Group 1: New Stock Subscription - XinHengHui (新恒汇) - XinHengHui is an integrated circuit company specializing in chip packaging materials, with main businesses including smart card, etching lead frame, and IoT eSIM chip testing services [1][4] - The IPO price is set at 12.80 CNY per share, with an institutional offering price of 19.98 CNY per share, resulting in a market capitalization of 2.3 billion CNY [2] - The company has a P/E ratio of 17.76, significantly lower than the industry average of 37.99, indicating potential undervaluation [2] - The funds raised will be allocated to high-density QFN/DFN packaging material industrialization (4.56 billion CNY, 87.92%) and R&D center expansion (0.63 billion CNY, 12.08%) [4] - XinHengHui has established long-term partnerships with major security chip design firms and smart card manufacturers, with applications in communications, finance, transportation, and identity verification [4] Group 2: Market Position and Control - XinHengHui holds a market share of 31.63% and 32.32% in flexible lead frame products for 2022 and 2023, ranking second globally [5] - The company has an annual production capacity of approximately 2.342 billion smart card modules, with market shares of 20.71% and 17.87% for 2022 and 2023, respectively [5] - The actual controllers of XinHengHui, Yu Renrong and Ren Zhijun, hold a combined 51.25% of the shares, with Yu being the largest shareholder at 31.94% [5][6] Group 3: New Stock Listing - YingShi ChuangXin (影石创新) - YingShi ChuangXin focuses on the R&D, production, and sales of smart imaging devices, including panoramic and action cameras [7] - The IPO price is set at 47.27 CNY per share, with an institutional offering price of 47.63 CNY per share, resulting in a market capitalization of 18.96 billion CNY [8] - The company has a P/E ratio of 20.04, lower than the industry average of 38.21, suggesting potential investment appeal [8] - The funds raised will be used for the construction of a smart imaging device production base (1.95 billion CNY, 42.14%) and a Shenzhen R&D center (2.68 billion CNY, 57.86%) [10] - YingShi ChuangXin's brand "Insta360" holds a global market share of 67.2% in panoramic cameras, ranking first, and is second in the global action camera market [10] Group 4: Product and Revenue Insights - Consumer-grade smart imaging devices have consistently been the core product for YingShi ChuangXin, contributing over 80% to revenue from 2022 to 2024 [11] - The company has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "National Manufacturing Single Champion" from the Ministry of Industry and Information Technology [11]
全球智能影像第一股上市，“芯片首富”旗下公司可申购丨打新早知道