宏明电子创业板IPO：未来业绩稳定性遭问询，分红超2.8亿又补流

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. is planning to go public on the ChiNext board, with a focus on the development, production, and sales of new electronic components, primarily passive components [2] Financial Performance - The company's revenue and net profit for the years 2022 to 2025 are projected as follows: - 2022: Revenue of 3.146 billion yuan, net profit of 476 million yuan - 2023: Revenue of 2.727 billion yuan, net profit of 412 million yuan - 2024: Revenue of 2.494 billion yuan, net profit of 268 million yuan - 2025 (H1): Revenue of 1.528 billion yuan, net profit of 257 million yuan - Year-on-year changes indicate a decline in revenue and net profit for 2023 and 2024, with a slight revenue increase in the first half of 2025 [2][3] Asset and Equity Overview - Total assets and equity attributable to shareholders from 2022 to 2025 are as follows: - Total assets: 4.652 billion yuan (2022), 5.093 billion yuan (2023), 5.399 billion yuan (2024), 5.720 billion yuan (2025) - Equity attributable to shareholders: 2.103 billion yuan (2022), 2.413 billion yuan (2023), 2.582 billion yuan (2024), 2.765 billion yuan (2025) [3] Debt Ratios - The company's debt ratios show an increasing trend: - Parent company debt ratio: 56.87% (2022), 63.75% (2023), 63.97% (2024), 65.33% (2025) - Consolidated debt ratio: 39.90% (2022), 36.46% (2023), 35.59% (2024), 34.66% (2025) [3] Future Performance Expectations - The company anticipates a revenue of 264 million yuan and a net profit of 469 million yuan for 2025, representing a year-on-year growth of 5.94% and 21.54%, respectively [5] - The net profit attributable to shareholders is expected to be 324 million yuan, reflecting a growth of 20.75% [5] IPO Fundraising and Project Allocation - The company plans to raise 1.951 billion yuan through its IPO, with funds allocated to eight major projects, including: - High-energy pulse capacitor industrialization project - New electronic components and integrated circuit production project - Precision component capability enhancement project - Approximately 23% of the total fundraising will be used to supplement working capital [6][7] Dividend History - From 2022 to 2024, the company distributed cash dividends totaling over 280 million yuan, with annual dividends of 107 million yuan (2022), 100 million yuan (2023), and 72.93 million yuan (2024) [7]