Core Viewpoint - The IPO of Haiwei Co., Ltd. is set to launch on November 20, with a base issue price of HKD 14.28 per share, raising approximately HKD 4.4 billion, and potentially up to HKD 5.8 billion if the overallotment option is fully exercised [1][2] Group 1: IPO Details - The IPO has attracted eight underwriters despite its small scale, indicating less than expected feedback from institutional roadshows [2] - The only cornerstone investor, Huixing Lihai, has committed approximately HKD 2.16 billion, representing 49.07% of the base issue size, but this has not significantly boosted market confidence due to the lack of prior cornerstone investment records [2][3] - The company's market capitalization post-IPO is expected to be around HKD 23.5 billion, but it does not meet the HKD 100 billion threshold for inclusion in the Hong Kong Stock Connect, requiring a tenfold increase in stock price [3] Group 2: Financial Performance - Haiwei Co., Ltd. has experienced significant revenue and profit fluctuations, with revenues of RMB 3.27 billion, RMB 3.30 billion, and RMB 4.22 billion from 2022 to 2024, but a slight decline of 3.2% in the first five months of 2025 [4] - Net profit has also shown volatility, dropping from RMB 1.02 billion in 2022 to RMB 698.26 million in 2023, before recovering to RMB 864.18 million in 2024, but again decreasing by 4.6% in early 2025 [4][5] Group 3: Operational Challenges - The company faces operational pressures due to weak bargaining power with suppliers and clients, with high supplier concentration and significant reliance on key raw materials [5][6] - The gross margin for core products has been under pressure, with the capacitor base film margin declining from 48.6% in 2022 to 41.2% in early 2025 [6] - Cash flow stability is a concern, with negative operating cash flow recorded in 2023 and early 2025, alongside a cash balance of only RMB 160 million as of May 31, 2025 [6] Group 4: Capacity and Expansion Plans - The company plans to use 82% of the IPO proceeds to build a new capacitor base film production facility in southern China, with two production lines planned to have an annual capacity of approximately 8,000 tons [7] - However, the company has not yet selected a factory site, indicating that short-term capacity constraints will persist [7]
海伟股份启动全球发售：B轮股东浮亏超44% 港股市值仅10亿港元 入通存挑战 上下游议价能力薄弱 收入利润双降