天海电子冲击深主板，理想、奇瑞汽车均为客户，毛利率逐年下滑

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. has submitted its prospectus for an initial public offering (IPO) on the Shenzhen Stock Exchange, aiming to raise funds for expansion and technological upgrades in the automotive electronics sector [1] Business Overview - Tianhai Electronics is a leading supplier of automotive electronic systems in China, with its main business divided into three segments: automotive wiring harnesses, automotive connectors, and automotive electronics, primarily serving both new energy vehicles and traditional fuel vehicles [1] - The company has maintained a dominant position in the automotive wiring harness market, with over 83% revenue contribution during the reporting period, and is projected to exceed 10.1 billion yuan in revenue by 2024 [1][3] - According to EV Wire, Tianhai Electronics holds an 8.45% market share in China's automotive wiring harness market, which is expected to reach 119.6 billion yuan in 2024 [1] Financial Performance - The company's revenue for the reporting period is approximately 8.215 billion yuan, 11.549 billion yuan, and 12.523 billion yuan, with net profits of about 402 million yuan, 652 million yuan, and 614 million yuan respectively [2][3] - The gross profit margin for the main business has shown a declining trend, recorded at 15.94%, 15.20%, and 14.59% over the reporting years [2][3] - The slowdown in growth is attributed to increased competition, price wars among manufacturers, and a challenging international trade environment [2] Risks and Challenges - The company faces risks related to accounts receivable, with the book value of accounts receivable at the end of each reporting period being 3.12 billion yuan, 4.49 billion yuan, and 4.77 billion yuan, representing 53.01%, 49.60%, and 53.71% of current assets respectively [4] - There is also a risk of inventory impairment, with inventory values at 1.43 billion yuan, 1.64 billion yuan, and 1.57 billion yuan, accounting for 24.21%, 18.17%, and 17.71% of current assets [5] Fundraising and Investment Plans - The company plans to raise 2.46 billion yuan through the IPO, which will be allocated to projects including connector technological upgrades, wiring harness production bases, automotive electronics production bases, smart transformation and information technology, and the Tianhai Intelligent Connected Vehicle Industry Research Institute [5][6]