Core Viewpoint - New Henghui (301678.SZ) has initiated its subscription with an issue price of 12.80 yuan per share and a price-to-earnings ratio of 17.76 times, focusing on integrated circuit services including chip packaging materials and testing services [1] Company Overview - New Henghui is an integrated circuit enterprise engaged in the research, production, sales, and packaging testing services of chip packaging materials [1] - The company's main business segments include smart card business, etched lead frame business, and IoT eSIM chip packaging and testing services [1] Smart Card Business - The smart card business is the company's traditional core segment, focusing on the development, production, and sales of flexible lead frame products essential for smart card chip packaging [2] - The company has established long-term partnerships with several well-known security chip design manufacturers and smart card manufacturers, ensuring a broad application of its products in communications, finance, transportation, and identity recognition sectors [2] - The company adopts an integrated operating model, producing its own key packaging materials to ensure low-cost, high-quality supply, enhancing delivery capabilities and profit margins [2] Market Position and Competition - The flexible lead frame industry has high entry barriers, with only three major manufacturers capable of stable mass supply globally, positioning New Henghui as the second-largest player in the market [2] - The company has an annual production capacity of approximately 2.374 billion smart card modules, making it one of the main suppliers in China [2] New Business Segments - The etched lead frame and IoT eSIM chip packaging businesses were newly developed in 2019, with significant investment in technology leading to successful mass production and sales [3] - The company has built a solid customer base among quality semiconductor packaging manufacturers, laying a good foundation for future business growth [3] - The eSIM technology is crucial for the IoT industry, and the company is leveraging its advantages in traditional SIM card packaging to establish specialized factories for eSIM chip packaging and testing [3] Financial Performance - The company reported revenues of approximately 548 million yuan, 684 million yuan, 767 million yuan, and 414 million yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively [4] - Net profits for the same periods were approximately 101 million yuan, 111 million yuan, 153 million yuan, and 101 million yuan [4] - Detailed financial data shows revenue growth from 548.03 million yuan in 2021 to 766.73 million yuan in 2023, with net profit increasing from 100.72 million yuan to 153.33 million yuan during the same period [5]
A股申购 | 新恒汇(301678.SZ)开启申购 在柔性引线框架行业全球市场份额排名第二
智通财经网·2025-06-10 22:48