Core Viewpoint - Daming Electronics (603376.SH) has initiated its subscription on October 24, with an issue price of 12.55 yuan per share and a price-to-earnings ratio of 17.97 times, focusing on the automotive electronic components sector [1] Company Overview - The company specializes in the design, development, production, and sales of automotive body electronic control systems, offering a wide range of products including driving assistance systems, cockpit central control systems, intelligent optical systems, window control systems, and seat adjustment systems [1][3] - Daming Electronics has established stable partnerships with major domestic automotive manufacturers such as Changan Automobile, SAIC Group, BYD, and NIO, and has successfully entered the supply chain of well-known foreign brands like Ford and Toyota [2] Market Position and Competition - The company has been actively involved in the development of components for electric vehicles, with its products already applied in various models from brands like BYD and SAIC [2] - The domestic market for automotive electronic components is characterized by numerous suppliers with relatively weak overall competitiveness, although some local companies have advantages in scale and technology [2] Financial Performance - The company reported revenues of approximately 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 151 million yuan, 205 million yuan, and 282 million yuan during the same periods [3] - As of December 31, 2024, the total assets are projected to be approximately 2.716 billion yuan, with equity attributable to the parent company at around 1.066 billion yuan [4]

Group 1: Company Overview - Daming Electronics is a manufacturer specializing in automotive electronic components, focusing on body electronic control systems [1][4] - The company aims to become a leading supplier of comprehensive solutions for automotive body electronic control systems with world-class competitiveness [1] Group 2: Product and Market Position - Daming Electronics offers a variety of products including driver assistance systems, cockpit control systems, intelligent optical systems, window control systems, and seat adjustment systems, characterized by high customization and complexity [1] - The company has established a customer base that includes major domestic brands such as BYD, Changan Automobile, and SAIC Group, as well as foreign brands like Ford and Toyota [4] Group 3: Financial Performance - Projected revenues for Daming Electronics are expected to grow from 17.13 billion CNY in 2022 to 27.27 billion CNY in 2025, with net profits increasing from 1.51 billion CNY to 2.82 billion CNY over the same period [5] - For the first three quarters of 2025, the company anticipates a revenue of 21.47 billion CNY, representing a year-on-year growth of 19.73%, and a net profit of 2.03 billion CNY, reflecting a growth of 5.68% [5] Group 4: Industry Context - Traditional automotive electronic component manufacturers in Japan, the US, and Europe dominate the global market, while Chinese suppliers are numerous but generally less competitive [2]

【导读】下周 1 只新股可申购， 大明电子客户包含比亚迪、赛力斯 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周有 1 只新股可申购，即10月24日可申购上交所主板新股大明电子。 大明电子是 汽车电子零部件配套厂商 大明电子 的申购代码是732376，发行价 与 发行市盈率 均尚未披露， 参考行业市盈率为 30.52 倍。 大明电子 此次总发行数量为4000万股，包含网上发行数量为960万股。投资者参与网上申购 大明电子 ，申购数量上限为 0.95万股，顶格 申购需配沪市市值9.50万元。 大明电子专注于汽车电子零部件配套领域，是国内少数专业从事汽车车身电子电器控制系统研发、生产和销售的企业之一，致力于成为业 内领先、在世界具有一流竞争力的汽车车身电子电器控制系统综合解决方案供应商。 大明电子的主要产品包括驾驶辅助系统、座舱中控系统、智能光电系统、门窗控制系统、座椅调节系统等。由于适用下游车型各异，对产 品的结构设计、加工工艺、性能指标要求不同，大明电子的产品具有种类多、结构复杂、定制化程度高等特点。 从行业发展来看，日本、美国、欧洲等传统汽车工业强国或地区的大型汽车电子零部件生产商，占 ...

Core Viewpoint - Daming Electronics is set to launch an IPO on October 24, with a focus on automotive electronic components, targeting both domestic and international markets [2][3]. Company Overview - Daming Electronics specializes in the research, production, and sales of automotive body electronic control systems, aiming to become a leading supplier in the industry [3]. - The company offers a variety of products, including driver assistance systems, cockpit control systems, intelligent optical systems, window control systems, and seat adjustment systems, characterized by high customization and complexity [3]. Clientele - Daming Electronics serves major domestic automotive manufacturers such as Changan Automobile, SAIC Group, FAW Group, BYD, and Geely, as well as joint ventures like GAC Toyota and SAIC Volkswagen [4]. - The company is also expanding into the new energy vehicle sector, with products already utilized in various models from brands like BYD, NIO, and Xpeng [4]. Financial Performance - Projected revenues for Daming Electronics are as follows: CNY 1.713 billion in 2022, CNY 2.147 billion in 2023, CNY 2.727 billion in 2024, and CNY 1.297 billion for the first half of 2025, with corresponding net profits of CNY 151 million, CNY 205 million, CNY 282 million, and CNY 114 million [4]. - The company anticipates a revenue increase of 19.73% for the first three quarters of 2025, reaching CNY 2.147 billion, with a net profit growth of 5.68% to CNY 203 million [5][6]. Industry Context - The automotive electronic components market is dominated by large manufacturers from traditional automotive powerhouses like Japan, the US, and Europe, while Chinese suppliers are gradually improving their market share despite overall weaker competitive capabilities [3].

Group 1 - The core point of the article is that Daming Electronics (603376.SH) has announced its initial public offering (IPO) with plans to issue 40.01 million shares, representing 10% of the total share capital post-issuance [1] - The IPO is entirely for new shares and does not involve the sale of existing shares by current shareholders [1] - The preliminary inquiry date is set for October 21, 2025, and the subscription date is October 24, 2025 [1] Group 2 - Daming Electronics specializes in automotive electronic components, focusing on the design, development, production, and sales of electronic control systems for vehicle bodies [1] - The company's main products include driver assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [1] - The products are characterized by a wide variety, complex structure, and high degree of customization due to differing requirements from downstream vehicle models [1] Group 3 - Based on the current operating conditions, market environment, and existing orders, the company expects to achieve a revenue of 2.147 billion yuan for the first nine months of 2025, representing a year-on-year growth of 19.73% [1] - The expected net profit attributable to shareholders of the parent company for the same period is 203 million yuan, reflecting a year-on-year increase of 5.68% [1] - The net profit, after deducting non-recurring gains and losses, is projected to be 201 million yuan, with a year-on-year growth of 5.43% [1] - The company maintains stable cooperation with downstream clients and has a mature business model, indicating that operating performance is expected to remain steady with an upward trend [1] Group 4 - The funds raised from the IPO, after deducting issuance costs, will be used for specific investment projects, including 300 million yuan for the new plant project (Phase II) of Daming Electronics (Chongqing) Co., Ltd., and 100 million yuan for working capital [2]

Group 1 - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Daming Electronics Co., Ltd. [1] - Daming Electronics plans to list on the Shanghai Stock Exchange and aims to raise 400 million yuan [1] - Guotai Junan Securities is the sponsor for the IPO [1] Group 2 - Daming Electronics specializes in the automotive electronic components sector, focusing on the design, development, production, and sales of automotive body electronic control systems [5] - The company's main products include driver assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [5] - The products are characterized by a wide variety, complex structure, and high degree of customization due to differing requirements from downstream vehicle models [5]

Core Viewpoint - Daming Electronics Co., Ltd. has applied for IPO on the Shanghai Stock Exchange, aiming to raise 400 million RMB, focusing on automotive electronic components and solutions [1] Group 1: Company Overview - Daming Electronics specializes in the design, development, production, and sales of automotive body electronic control systems, with products including driver assistance systems, cockpit central control systems, smart optical systems, window control systems, and seat adjustment systems [1] - The company has established stable partnerships with major domestic automotive manufacturers such as Changan Automobile, SAIC Group, BYD, and NIO, as well as foreign brands like Ford and Toyota [1] Group 2: Market Position and Strategy - Daming Electronics is actively expanding into the new energy vehicle sector, with products already applied in various models from brands like BYD and SAIC [2] - The company is conducting research on cutting-edge technologies to enhance product functionality and comfort, aligning with market trends in new energy and smart vehicles [2] Group 3: Financial Information - The total amount of funds raised will be allocated to the construction of a new factory and to supplement working capital, with a total investment of approximately 400 million RMB [3] - Projected revenues for 2022, 2023, and 2024 are approximately 1.713 billion RMB, 2.147 billion RMB, and 2.727 billion RMB, respectively, with net profits of about 151 million RMB, 205 million RMB, and 282 million RMB [3] - As of December 31, 2024, total assets are projected to be approximately 2.716 billion RMB, with a net profit of about 282 million RMB and a basic earnings per share of 0.78 RMB [4]

Group 1 - The core point of the article is that Changzhou Tongbao Optoelectronics Co., Ltd. is making another attempt to go public on the Beijing Stock Exchange, with a fundraising target of 330 million yuan [1][3] - The company has a concentrated ownership structure, with three family members controlling 78.7487% of the shares, giving them significant decision-making power [1][3] - In June 2024, the company received a warning letter from the Jiangsu Securities Regulatory Bureau due to accounting errors that led to inaccurate financial disclosures for three reporting periods [1][4] Group 2 - Tongbao Optoelectronics has a high dependency on its major client, SAIC-GM-Wuling, which accounted for 83.35% of its total revenue in 2024 [1][5] - The company has faced challenges with its core product, the automotive lighting system, which saw a decrease in average selling price by 9.12% in 2024, despite a production and sales rate of 105.81% [1][6] - The company has experienced growth in revenue and net profit from 2022 to 2024, with revenues of 390 million yuan, 529 million yuan, and 588 million yuan, and net profits of 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan respectively [5]

Core Viewpoint - Tongbao Optoelectronics is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 330 million yuan, despite past issues with financial disclosures and a heavy reliance on a single major client, SAIC-GM-Wuling [1][2][4]. Group 1: IPO Preparation - Tongbao Optoelectronics has had a history of attempting to go public, including a previous attempt in 2017 and a recent application that was accepted by the Beijing Stock Exchange [2][3]. - The company plans to issue up to 18.79 million shares, with all proceeds allocated to projects related to smart LED modules and power distribution systems for electric vehicles [3]. Group 2: Ownership Structure - The ownership of Tongbao Optoelectronics is highly concentrated, with three family members controlling 78.75% of the shares, giving them significant influence over company decisions [1][3]. Group 3: Financial Performance - The company reported revenues of 390 million yuan, 529 million yuan, and 588 million yuan from 2022 to 2024, with net profits increasing from 36.69 million yuan to 83.09 million yuan during the same period [6]. - Despite the growth in revenue and profits, the average selling price of its core product, automotive lighting systems, decreased by 9.12% in 2024 [7]. Group 4: Client Dependency - Tongbao Optoelectronics is heavily dependent on SAIC-GM-Wuling, with sales to this client accounting for 83.35% of total revenue in 2024 [1][6]. - The company has a significant reliance on its top five clients, with their sales contributing 94.65%, 98.42%, and 96.57% of total revenue from 2022 to 2024 [6].

文/梧桐晓编 4月27日，北交所新受理2家江苏公司的IPO申请：江苏永大化工机械股份有限公司（874495）、常州通宝光电股份有限公司（833137）的IPO申请。北交所今年至 今共受理7家IPO申请。 | 序号 | | 简称 | 注册地 | 保荐机构 | 律师事务所 | 会计师事务所 | 更新日期 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 874495 | | 永大股份 | 江苏省 南通市 | 国泰海通证 券股份有限 | 国浩律师（上 致同会计师事务所 海）事务所 （特殊普通合伙） 海) 事务所 | | | | | | | | 公司 | | | | | 2 | 833137 | 通宝光电 | 江苏省 常州市 | | And Children Class of Children Children Company Concessful Collection of 务所（特殊普通合 2025-04-27 2025-04-27 | | | | | | | | 份有限公司 | 律师事务所 | 伏) | | 由于北交所网站尚未公布两家公司的招股 ...