宏景电子北交所IPO获受理，汽车电子“小巨人”去年营收超十亿

Core Viewpoint - On December 26, the Beijing Stock Exchange (BSE) received the highest number of IPO applications in December, with five companies, including Wuhu Hongjing Electronics Co., Ltd. (Hongjing Electronics), being accepted for listing [1] Group 1: Company Overview - Hongjing Electronics, established in 2003, is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of automotive electronics and other smart electronics [1] - The company has established strong partnerships with major automotive manufacturers such as Chery Automobile and BYD, as well as well-known tier-one suppliers like Valeo, ZF, and Continental [1] Group 2: Financial Performance - The company has shown steady revenue growth, with projected revenues of CNY 673 million, CNY 888 million, and CNY 1.075 billion for the years 2022, 2023, and 2024, respectively [1] - Net profit attributable to the parent company is expected to be CNY 16.99 million, CNY 72.42 million, and CNY 78.57 million for the same years [1] - For the first half of 2025, the company reported revenue of CNY 544 million and a net profit of CNY 43.30 million [1] Group 3: Research and Development - Hongjing Electronics places a strong emphasis on R&D, maintaining a research and development expense ratio between 3.27% and 3.95% during the reporting period [2] - As of June 30, 2025, the company has 137 R&D personnel and holds 118 authorized patents, including 37 invention patents and 44 software copyrights [2] - The company has established a comprehensive R&D design, process development, and intelligent manufacturing system, possessing rare large-scale production capabilities in high-end automotive electronics [2] Group 4: Market Position and Risks - The company has a high customer concentration, with sales revenue from the top five customers accounting for over 80% of total revenue during the reporting period [2] - Risks identified include intensified market competition, chip supply issues due to international trade frictions, large accounts receivable, and potential instability in control due to low shareholding by actual controllers [2] Group 5: Fundraising and Use of Proceeds - Hongjing Electronics plans to raise approximately CNY 540 million, which will be allocated to projects including the construction of an "automotive electronics smart factory," a "R&D center and headquarters office building," and to supplement working capital [3] - The company has chosen the first set of listing standards on the BSE, with expected market capitalization of no less than CNY 200 million and meeting specific profit and return on equity criteria [2][3]