2024 年度向特定对象发行 A 股股票 天风证券股份有限公司 关于 太龙电子股份有限公司 之 上市保荐书 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二五年二月 保荐机构及保荐代表人声明 天风证券股份有限公司（以下简称"保荐机构"、"本保荐机构"或"天风 证券"）接受太龙电子股份有限公司（以下简称"太龙股份"、"公司"或"发行 人"）的委托，担任太龙股份向特定对象发行股票并在创业板上市（以下简称 "本次发行"或"本次向特定对象发行股票"）的保荐机构及主承销商。天风证 券作为本次发行的保荐机构，章琦、张兴旺作为具体负责推荐的保荐代表人， 为本次发行出具上市保荐书。 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发行上市保 荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中国证监会"） 及深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则和行业自 ...

关于太龙电子股份有限公司 申请向特定对象发行股票的 审核问询函的回复 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二五年二月 深圳证券交易所： 贵所《关于太龙电子股份有限公司申请向特定对象发行股票的审核问询函》 （审核函〔2024〕020029）（以下简称"审核问询函"）已收悉。太龙电子股份 有限公司（以下简称"太龙股份""发行人"或"公司"）会同天风证券股份有 限公司（以下简称"保荐机构"或"保荐人"）、上海市通力律师事务所（以下 简称"发行人律师"）、华兴会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）等相关方已就审核问询函中提到的问题进行了逐项落实并回复，并对 申请文件进行了相应的补充。现回复如下，请贵所予以审核。 如无特别说明，本问询函回复中的简称与《太龙电子股份有限公司 2024 年 度向特定对象发行 A 股股票募集说明书》中的简称具有相同含义。本问询函回 复中的字体代表以下含义： | 类别 | 字体 | | --- | --- | | 审核问询函所列问题 | 黑体（不加粗） | | 审核问询函问题回复、中介机构核查意见 | 宋体（不加粗） ...

Investment Rating - The report indicates a positive investment outlook for the lithium battery forklift industry, highlighting its rapid growth and technological advancements. Core Insights - The lithium battery forklift market is experiencing significant demand growth driven by e-commerce logistics and automation, with a market size increase from 2.097 billion RMB in 2020 to 4.815 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 31.93% [33] - The industry benefits from lower operational costs and environmental advantages compared to traditional lead-acid battery forklifts, with lithium batteries offering a cycle life of 2,000-5,000 times compared to 300-500 times for lead-acid batteries [5][4] - The report emphasizes the importance of technological innovation in lithium battery materials, which has led to reduced costs and improved safety, further driving market penetration [6] Industry Definition - Lithium battery forklifts are defined as industrial vehicles powered by lithium batteries, including electric balance forklifts, electric ride-on warehouse forklifts, and electric walk-behind warehouse forklifts [2] Industry Characteristics - The industry is characterized by low emissions and environmental benefits, economic advantages, and growth driven by market demand and technological innovation [3] Development History - The lithium battery forklift industry in China has evolved from the first electric balance forklift developed in the 1950s to a rapid expansion phase post-2016, with increasing applications and market acceptance [7][11][12] Industry Chain Analysis - The industry chain consists of upstream raw materials (steel, batteries, motors), midstream manufacturing, and downstream applications in logistics and industrial sectors [12][26] Upstream Analysis - Upstream raw materials account for a significant portion of costs, with fluctuations in prices of lithium battery materials impacting overall manufacturing costs [14][20] Midstream Analysis - Leading companies in the midstream sector include Zhongli Machinery, which has maintained a market share of 35% in 2023, and has a comprehensive product range [15][24] Downstream Analysis - The downstream market is broad, encompassing logistics, manufacturing, and transportation, with demand driven by economic growth and rising labor costs [28][30] Market Size and Forecast - The market size is projected to grow from 5.706 billion RMB in 2024 to 9.944 billion RMB in 2028, with a CAGR of 14.90% [33] Competitive Landscape - The competitive landscape features a tiered structure with leading companies like Zhongli Machinery and Noli Intelligent holding over 50% of the market share, emphasizing technological innovation and market expansion [41][42]

Investment Rating - The report indicates a positive investment outlook for the lithium battery forklift industry, driven by technological advancements and increasing market demand [1]. Core Insights - The lithium battery forklift market is experiencing rapid growth due to the advantages of lithium batteries over lead-acid batteries, including lighter weight, higher energy density, faster charging, longer lifespan, and lower maintenance costs [1][2]. - The industry is benefiting from the dual carbon goals, stable economic growth, and rising labor costs, which are driving demand for lithium battery forklifts [1][33]. - The report highlights the increasing demand for lithium battery forklifts in e-commerce logistics and automated vehicle networks, as well as the ongoing development of lithium battery materials technology [1][6]. Industry Definition - Lithium battery forklifts are powered by lithium batteries, which drive the electric motor and hydraulic system, enabling maneuverability in industrial applications [2]. - Compared to traditional lead-acid battery forklifts, lithium battery forklifts offer significant advantages in terms of weight, size, energy density, charging speed, lifespan, and environmental impact [2]. Industry Characteristics - The industry is characterized by low emissions and environmental benefits, economic advantages, and growth driven by market demand and technological innovation [3][4][5][6]. Development History - The lithium battery forklift industry has evolved significantly since the 1950s, with key milestones including the introduction of electric forklifts and the shift towards lithium battery technology in recent years [7][11][12]. Industry Chain Analysis - The lithium battery forklift industry chain consists of upstream raw materials (steel, batteries, motors, etc.), midstream manufacturing, and downstream applications in logistics and industrial sectors [12][26]. - Upstream raw materials account for a significant portion of costs, with fluctuations in prices of lithium battery materials impacting overall manufacturing costs [14][19]. Market Demand and Growth - The market size for lithium battery forklifts has grown from 2.097 billion RMB in 2020 to 4.815 billion RMB in 2023, with a compound annual growth rate (CAGR) of 31.93% [33]. - Future growth is projected to continue, with expectations of reaching 9.944 billion RMB by 2028, driven by economic stability and rising labor costs [33][37]. Competitive Landscape - The competitive landscape features leading companies such as Zhongli Machinery, Nolu Intelligent Equipment, and Linde Forklift, which collectively hold over 50% of the market share [41]. - Companies are increasingly expanding into overseas markets, with Zhongli Machinery establishing a strong international presence [42]. Policy Overview - Various policies are in place to support the development of electric vehicles, including lithium battery forklifts, emphasizing the importance of safety, innovation, and environmental sustainability [39][40].

Core Viewpoints - BYD Electronics is a leading platform-based high-end manufacturing enterprise with a broad layout in automotive, consumer electronics, and AI computing power sectors [2][3]. Business Overview - Established in 1995, BYD Electronics was spun off from its parent company BYD Co., Ltd. in 2007 and is listed on the Hong Kong Stock Exchange. The company covers multiple fields including consumer electronics, new intelligent products, automotive electronics, and data centers. In 2023, the revenue from consumer electronics and automotive businesses reached 97.42 billion yuan and 14.096 billion yuan, accounting for 75% and 11% of total revenue, respectively, with year-on-year growth of 19% and 52% [3][17]. Consumer Electronics Business - BYD Electronics supplies components and assembly services for Apple products such as iPad, iPhone, and Apple Watch. The acquisition of Jabil's mobile manufacturing business at the end of 2023 is expected to deepen cooperation with major clients. The company also provides key components and assembly services for Android and HarmonyOS smartphones. The consumer electronics business is anticipated to continue stable growth, benefiting from the recovery of the market and innovations in the AIoT field [4][17]. Automotive Electronics Business - Backed by its parent company, BYD, the company is expanding its automotive electronics offerings, including intelligent cockpit systems, intelligent driving domain controllers, and active suspension systems. The automotive electronics business is expected to maintain an annual growth rate of approximately 40%, driven by the penetration of intelligent driving technologies into lower-priced models [5][18]. New Intelligent Products - The new intelligent product business includes home energy storage, smart home devices, gaming hardware, drones, IoT, robotics, and data centers. The company collaborates with NVIDIA in the server field and develops AMR robots based on NVIDIA platforms [6][12]. Financial Performance - The company has shown stable revenue growth since its listing, with a compound annual growth rate (CAGR) of 21% from 2007 to 2023. In 2023, the gross margin and net profit margin were 8.03% and 3.10%, respectively, with expectations for improvement as the share of high-margin automotive business increases [15][16]. Market Position - BYD Electronics has a strong market presence in the consumer electronics sector, with 2023 revenues of 97.4 billion yuan, while the automotive sector is the fastest-growing segment, with revenues of 14.1 billion yuan, reflecting a year-on-year growth of 52.18% [17][18]. Intelligent Driving Technology - The company is actively developing its intelligent driving systems, with plans to equip all models, including those priced below 100,000 yuan, with advanced driving assistance features. The "Heavenly Eye" system is a fully self-developed high-level intelligent driving assistance system that has been iterated to BAS 3.0+ [23][25][26]. Suspension Systems - BYD Electronics has developed its own active suspension system, known as the "Cloud Suspension" technology, which is expected to penetrate the mid-range vehicle market as costs decrease. The company aims to leverage its cost advantages and technological independence to enhance its competitive position in the automotive market [28][35]. Brand Strategy - BYD has multiple brands targeting different market segments, with the Dynasty and Ocean series focusing on the 50,000 to 250,000 yuan price range. The company aims to solidify its market share in the lower price segments while expanding into the high-end market with brands like Tengshi and Fangchengbao [41][44].

点击 关注我们 报告发布日期：2025年2月24日 报告名称: 《比亚迪电子：比亚迪核心供应商，数据中心+机器人业务未来可期》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 比亚迪电子是全球领先的平台型高端制造企业，成立于1995年，于2007年从控股股东比亚迪股份有限公司分拆 于港交所主板独立上市，业务涵盖消费电子、新型智能产品、汽车电子及数据中心等多个领域。公司以消费电 子零部件及组装业务起家，逐步拓展至智能家居、储能产品、汽车智能系统等高附加值领域。2023年，公司消 费电子和汽车业务营收分别达到974.2亿元和140.96亿元，分别占比75%和11%，同比增长19%和52% 。 收购捷普加深与苹果合作，有望受益AI换机浪潮 比亚迪电子为iPad/iPhone/Apple Watch等产品供应零部件和组装服务，2023年底，公司收购捷普移动制造业 务，进一步加深与大客 ...

政策研究 政策研究|民营经济发展 民营经济发展 大公国际：从 2025 年民营企业座谈会看民营经济 发展新机遇与挑战 文/崔爱巧、范昱希 摘要 日前，习近平总书记在京出席民营企业座谈会并发表重要讲话，本次会议释放多个 信号，包括但不限于发展方向、解决民营企业难题、政策指引等多个维度，充分鼓舞了 民营企业士气，并对民营企业高质量、健康发展做出进一步指示。 正文 日前，习近平总书记在京出席民营企业座谈会并发表重要讲话，相较于 2018 年给 民营企业"打气"，本次会议更像是在吹奏进攻号角，"前景广阔"、"大有可为"、"大显 身手"、"正当其时"等关键词充分鼓舞民营企业高涨情绪，"扎扎实实落实促进"、"坚决 执行不打折扣"等政策指导更是一剂强心针，充分鼓舞了民营企业士气，并对民营企业 高质量、健康发展做出进一步指示。以下将针对部分会议信号谈谈民营经济发展的新机 遇与挑战： 本次会议上，习近平总书记强调当前民营经济发展面临的困难和挑战具有以下特征： "局部的"、"暂时的"、"能够克服的"，会议政策重点在于解决融资难、拖欠账款、行业 准入公平等深层次问题。经过分析，民营企业融资难、融资贵主要体现于结构性矛盾与 信用分层 ...

Group 1 - The Hong Kong stock market continues to show strong upward momentum, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index rising by 3.79%, 6.03%, and 4.02% respectively during the week from February 17 to February 21, 2025 [5][8] - The technology, healthcare, and telecommunications sectors led the gains, with increases of 10.34%, 8.81%, and 6.01% respectively, while materials, energy, and real estate sectors experienced declines of 3.07%, 2.45%, and 0.53% [8][11] - The average daily trading volume on the Hong Kong Stock Exchange increased to HKD 335.88 billion, up HKD 37.15 billion from the previous week, indicating heightened trading activity [11][12] Group 2 - Recent performance of the Hang Seng Index shows a PE ratio of 10.33, which is a 1.75% increase from the previous week and is at the 59th percentile level since 2010 [16][24] - The risk premium of the Hang Seng Index relative to the 10-year US Treasury yield is 5.26%, which is at the 12th percentile level since 2010, indicating a relatively low attractiveness for overseas investors [16][24] - The AH premium index decreased by 1.54 points to 133.72, which is at the 52nd percentile level since 2014, suggesting a moderate valuation gap between A-shares and H-shares [27][29] Group 3 - The investment outlook for the Hong Kong stock market suggests that the technology sector remains a high-investment opportunity due to policy support and rapid AI application development [45] - Consumer stocks are expected to see significant performance improvements due to domestic policies aimed at boosting consumption [45] - High dividend strategies in the Hong Kong market are still attractive, particularly for state-owned enterprises actively managing their market capitalization [45]

业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分 了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 发行人声明 思看科技（杭州）股份有限公司 （浙江省杭州市余杭区五常街道文一西路 998 号 12 幢 1 单元 102 室） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 本次发行股票拟在科创板市场上市，科创板公司具有研发投入大、经营风险高、 思看科技（杭州）股份有限公司 招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1 思看科技（杭州）股份有限公司 招股说明书 致投资者的声明 公司 ...