Core Viewpoint - Hongyuan Co., Ltd. (920018.BJ) is set to be listed on the Beijing Stock Exchange, primarily engaged in the research, production, and sales of electromagnetic wires, with applications in high-voltage and large-capacity power transmission equipment [1][2]. Company Overview - The company specializes in various types of electromagnetic wires, including switch wires, paper-wrapped wires, enameled wires, and composite wires, which are mainly used in large power transformers and converters [1][3]. - In 2024, the product composition is projected to be 78.98% switch wires, 18.60% paper-wrapped wires, 1.77% enameled wires, and 0.66% composite wires, indicating a growing focus on switch wires [3]. Financial Metrics - The initial offering price is set at 9.17 yuan per share, with a market capitalization of 8.44 billion yuan and an issuance price-to-earnings ratio of 12.34, compared to the industry average of 21.32 [2]. - The company plans to invest 0.56 billion yuan in the intelligent digital upgrade and expansion of electromagnetic wire production lines, 0.11 billion yuan in the construction of an R&D center, and 0.79 billion yuan in the production of special electromagnetic wires for electric vehicles [2][3]. Market Position and Clientele - Hongyuan has established itself as a key supplier in the power industry, with clients including major manufacturers like TBEA, Xidian, and Hitachi Energy, and has expanded its market reach to countries such as Turkey, North America, and Vietnam [4]. - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and has participated in drafting 14 national or industry standards, showcasing its technical expertise [3]. Cash Flow and Financial Challenges - The net cash flow from operating activities has shown negative figures of -2.44 billion yuan in 2022 and -0.68 billion yuan in 2023, with a slight recovery to 0.29 billion yuan projected for 2024, indicating challenges in cash flow management [4].
特高压细分龙头，电磁线领域“单项冠军”今日上市丨打新早知道