Venture(US:VEMLY) Sou Hu Cai Jing·2025-06-04 01:58Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 1.951 billion yuan for various projects, despite facing declining revenues and profits in recent years [2][4]. Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 3.146 billion yuan, 2.727 billion yuan, and 2.525 billion yuan, respectively, with net profits attributable to shareholders of 476 million yuan, 412 million yuan, and 293 million yuan [2]. - The comprehensive gross margins for the same years were 50.28%, 53.49%, and 44.27% [2]. - For 2023, the company experienced a revenue decline of 13.33% and a net profit decline of 13.43%, while for 2024, the expected declines are 7.38% in revenue and 28.82% in net profit [2]. Balance Sheet Highlights - As of December 31, 2024, total assets are reported at 5.399 billion yuan, with equity attributable to shareholders at 2.607 billion yuan [3]. - The asset-liability ratio for the parent company is 63.97%, while the consolidated asset-liability ratio is 35.00% [3]. - The net profit for 2024 is projected to be 417.71 million yuan, down from 598 million yuan in 2023 [3]. IPO Fund Utilization - The IPO proceeds will be allocated to eight major projects, including the industrialization of high-energy pulse capacitors and the production of new electronic components and integrated circuits [4][5]. - Approximately 450 million yuan, or 23% of the total fundraising, will be used to supplement working capital [4]. Dividend Distribution - The company has distributed cash dividends of 107 million yuan, 100 million yuan, and 72.93 million yuan from 2022 to 2024, totaling approximately 280 million yuan [5].