Core Viewpoint - The company, Shenglan Co., Ltd. (300843), has received approval from the China Securities Regulatory Commission to issue convertible bonds, aiming to raise up to 450 million yuan for the development of high-voltage connectors and components for new energy vehicles, as well as industrial control connectors [1] Company Summary - Shenglan Co., Ltd. specializes in the research, production, and sales of electronic connectors and precision components, particularly focusing on connectors for new energy vehicles [1] - In the first quarter of 2025, the company reported a total operating revenue of 337 million yuan and a net profit attributable to shareholders of 30.14 million yuan [1] Industry Summary - The high-voltage connector project is positioned within the upstream supply chain of the new energy vehicle industry, which is facing increasing market concentration, intensified competition, price pressures, and ongoing technological advancements that may affect future capacity absorption [1] - The competition in the industrial control connector sector is intensifying, with domestic manufacturers like Direction Electronics and Weifeng Electronics expanding their production scale in the industrial automation equipment sector, which may further squeeze market share for Shenglan's industrial control connector project [1]