海伟电子二次递表港交所，今年前五个月利润同比减少

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time this year, with CICC as the sole sponsor [1] Financial Performance - The company reported revenues of 327 million RMB in 2022, 330 million RMB in 2023, and projected revenues of 422 million RMB in 2024, with 157 million RMB for the first five months of 2025 [2][3] - The net profit and total comprehensive income for the same periods were 102 million RMB, 69.8 million RMB, 86.4 million RMB, and 31.4 million RMB respectively [2][3] - The company's income for the first five months of 2025 decreased by 4.6% compared to the same period in 2024, primarily due to a decline in sales of metallized films [3] Market Position - Haiwei Electronic is the second-largest capacitor film manufacturer in China, holding a market share of 10.9% in 2024 based on capacitor base film revenue [2] - The company’s products are essential components of film capacitors, which are widely used in applications such as new energy vehicles, new energy power systems, industrial equipment, and household appliances [2] Customer Dependency - The company relies heavily on its top five customers, which contributed revenues of 119 million RMB, 115 million RMB, 158 million RMB, and 157 million RMB for the respective years, accounting for 36.4%, 34.9%, 37.6%, and 42.1% of total revenue [5] - The largest customer’s revenue contribution to total income was 17.3%, 12.2%, 12.6%, and 12.0% for the respective years [5] Competitive Environment - The capacitor film market in China is highly competitive and concentrated, with the top five companies, including Haiwei Electronic, holding a combined market share of 61.6% in 2024 [6] - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, as well as customer relationships and recognition [6] - Notably, BYD, one of Haiwei Electronic's major customers, has begun producing its own film capacitors [6]