过会！八年IPO长跑，河南有望再添一家A股企业丨极刻

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. has successfully passed the review of the Shenzhen Stock Exchange's Growth Enterprise Market for its IPO, marking a significant milestone after a lengthy process that began in July 2017 [2][4]. Company Overview - Tianhai Electronics is a leading supplier of automotive electronic and electrical systems in China, focusing on the research, production, and sales of automotive wiring harnesses, connectors, and electronic products [4]. - The company ranks first in revenue from its main business of automotive wiring harnesses among A-share listed companies and is among the top three in automotive connectors [4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 82.15 billion, 115.49 billion, and 125.23 billion yuan, respectively, with a compound annual growth rate of 23.47% [4]. - Net profit attributable to shareholders for the same years is expected to be 4.02 billion, 6.52 billion, and 6.14 billion yuan [4]. - In the first three quarters of 2025, revenue reached 108.98 billion yuan, a year-on-year increase of 25.35%, while net profit attributable to shareholders was 5.37 billion yuan, up 8.37% [5]. Cash Flow and Profitability - The net cash flow from operating activities for the first three quarters of 2025 was 3.09 billion yuan, a significant increase of 87.93% year-on-year [5]. - The gross profit margin has shown a declining trend from 15.94% in 2022 to 13.93% in mid-2025, influenced by various factors including rising raw material costs and increased labor expenses [5][6]. IPO Details - The company plans to raise approximately 24.6 billion yuan through its IPO, with funds allocated to various projects including connector technology upgrades and production base expansions [14]. - The largest portion of the funds, 8.36 billion yuan (33.98%), will be invested in the connector technology upgrade project [14]. Ownership Structure - Guangzhou Industrial Control holds 38.57% of Tianhai Electronics, making it the controlling shareholder, with the actual controller being the State-owned Assets Supervision and Administration Commission of Guangzhou [9][13]. - The company has undergone complex historical changes, including privatization and restructuring, to establish its current ownership and operational framework [9][10][12]. Subsidiary IPO - Tianhai Electronics' former wholly-owned subsidiary, Haichang Intelligent, is also pursuing an IPO, aiming to raise 4.52 billion yuan [16][17]. - Haichang Intelligent has been a significant customer for Tianhai Electronics, with sales figures indicating a strong interdependence between the two companies [17][18].