作为国内老牌电子元器件制造商，宏明电子拥有60多年的电子元器件研制经验和技术沉淀，产品体系全面，产品层次丰富，目前已掌握多项具有自主知识产 权的核心技术，主要产品包括多层瓷介电容器（MLCC）、芯片瓷介电容器、有机及云母电容器、钽电解电容器、热敏电阻器、位移传感器等阻容元器件产 品，以及滤波/连接器、微波器件等其他电子元器件产品。在防务领域，发行人MLCC、有机及云母电容器、位移传感器、热敏电阻器等高可靠产品具有较 强竞争优势，多次承担国家重点装备和重点工程的电子元器件科研攻关和生产配套任务，为航空航天、武器装备、船舶、核工业等领域国家重点工程项目配 套，多次获得各重点项目承制单位的表彰及感谢信；在民用领域，发行人电子元器件产品主要应用于消费电子、汽车电子等领域。 小财米注意到，2025年12月26日，证监会网站披露，同意创业板企业成都宏明电子股份有限公司的首次公开发行股票注册的批复。 成都宏明电子股份有限公司 宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元器件产品。同时，公司还涉及精 密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域 ...

此次募集资金在扣除发行费用后，将根据项目建设进度，分轻重缓急投资于以下项目： | | | 智通财经APP获悉，12月15日，成都宏明电子股份有限公司(简称：宏明电子)申请深交所创业板IPO审核状态变 更为"提交注册"。申万宏源证券为其保荐机构，拟募资19.5071亿元。 据招股书，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高 性能、高可靠性的电子元器件产品。同时，公司还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电 脑等消费电子领域和新能源电池及汽车电子结构件等领域。 报告期内，公司主要产品为以阻容元器件为代表的新型电子元器件产品和精密零组件产品。其中，收入和利润 主要来源于电子元器件业务，公司电子元器件主要应用于防务领域。 电子元器件方面，公司主要产品包括多层瓷介电容器(MLCC)、芯片瓷介电容器、有机及云母电容器、钽电解电 容器、热敏电阻器、位移传感器等阻容元器件产品，以及滤波/连接器、微波器件等其他电子元器件产品。 在防务领域，公司MLCC、有机及云母电容器、位移传感器、热敏电阻器等高可靠产品具有较强竞争优势。 精密零组件方面，公司为苹果、联想、摩托罗拉等 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金融投资报 记者 陈雨禾 12月12日，成都宏明电子股份有限公司（前身为715厂，以下简称宏明电子）的IPO申请在深交所上市 审核委员会审议通过。12月15日，宏明电子在深交所网站上的状态更新为"提交注册"。迈出了登陆资本 市场的关键一步。 当这样一家成立于1958年，2000年改制为股份有限公司的老牌川企踏上创业板门槛时，未来能否借力资 本市场，上演一出"老树开新芽"的逆袭剧本令财经圈关注。 背景资料显示，715厂是前苏联援建的成都四大电子工业项目之一，属于国家"一五"计划156项重点工程 之一，邮政代码为"成都市第82号信箱"。该厂位于成都东郊圣灯寺区域，建有包含生产区、职工医院、 子弟学校的封闭社区体系。 时至今日，在成都提起"82信箱"，还有八二小区的苏式风格建筑，以及八二水饺、八二抄手等延续至今 的网红美食，记录着当时的辉煌历史。同时，成都东郊区域令人瞩目的商圈SM广场商业综合体，也是 在2000年企业改制后，在715厂原厂区位置转型建成的，并保留了如烟囱基座等部分工业留存。 在"一五"计划期间，成都是全国重点建设的3个 ...

12月12日，据深交所上市审核委员会2025年第29次审议会议结果显示，成都宏明电子股份有限公司（简称：宏明电子）创业板 IPO申请获通过。 作为国内老牌电子元器件制造企业，宏明电子拥有超过六十年的研发经验与技术积淀，产品体系完整、层次丰富，已掌握多项 具有自主知识产权的核心技术。其主要产品涵盖多层瓷介电容器（MLCC）、芯片瓷介电容器、有机与云母电容器、钽电解电 容器、热敏电阻器、位移传感器等阻容元器件，以及滤波/连接器、微波器件等多元电子元器件。 在防务领域，公司的高可靠性MLCC、有机及云母电容器、位移传感器、热敏电阻器等产品具备显著竞争优势，长期承担国家 重点装备与工程的电子元器件科研攻关与配套生产任务，服务于航空航天、武器装备、船舶、核工业等国家重大工程，屡获项 目承制单位表彰与感谢。 在民用领域，公司产品已广泛应用于消费电子、汽车电子等多个方向。 宏明电子是国内少数具备从高端电子材料（陶瓷瓷料、导电浆料）到电子元器件全链条自主研制能力的企业，成功实现了多类 产品的国产化替代，并创下多项行业纪录，包括建设国内首条有机薄膜介质电容器国军标生产线、首条宇航级MLCC生产线、 首条正温度系数热敏电阻器国军 ...

宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元器件产品。同时，公司还涉及精 密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结构件等领域。 电子元器件领域，作为国内老牌电子元器件制造商，宏明电子拥有60多年的电子元器件研制经验和技术沉淀，产品体系全面，产品层次丰富，目前已掌握多 项具有自主知识产权的核心技术，主要产品包括多层瓷介电容器(MLCC)、芯片瓷介电容器、有机及云母电容器、钽电解电容器、热敏电阻器、位移传感器 等阻容元器件产品，以及滤波/连接器、微波器件等其他电子元器件产品。 12月12日，深交所上市审核委员会召开2025年第29次审议会议，审议成都宏明电子股份有限公司(简称"宏明电子")首发事项，最终公司顺利过会。 根据2025年1月至6月宏明电子、鸿远电子（603267）、火炬电子（603678）陶瓷电容器和电子元器件销售收入规模排名，宏明电子位居行业第一。 业绩方面，2023年至2025年前三季度，宏明电子实现营收27.27亿元、24.94亿元和21.13亿元；净利润为4.12亿元、2.68亿元和3 ...

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has successfully passed the listing committee meeting of the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 1.95071 billion yuan through its IPO [1] Company Overview - Hongming Electronics specializes in the research, production, and sales of new electronic components, primarily focusing on passive components such as capacitors and resistors, and aims to provide high-performance, high-reliability products to customers [1][2] - The company has over 60 years of experience in electronic component manufacturing and possesses a comprehensive product system with multiple proprietary core technologies [2] Product and Market Position - Key products include multilayer ceramic capacitors (MLCC), chip ceramic capacitors, organic and mica capacitors, tantalum electrolytic capacitors, thermistors, and displacement sensors, among others [2] - In the defense sector, the company has a competitive advantage with its high-reliability products and has participated in national key projects in aerospace, weaponry, and nuclear industries [2] - The company is one of the few in China capable of producing both high-quality electronic materials and electronic components, achieving several domestic firsts in production lines for various components [2] Financial Performance - The company reported revenues of approximately 3.146 billion yuan, 2.727 billion yuan, 2.494 billion yuan, and 1.528 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 690 million yuan, 598 million yuan, 386 million yuan, and 370 million yuan [3] - Total assets as of June 30, 2025, are projected to be 57.201 billion yuan, with a total equity attributable to shareholders of 27.653 billion yuan [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a significant revenue increase in Q3 2025, primarily benefiting from order acceptance and a low base from the previous year. The revenue for the first three quarters of 2025 reached 385 million, a year-on-year increase of 8.70%. In Q3 2025 alone, revenue was 102 million, up 30.75% year-on-year [2][6]. - The company is actively promoting domestic substitution of mechanical products and is building a high-end scientific research instrument platform. It is also expanding into the sensor industry and accelerating its layout in the humanoid robot sector through strategic partnerships [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 101 million, a year-on-year increase of 2.23%. The net profit for Q3 2025 was 25 million, up 0.50% year-on-year. The net profit excluding non-recurring items for the same period was 99 million, a slight increase of 0.11% [6]. - The gross profit margin for the first three quarters of 2025 was 67.46%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 26.10%, a decrease of 1.71 percentage points year-on-year [12]. Business Development - The company is focusing on the domestic substitution of mechanical products and is developing new products such as customized measurement and control analysis systems. It is also enhancing its sensor product line, which includes various types of sensors suitable for harsh environments [12]. - The company has accelerated its entry into the humanoid robot industry, signing a strategic cooperation agreement with Nantong Zhenkang and engaging in strategic discussions with Nidec to collaborate on testing and verification in the field of precision transmission products [12]. Future Outlook - The company is expected to achieve a net profit of 159 million and 206 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 39x and 30x. The "Buy" rating is maintained based on these projections [12].

Core Insights - The optical information industry in Changchun, Jilin Province, is experiencing significant growth, with a projected comprehensive output value exceeding 100 billion yuan in 2023, marking a year-on-year increase of 7.1% [1][6] - Changchun is leveraging its historical strengths and resources in optical technology to foster industrial development, supported by various government policies and initiatives [3][5] Industry Performance - In the first half of 2023, the electronic information manufacturing industry in Changchun achieved an output value of 11.086 billion yuan, reflecting a year-on-year growth of 6.5% [1] - The comprehensive output value of the optical information industry in Changchun is expected to surpass 90 billion yuan in 2024, with an anticipated increase to over 100 billion yuan this year [1] Technological Advancements - Changguang Satellite Technology Co., Ltd. has developed a domestic intelligent processing robot that significantly reduces the processing time for satellite mirrors from approximately six months to one and a half months, while also lowering costs by 20% [2] - The "Jilin-1" satellite constellation, developed by Changguang Satellite, has achieved a 100% localization rate for its components, making it the largest commercial remote sensing satellite constellation in China and globally [2] Government Support and Initiatives - The Changchun government has implemented several measures to support the high-quality development of the optical information industry, including the establishment of the Jilin Province Optoelectronic Industry Incubator, which has incubated over 100 companies [3] - Annual financial support exceeding 600 million yuan is allocated by the Changchun government to bolster the optical information industry [3] Collaborative Efforts - The establishment of a strategic cooperation committee for technology transfer and the formation of the "One Association and Three Alliances" in the optical information industry aim to enhance collaboration between academia and industry [5] - Changchun has over 360 optical information companies and regularly hosts discussions to foster collaboration and innovation among industry players [5] Future Goals - The "Three-Year Action Plan for the Cultivation of the Optical Information Industry" aims to achieve a comprehensive output value exceeding 100 billion yuan and over 1,000 companies by the end of 2025 [6] - The city plans to focus on key areas such as integrated circuits, laser technology, satellite applications, automotive electronics, and industrial internet services to drive future growth [6]

Core Insights - The electronic information manufacturing industry in Changchun achieved a production value of 11.086 billion yuan in the first half of the year, marking a year-on-year growth of 6.5% [2] - The optical information industry in Changchun is projected to exceed 90 billion yuan in comprehensive output by 2024, with an expected growth of 7.1% year-on-year, and is anticipated to surpass 100 billion yuan this year [2] - Changchun is leveraging its historical strengths in optical technology to develop a robust optical information industry cluster, contributing to high-quality economic development [2][3] Industry Development - Changchun has established over 8 national key laboratories and has a workforce of more than 20,000 optical technology personnel and industrial workers [2] - The city has implemented various policies to support the high-quality development of the optical information industry, including the establishment of the Jilin Province Optoelectronic Industry Incubator, which has incubated over 100 companies [3] - The local government invests over 600 million yuan annually to support the optical information industry [3] Technological Advancements - Changguang Satellite Technology Co., Ltd. has developed a domestic intelligent processing robot that significantly reduces the processing time for satellite mirrors from approximately six months to one and a half months, while also lowering costs by 20% [3] - The "Jilin-1" satellite has achieved a 100% localization rate for its components and is recognized as the largest commercial remote sensing satellite constellation in China and globally [3] Collaborative Efforts - The city has formed strategic cooperation committees to promote the integration of industry, academia, and research, enhancing the collaborative environment for technological innovation [5] - Changchun is focusing on expanding its optical information industry into upstream and downstream sectors, aiming for breakthroughs in intersecting and niche areas [5][6] Future Goals - By the end of 2025, Changchun aims to achieve a comprehensive output value of over 100 billion yuan and have more than 1,000 companies in the optical information sector [6] - The city is planning to establish core industrial zones to support specialized and characteristic industrial development, targeting key industries such as new energy vehicles and optical information [6]

Core Insights - The optical information industry in Changchun, Jilin Province, is experiencing significant growth, with a projected comprehensive output value exceeding 100 billion yuan in 2023 and a target of over 900 billion yuan by 2024, reflecting a year-on-year growth of 7.1% [1][5] Group 1: Industry Development - Changchun's electronic information manufacturing industry achieved an output value of 11.086 billion yuan in the first half of the year, marking a 6.5% increase year-on-year [1] - The city has established eight national key laboratories, including those focused on special light-emitting science and technology, to support various sectors such as agriculture, environmental protection, and cultural tourism [1] - The local government has implemented several policies to support the high-quality development of the optical information industry, including the establishment of the Jilin Province Optoelectronic Industry Incubator, which has incubated over 100 companies [2][3] Group 2: Technological Advancements - Changguang Satellite Technology Co., Ltd. has achieved a 100% localization rate for components of the "Jilin-1" satellite, which is now the largest commercial remote sensing satellite constellation in China and globally [2] - The company has developed a self-researched intelligent processing robot that reduces the processing time for mirrors from approximately six months to one and a half months, while also lowering costs by 20% [2] - The city has a strong talent pool in the optical field, with 10 academicians, 150 doctoral supervisors, and over 3,000 senior professionals, contributing to the development of key technologies in high-performance sensors and other areas [3] Group 3: Strategic Plans - Changchun has launched the "Three-Year Action Plan for the Cultivation of the Optical Information Industry," focusing on five key areas: integrated circuits, lasers and new displays, satellite applications, automotive electronics, and industrial internet [5] - The plan aims to achieve a comprehensive output value of over 100 billion yuan and to have more than 1,000 companies in the optical information sector by the end of 2025 [5][6] - The city is actively creating specialized industrial spaces and accelerating the development of core industrial areas, including Changchun New District and other economic zones [5]