新股解读|海伟电子：产品价格承压，电容器薄膜制造“二哥”赴港募资欲扩产

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, aiming to leverage its position as China's second-largest capacitor film manufacturer to enhance competitiveness and expand market share [1][2]. Company Overview - Established in 2006, Haiwei Electronic specializes in manufacturing capacitor base films and metallized films, which are essential components of film capacitors widely used in various sectors including new energy vehicles and industrial equipment [1][3]. - The company holds a 14.2% market share in China's capacitor film market, ranking second in terms of sales volume as of 2024 [2][3]. Market Dynamics - The capacitor base film market in China is projected to grow from 46,200 tons in 2019 to 113,400 tons by 2024, with a compound annual growth rate (CAGR) of 19.7% [3]. - New energy vehicles are identified as the primary growth driver, significantly increasing the demand for capacitor films due to higher power requirements [3][17]. Competitive Advantages - Haiwei Electronic possesses unique capabilities in independently designing and developing production lines, allowing for quicker delivery times and lower investment costs compared to imported lines [5][12]. - The company has established strong ties with major industry players, including strategic investments from BYD, which has become both a shareholder and a key customer [5][12]. Financial Performance - Revenue increased from 327 million RMB in 2022 to 421 million RMB in 2024, although the average price of capacitor base films has decreased from 34,900 RMB per ton in 2022 to 28,900 RMB per ton in 2024 [8][9]. - Despite revenue growth, net profit saw a decline of 31.5% in 2023, with a slight recovery expected in 2024 [9][10]. Operational Challenges - The company faces challenges related to profitability stability, reliance on a limited number of suppliers, and saturation of core product capacity [8][12]. - Cash flow has been inconsistent, with net cash flow from operating activities fluctuating between inflows and outflows from 2022 to 2024 [10][11]. Supply Chain Risks - Haiwei Electronic's production heavily relies on imported raw materials, particularly electrical-grade polypropylene, which constitutes over 80% of sales costs [12][14]. - The high concentration of suppliers poses risks, with over 90% of procurement coming from the top five suppliers, affecting pricing power [14][12]. Future Outlook - The upcoming IPO is seen as a critical opportunity for Haiwei Electronic to overcome operational challenges and expand production capacity [16]. - The company plans to use the raised funds to build a new factory and enhance R&D capabilities, focusing on high-end products and reducing reliance on imported materials [16][17].