天海电子深交所主板IPO过会 主营汽车线束、汽车连接器等汽车零部件产品

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. (Tianhai Electronics) has received approval for its IPO on the Shenzhen Stock Exchange, aiming to raise approximately 2.46042 billion yuan [1]. Group 1: Company Overview - Tianhai Electronics specializes in providing automotive transmission systems, connection systems, and intelligent control solutions, focusing on the R&D, production, and sales of automotive components such as wiring harnesses, connectors, and electronic products [1]. - The company’s products are primarily used in both new energy vehicles and traditional fuel vehicles [1]. - Key raw materials for the company's products include wires, cables, connectors, chips, and electronic components [1]. Group 2: Sales and Market Position - The company employs a direct sales model for its wiring harnesses and electronic products, while its connectors are primarily sold through direct sales with some distribution [2]. - Tianhai Electronics has established long-term partnerships with major automotive manufacturers, including Chery Automobile, SAIC Motor, and General Motors, positioning itself as a first-tier supplier [2]. - The company has also formed multi-dimensional collaborations with leading new energy vehicle manufacturers such as Li Auto, NIO, and Xpeng Motors, capitalizing on the growth opportunities in the new energy vehicle sector [2]. Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several key projects, including: - Connector technology upgrade and expansion project with a total investment of approximately 836.16 million yuan [3]. - Wiring harness production base project with an investment of about 525.79 million yuan [3]. - Automotive electronics production base project with an investment of around 338.99 million yuan [3]. - Smart transformation and information technology project with an investment of approximately 251.58 million yuan [3]. - Industry research institute and industrial park supporting project with an investment of about 507.89 million yuan [3]. Group 4: Financial Performance - The company’s projected revenues for the years 2022 to 2025 are approximately 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 6.557 billion yuan respectively [3]. - Net profits for the same periods are estimated to be around 410 million yuan, 684 million yuan, 616 million yuan, and 324 million yuan respectively [3]. - As of June 30, 2025, total assets are projected to reach approximately 12.753 billion yuan, with a debt-to-asset ratio of 61.55% [4].