BYD(SZ:002594) Zhi Tong Cai Jing·2025-04-13 22:37Core Viewpoint - Tianyouwei (603202.SH) has initiated its subscription with an issue price of 93.5 CNY per share and a price-to-earnings ratio of 13.5 times, focusing on the automotive instrument sector and expanding into the smart cockpit field [1] Company Overview - Tianyouwei specializes in the research, design, production, sales, and service of automotive instruments, including electronic combination instruments and full LCD combination instruments [1] - The company has established a strong client base, including well-known domestic and international automotive manufacturers and parts suppliers such as Hyundai Motor Group, BYD, and Changan Automobile [1] Fundraising and Investment Plans - The company plans to invest approximately 306.52 million CNY in various projects, including the construction of an automotive electronics smart factory and a smart cockpit production base [2] - The total amount of funds to be raised is approximately 300.44 million CNY after deducting issuance costs [2] Financial Performance - The company reported revenues of approximately 1.168 billion CNY, 1.972 billion CNY, 3.437 billion CNY, and 2.039 billion CNY for the years 2021, 2022, 2023, and the first half of 2024, respectively [2] - Net profits for the same periods were approximately 116 million CNY, 397 million CNY, 843 million CNY, and 550 million CNY [2] Key Financial Metrics - As of June 30, 2024, the total assets amounted to approximately 4.25 billion CNY, with a debt-to-asset ratio of 47.07% [3] - The company achieved a basic earnings per share of 4.59 CNY and a diluted earnings per share of 4.59 CNY for the first half of 2024 [3] - Research and development expenses accounted for 3.56% of operating revenue in the first half of 2024 [3]