注册制新股纵览：钧崴电子：全球前列的电流感测精密电阻企业

Investment Rating - The report assigns a neutral investment rating to Junwei Electronics, with an AHP score of 2.04, placing it in the 27.6% percentile of the non-Science and Technology Innovation Board AHP model [21][29]. Core Insights - Junwei Electronics is a leading global manufacturer of precision current sensing resistors, providing micro low-resistance high-precision resistors. The company has a strong market presence in various sectors, including consumer electronics, home appliances, and industrial applications. It ranks third in the global market for precision current sensing resistors with a market share of 7.86% and holds a 0.92% share in the global fuse market [13][42]. - The company has established deep partnerships with major players in the communication and automotive sectors, including Qualcomm and NVIDIA, and has begun bulk supply to these companies [25][30]. - Financially, Junwei Electronics has shown a decline in profit CAGR, with revenues from 2021 to 2023 remaining relatively flat at approximately 5.63 billion, 5.46 billion, and 5.64 billion CNY, respectively. The net profit for the same period was 1.12 billion, 0.86 billion, and 0.90 billion CNY, which is below the average of comparable companies [14][74]. Summary by Sections New Stock Fundamentals and Highlights - Junwei Electronics specializes in precision current sensing resistors and fuses, with over 20 years of experience in the fuse industry. The company has developed a strong brand reputation in both domestic and international markets [22]. - The company plans to expand its production capacity significantly, with new projects expected to add substantial output in precision resistors and fuses [52][80]. Comparable Company Financial Metrics - Compared to peers like Fenghua High-Tech, Zhongrong Electric, and Haoli Technology, Junwei Electronics has a higher gross margin but lower R&D investment as a percentage of revenue, which was 4.18%, 4.01%, and 4.60% from 2021 to 2023 [14][48][76]. - The average TTM P/E ratio for comparable companies is 58.71, while the industry average is 40.30 [46]. Fundraising Projects and Development Vision - The company plans to raise approximately 112.74 million CNY through the issuance of 6,666,670 new shares, with funds allocated to various projects, including the production of precision current sensing resistors and the establishment of a research center [80][81].