宏明电子上会在即，双重挤压

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, facing challenges with declining revenue and net profit over the past two years, while aiming to raise funds for new electronic component projects [1][6]. Financial Performance - The company's revenue and net profit have shown a downward trend from 2022 to the first half of 2025, with revenues of 31.46 billion, 27.27 billion, 24.94 billion, and 15.28 billion respectively, and net profits of 4.76 billion, 4.12 billion, 2.68 billion, and 2.57 billion [1]. - In 2023, revenue and net profit decreased by 13.33% and 13.43% respectively, while in 2024, they further declined by 8.54% and 34.84% [1]. - For the first nine months of 2025, revenue increased by 1.45%, but net profit decreased by 2.88% [1]. Business Segments - The electronic components segment primarily focuses on high-reliability products, which accounted for an average of 89.41% of sales revenue, with ceramic capacitors making up 63.20% of high-reliability product sales [2]. - The precision components business has been experiencing an overall decline in performance [4]. Market Challenges - The company's performance is significantly influenced by the sales of high-reliability products, which have been affected by external factors such as cost control measures from downstream clients [3]. - The decline in demand from major clients, particularly Apple, and the shift of production capacity to other countries have negatively impacted the company's order fulfillment [5]. Future Outlook - The company projects a revenue of 26.42 billion for 2025, representing a growth of 5.94%, and a net profit of 4.69 billion, indicating a growth of 21.54% [5]. - The IPO aims to raise 19.5 billion for various projects, including new electronic components and integrated circuit production [6][7]. Financial Health - As of mid-2025, the company holds 7.7 billion in cash and 30.27 million in trading financial assets [8].