暗盘“蹦极”！这家公司上市前夜 最高涨超90% 收盘仅涨2.66%

Core Viewpoint - Haiwei Co., Ltd., the second-largest capacitor film manufacturer in China, is entering the Hong Kong stock market, with significant interest from retail investors and backing from BYD, its largest external shareholder [1][3][12]. Company Overview - Haiwei Co., Ltd. specializes in capacitor films, including capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [5][6]. - The company holds a 14.2% market share in China's capacitor film market as of 2024, with the top five companies collectively accounting for 61.6% of the market [6]. Financial Performance - Revenue for Haiwei Co., Ltd. was RMB 327.1 million in 2022 and RMB 330.5 million in 2023, with a projected increase to RMB 421.7 million in 2024, reflecting a growth rate of 28.0% [7]. - The revenue from capacitor base film sales constituted 91.9% of total revenue in 2022, decreasing to 71.8% in 2023, and is expected to be 72.8% in 2024 [6][7]. Market Dynamics - The capacitor film market is highly competitive, with key factors including rapid capacity expansion, technical expertise, integrated supply chains, and customer relationships [6]. - The top competitors in the market have similar market shares, indicating a tight competitive landscape [6]. Supply Chain Considerations - Haiwei Co., Ltd. relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure [10]. - The company faces potential supply chain disruptions due to geopolitical tensions affecting its overseas suppliers [10][11]. Customer Relationships - Major customers include capacitor manufacturers and BYD, which has begun producing its own capacitor films, posing a competitive threat to Haiwei [11]. - Despite this, the relationship with BYD remains strong, as it is a significant investor in Haiwei [12]. Shareholding Structure - As of the latest data, the largest shareholders include the chairman, Song Wenlan, with 49.32% of shares, and BYD, holding approximately 3.92% [13].