, with a total share capital of 40000.10 million shares after the initial public offering [1] Summary by Categories Company Information - The stock code for Daming Electronics will be 603376 following its initial public offering [1] - The company has issued a total of 4000.10 million shares [1] - After the IPO, the total share capital will be 40000.10 million shares [1] Market Considerations - Investors are advised to be aware of initial listing risks, including the potential for price fluctuations, limited circulation of shares, and a lower price-to-earnings ratio compared to industry averages [1] - The stock will be eligible for margin trading and short selling on its first day of listing [1]

Group 1 - The core viewpoint of the news is the listing of a new stock, Daming Electronics, on the Shanghai Stock Exchange, which is a quality supplier of full vehicle electronic control systems [1][2] - Daming Electronics' products cover various areas including driving assistance, window control, intelligent optics, cockpit central control, and seat adjustment, with notable clients such as BYD, NIO, Xpeng, Li Auto, and Leap Motor [1] - The company is projected to achieve revenues of 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 151 million yuan, 205 million yuan, and 282 million yuan for the same years [1] Group 2 - For the first three quarters of 2025, the company anticipates a revenue growth of 19.73% and a net profit growth of 5.68% compared to the same period in the previous year [1] - The stock was issued at a price of 12.55 yuan, with a public offering median price of 12.67 yuan and a price-to-earnings ratio of 17.97 [2] - The total market value of Daming Electronics is approximately 5.02 billion yuan, with a subscription limit of 9,500 shares [2]

Core Viewpoint - Daming Electronics (603376.SH) has successfully listed on the Shanghai Stock Exchange, focusing on automotive body electronic control systems, with a history dating back to 1989 [1][2]. Company Overview - Daming Electronics provides comprehensive solutions for the design, development, production, and sales of automotive body electronic control systems [1]. - The company has established a core product system consisting of five major areas: driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2][3]. Financial Metrics - The initial offering price was 12.55 CNY per share, with an institutional quotation of 12.67 CNY per share, resulting in a market capitalization of 5.02 billion CNY [2]. - The company's earnings per share (EPS) is based on a price-to-earnings (P/E) ratio of 17.97, compared to the industry average P/E of 30.42 [2]. - The projected net profit for 2021, 2022, and 2023 is expected to show significant growth, with a focus on increasing revenue [2]. Investment Plans - Daming Electronics plans to invest 3 billion CNY (75%) in the construction of a new factory in Chongqing and 1 billion CNY (25%) to supplement working capital [2]. Client Relationships - The company has established long-term stable partnerships with major domestic automotive groups, including Changan Automobile, SAIC Group, FAW Group, and BYD [3]. - Daming Electronics is expanding its product applications in the new energy vehicle sector, successfully collaborating with several popular brands [3]. Market Position - The company anticipates achieving a domestic market share of over 10% for key products by the first half of 2025 [3]. Risks and Challenges - Daming Electronics faces risks related to product price fluctuations and declining gross margins due to the automotive industry's maturity and increasing bargaining power of downstream customers [4]. - The company has noted potential impacts on gross margins from various factors, including price reduction policies, changes in product sales structure, and rising operational costs [4].

Core Viewpoint - The company emphasizes that growth should not be prioritized over sustainability, advocating for a steady and manageable business approach rather than rapid expansion [3][8]. Company Overview - Daming Electronics, founded in 1989 and headquartered in Wenzhou, Zhejiang Province, specializes in the research, production, and sales of automotive body electronic control systems [3][4]. - The company has evolved alongside the Chinese automotive industry and is actively engaging in the new energy vehicle sector [3][4]. Business Development - The company initially focused on television power switches before transitioning to automotive components, achieving significant success with high-profit products like volume potentiometers for car radios [4][5]. - Daming Electronics has established stable partnerships with major domestic automotive manufacturers, including Changan Automobile, SAIC Group, and BYD, and has entered the supply chains of international brands like Ford and Toyota [5][6]. Technological Innovation - As a national-level "little giant" enterprise, Daming Electronics has a strong foundation in technological innovation, holding 166 patents, including 16 invention patents [6][7]. - The company has expanded its product line to include advanced systems such as driver assistance systems and intelligent control systems, adapting to the trend of reduced physical buttons in vehicles [6][7]. Market Strategy - Daming Electronics is exploring international markets, with plans to establish a production line in Thailand, targeting the Southeast Asian automotive industry [7][8]. - The company adopts a cautious approach to client selection, prioritizing healthy business relationships over high-volume, low-margin orders [8]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.713 billion to 2.727 billion yuan, with net profit increasing from 151 million to 282 million yuan [8][9]. - The company plans to raise approximately 400 million yuan through its IPO to fund the expansion of its Chongqing production base and enhance working capital [8][9]. Future Outlook - The company aims for a reasonable growth rate of 15% to 20% annually, focusing on long-term sustainability rather than rapid expansion [8][9]. - Future initiatives include improving production efficiency and product quality through technological upgrades and expanding the customer base [9].

保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 股票简称：大明电子 股票代码：603376 大明电子股份有限公司 Daming Electronics Co.,Ltd. （浙江省乐清市虹桥镇西工业区 M-1 号） 首次公开发行股票主板上市公告书 二〇二五年十一月五日 特别提示 大明电子股份有限公司（以下简称"大明电子"、"发行人"、"公司"或 "本公司"）股票将于 2025 年 11 月 6 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担 法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司提 醒广 大投 资者 认真 阅读 查阅 刊载 于 上海 证券 交易 所网 ...

大明电子股份有限公司 保荐人（主承销商）：国泰海通证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，大明电子股份有限公司（以下简称"大明电子" 或"公司"）发行的人民币普通股股票将于 2025 年 11 月 6 日在上海证券交易所主 板上市，上市公告书全文和首次公开发行股票的招股说明书全文披露于上海证券 交易所网站（www.sse.com.cn）和符合中国证监会规定条件网站（中证网，网址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网，网址 www.financialnews.com.cn；中国日报网， 网址 cn.chinadaily.com.cn），供投资者查阅。 一、上市概况 1、股票简称：大明电子 2、扩位简称：大明电子 3、股票代码：603376 首次公开发行股票主板上市公告书提示性公告 4、 ...

大明电子股份 雷根公司 (草案) (经2025年第二次临时股东大会审议通过) 二〇二五年六月 | 第一章 | 总 则 | | --- | --- | | 第二章 | 经营宗旨和范围 | | 第三章 | 股份 . | | 第一节 | 股份发行 . | | 第二节 | 股份增减和回购 | | 第三节 | 股份转让 . | | 第四章 | 股东和股东会 . | | 第一节 | 股东的一般规定 | | 第二节 | 控股股东和实际控制人 . | | 第三节 | 股东会的一般规定 . | | 第四节 | 股东会的召集 . | | 第五节 | 股东会的提案与通知 | | 第六节 | 股东会的召开 . | | 第七节 | 股东会的表决和决议 | | 第五章 | 董事和董事会 . | | 第一节 | 董事的一般规定 | | 第二节 | 董事会 ………………………………………………………………………………………………………… 27 | | 第三节 | 独立董事 | | 第四节 | 董事会专门委员会 . | | 第六章 | 高级管理人员 . | | 第七章 | 财务会计制度、利润分配和审计 . | | 第一节 | 财务会计制度 . ...