证券时报·2025-11-27 14:28Core Viewpoint - The article discusses the recent IPO of Haiwei Co., a major capacitor film manufacturer in China, highlighting its market position, financial performance, and competitive landscape. Group 1: Company Overview - Haiwei Co. is the second-largest capacitor film manufacturer in China, with a market share of 14.2% based on capacitor base film sales in 2024 [9][10]. - The company's products include capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [9]. - Major applications for these capacitors include electric vehicles, renewable energy power systems, industrial equipment, and household appliances [9]. Group 2: Financial Performance - Revenue for Haiwei Co. was RMB 327 million in 2022 and RMB 330 million in 2023, with a projected increase to RMB 422 million in 2024, representing a growth of 28% [11]. - The revenue from capacitor base film sales accounted for 91.9% of total revenue in 2022, decreasing to 71.8% in 2023, and is expected to be 72.8% in 2024 [10]. - For the five months ending May 31, 2024, revenue was RMB 162 million, which decreased by 3.2% to RMB 157 million for the same period in 2025 [11]. Group 3: Market Competition - The capacitor film market is highly competitive and concentrated, with the top five companies, including Haiwei Co., holding a combined market share of 61.6% in 2024 [9]. - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, and customer relationships [9]. Group 4: Supply Chain and Risks - Haiwei Co. relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure [15]. - The company faces potential supply chain disruptions due to geopolitical tensions and trade issues, as its key suppliers are located overseas [15]. - The competitive landscape is further complicated by existing customers, such as BYD, developing their own capacitor film products, which could threaten Haiwei Co.'s business relationships [16][17]. Group 5: Shareholder Structure - BYD is the largest external shareholder of Haiwei Co., holding approximately 3.92% of the shares [18]. - The chairman, Song Wenlan, controls about 77.12% of the voting rights at the shareholders' meeting prior to the IPO [20].