Caitong Securities(SH:601108) Xin Lang Zheng Quan·2025-09-09 07:37Company Overview - Company Name: Zhejiang Hongxin Technology Co., Ltd. [1] - Abbreviation: Hongxin Technology [1] - Stock Code: 301539.SZ [1] - IPO Application Date: April 22, 2022 [1] - Listing Date: April 15, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Automotive Manufacturing [1] - IPO Sponsor: Caitong Securities [1] - Lead Underwriters: Xiaowen Jun, Cheng Zheng [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] IPO Performance - Average Days from Application to Listing for 2024 A-share Companies: 629.45 days; Hongxin Technology's Listing Cycle: 724 days, exceeding the average [2] - Underwriting and Sponsorship Fees: 45.283 million yuan, with a commission rate of 11.50%, higher than the average of 7.71% [3] - First Day Stock Price Increase: 238.16% compared to the issue price [4] - Stock Price Increase in First Three Months: 110.28% compared to the issue price [6] Financial Metrics - Issuance Price-Earnings Ratio: 25.00 times, compared to the industry average of 24.54 times, representing 101.87% of the industry average [7] - Expected Fundraising Amount: 834 million yuan; Actual Fundraising Amount: 394 million yuan, a decrease of 52.81% [8] Post-Listing Performance - Revenue Growth Year-on-Year: 6.95% [9] - Net Profit Decline Year-on-Year: 31.28% [9] - Non-Recurring Net Profit Decline Year-on-Year: 30.26% [9] - Abandonment Rate: 0.31% [10] Overall Evaluation - Total Score for Hongxin Technology's IPO Project: 77 points, classified as Grade C [10] - Negative Factors Affecting Score: Need for improvement in information disclosure quality, lengthy listing cycle, high issuance cost rate, significant reduction in actual fundraising amount, and decline in net profit in the first accounting year [10]