Core Viewpoint - The company Hongyuan Co., Ltd. is set to issue shares at a price of 9.17 yuan per share with a P/E ratio of 12.34 times, amidst a favorable environment for IPOs on the Beijing Stock Exchange, suggesting a strong recommendation for active subscription [1] Company Overview - Hongyuan Co., Ltd. was established in 2000 and is located in Shenyang, Liaoning Province. The company specializes in the research, production, and sales of electromagnetic wires, which are essential components in high-voltage and large-capacity power transformers and other major power transmission and transformation equipment [2] - The company's products are crucial for the stability and safety of power transmission projects, particularly in ultra/high voltage applications [2] Financial Performance - The revenue for Hongyuan Co., Ltd. during the reporting period (2022-2024) is projected to be approximately 1.311 billion yuan, 1.461 billion yuan, and 2.072 billion yuan, with corresponding net profits of about 50 million yuan, 64 million yuan, and 102 million yuan [4] - The company expects revenue for 2025 to be between 2.47 billion yuan and 2.73 billion yuan, representing a year-on-year growth of approximately 19.18% to 31.73% [4] Product Revenue Composition - The revenue composition by product type shows that the revenue from switch wires exceeds 64% and is on an upward trend, while paper-wrapped wires account for about 20% and are on a downward trend [3] Investment Projects - The company plans to raise approximately 280 million yuan through its IPO, which will be allocated to various projects including the digital upgrade of electromagnetic wire production lines and the establishment of a special electromagnetic wire production base for electric vehicles [7][8]

Core Viewpoint - The company Hongyuan Co., Ltd. has initiated its IPO with a price of 9.17 yuan per share and a P/E ratio of 12.34 times, aiming to raise approximately 4.37 billion yuan for various projects related to the production of special electromagnetic wires for electric vehicles and other applications [1][2]. Group 1: IPO Details - The IPO code is 920018, with an initial issuance of 30.68 million shares, of which 24.55 million shares are allocated for online subscription [1]. - The maximum subscription limit for a single account is 1.4573 million shares [1]. - The total number of shares after the issuance will be 123 million, with a potential increase to 35.28 million shares if the overallotment option is fully exercised [1][2]. Group 2: Fundraising Allocation - The total expected fundraising amount is 437 million yuan, with the main projects including: - 147.17 million yuan for the production base of special electromagnetic wires for electric vehicles - 80 million yuan for working capital - 55.91 million yuan for the intelligent digital upgrade of electromagnetic wire production lines - 55.58 million yuan for the intelligent digital expansion of production lines - 55.18 million yuan for the construction of an electromagnetic wire R&D center [1][2]. Group 3: Financial Performance - The company specializes in the R&D, production, and sales of electromagnetic wires, with products used in high-voltage, large-capacity power transformers and other large-scale power transmission and transformation equipment [2]. - Projected net profits for 2022, 2023, and 2024 are 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan, respectively, showing year-on-year growth rates of 6.25%, 28.94%, and 57.14% [2][3]. - Key financial metrics include total assets of 1.348 billion yuan and net assets of 540 million yuan for 2024, with a return on equity of 20.64% [3].