针对相关问题，北京商报记者向通宝光电方面发去采访函进行采访，但截至发稿，未收到公司回复。 4股排队 经同花顺iFinD统计，随着通宝光电成功上市，今年A股上市新股将增至17只。从上市板块分布来看， 北交所新股数量居首，为8只；科创板、沪市主板各4只；深市主板年内迎来1只新股；创业板年内则暂 未有新股上市。 A股马年首只新股来了。根据安排，通宝光电2月26日登陆北交所。从基本面看，去年该公司净利出现 小幅波动，同时还存在客户集中度较高的情况。2022—2024年及去年上半年，通宝光电对前五大客户的 销售占比均超九成。经北京商报记者梳理，随着通宝光电鸣锣上市，"2026级"新股将增至17只，而在通 宝光电之后，还有通领科技、海菲曼、固德电材、觅睿科技4股目前已确定申购日期或已完成申购，正 排队等待上市。 鸣锣上市 A股马年首只新股通宝光电2月26日在北交所上市。据了解，通宝光电主营汽车电子零部件制造商，主 营业务为汽车照明系统、电子控制系统、能源管理系统等汽车电子零部件的研发、生产和销售。该公司 发行价格为16.17元/股，募集资金总额为3.04亿元，扣除不含税的发行费用后，募集资金净额为2.68亿 元。 本次上 ...

A股马年首只新股来了！根据安排，通宝光电（920168）将于2月26日登陆北交所上市。从通宝光电基本面来看，公司2025年净利出现小幅波动。此外，公 司还存在客户集中度较高的情况。2022—2024年以及2025年上半年，通宝光电对前五大客户销售占比均超九成。经北京商报记者梳理，伴随着通宝光电鸣锣 上市，"2026级"新股将增至17只，而在通宝光电之后，还有通领科技、海菲曼、固德电材、觅睿科技等4股目前已确定申购日期或已完成申购，正排队等待 上市。 本次上市背后，通宝光电2022—2024年净利实现稳步增长，但于2025年出现小幅波动。财务数据显示，2022—2024年，公司实现营业收入分别约为3.9亿 元、5.29亿元、5.88亿元；对应实现归属净利润分别约为3669.29万元、6224.85万元、8309.35万元，逐年增长。2025年，公司实现营业收入7.17亿元，较上年 同期增长21.94%；对应实现归属净利润8005.16万元，较上年同期下降3.66%。 对于2025年业绩变动原因，通宝光电在招股书中表示，主要原因是公司基于长期战略考虑开拓了子公司广西通宝及新产品充配电总成业务，公司子公司广西 通宝 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company focuses on automotive lighting systems and continuously explores new automotive electronic business segments, achieving a compound annual growth rate (CAGR) of 26.76% in revenue from 2013 to 2024, with a revenue of 488 million yuan in the first three quarters of 2025, representing a year-on-year growth of 30.51% [2][35] - The automotive industry in China shows steady growth, with production and sales reaching 31.28 million and 31.44 million vehicles in 2024, respectively, marking a year-on-year increase of 3.7% and 4.5% [3][56] - The company has a strong technological foundation in automotive lighting systems and is expanding into high-growth areas such as electronic control systems and energy management systems, with a projected increase in revenue of 55.8 million yuan from new projects [4][28] Summary by Sections 1. Company Focus and Business Expansion - The company is positioned as a manufacturer of automotive electronic components, primarily engaged in the research, production, and sales of automotive lighting systems, electronic control systems, and energy management systems [2][39] - The company has successfully entered the electronic control system sector with the EPS controller and is set to launch the CDU power distribution assembly in 2024 [13][28] 2. Market Potential in the Automotive Industry - China's automotive production and sales have been the highest globally for 16 consecutive years, with significant growth potential in the automotive electronic components market [3][56] - The market for automotive lighting systems is expected to grow from 84.4 billion yuan in 2023 to 101.4 billion yuan in 2025, with the energy management system market projected to reach 28.5 billion yuan in China by 2025 [3][56] 3. Technological Leadership and Product Development - The company has accumulated extensive experience in LED technology since its establishment in 1991 and has become a key supplier for major automotive brands [4][15] - The company has developed a range of products, including LED headlight modules, driving controllers, and the CDU, which are positioned to meet the growing demands of the automotive market [4][39] 4. Financial Performance and Valuation - The company has shown a steady increase in revenue, with a CAGR of 26.76% from 2013 to 2024, and a net profit of 51.79 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 5.41% [2][35] - The average price-to-earnings (PE) ratio for comparable companies in 2024 is 25.1X, indicating a competitive valuation in the market [4][28]

Group 1: Economic Data Release - The January CPI and PPI data will be released on February 11, with expectations for January CPI growth at 0.4% year-on-year, influenced by fluctuating prices of pork, fresh vegetables, and fruits [3][9] - The forecast for February and March CPI growth is 1.4% and 1.0% respectively, driven by seasonal demand for pork and vegetables ahead of the Spring Festival [3][9] - January PPI is expected to decline by 1.5% year-on-year, with the factory price index rising to 50.6 and the main raw material purchase price index increasing to 56.1 [3][9] Group 2: Financial Data Projections - January new RMB loans are projected to be 5 trillion yuan, a decrease of 130 billion yuan year-on-year, with a growth rate of 6.2%, down 0.2 percentage points from the previous month [4][11] - Social financing is expected to increase by 6.9 trillion yuan in January, a year-on-year decrease of approximately 980 billion yuan, with a growth rate of 8.1% [4][11] - M2 growth is anticipated to remain steady at 8.5%, while M1 growth is expected to drop to 2.2%, down 1.6 percentage points from the previous value [4][11] Group 3: New Stock Issuance - A new stock, Tongbao Optoelectronics, will be issued on February 9, with a total of 18.7934 million shares offered at a price of 16.17 yuan per share, representing 25% of the total post-issue share capital [5][12] - The company specializes in automotive lighting systems and electronic control systems, with products including LED modules and energy management systems [5][12]

Group 1: CPI and PPI Data - The January CPI is expected to show a year-on-year increase of 0.4%, influenced by rising pork prices and seasonal fluctuations in vegetable prices [2] - The January PPI is projected to decline by 1.5% year-on-year, with the factory price index rising to 50.6% and the main raw material purchase price index increasing to 56.1% [2] - Future projections indicate that the CPI for February and March will be 1.4% and 1.0% respectively, while the PPI is expected to be -1.4% and -1.2% for the same months [2] Group 2: Financial Data - January's new RMB loans are anticipated to be 5 trillion yuan, a decrease of 130 billion yuan year-on-year, with a growth rate of 6.2% [3] - The social financing scale for January is expected to be 6.9 trillion yuan, down by approximately 98 billion yuan year-on-year, with a growth rate of 8.1% [3] - M2 growth rate is projected to remain steady at 8.5%, while M1 is expected to decline to 2.2%, down 1.6 percentage points from the previous value [3] Group 3: New Stock Issuance - A new stock, Tongbao Optoelectronics, will be issued on February 9, with a total of 18.7934 million shares offered at a price of 16.17 yuan per share [4] - The company specializes in automotive lighting systems and electronic control systems, with products including LED light modules and energy management systems [4] - The funds raised will be used for projects related to intelligent LED modules and charging distribution systems [4]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company focuses on automotive lighting systems and continuously explores new automotive electronics business segments, achieving a compound annual growth rate (CAGR) of 26.76% in revenue from 2013 to 2024, with a revenue of 488 million yuan in the first three quarters of 2025, representing a year-on-year growth of 30.51% [2][35] - The automotive industry in China shows steady growth, with production and sales reaching 31.28 million and 31.44 million vehicles in 2024, respectively, marking a year-on-year increase of 3.7% and 4.5% [3][56] - The company has a strong technological foundation in automotive lighting systems and is expanding into high-growth areas such as electronic control systems and energy management systems, with a projected increase in revenue of 55.8 million yuan from new projects [4][28] Summary by Sections 1. Company Focus and Business Expansion - The company is positioned as a manufacturer of automotive electronic components, primarily engaged in the research, production, and sales of automotive lighting systems, electronic control systems, and energy management systems [2][39] - The company has successfully entered the electronic control system sector with the EPS controller and is set to launch the CDU power distribution assembly in 2024 [13][28] 2. Market Potential in the Automotive Industry - China's automotive production and sales have been the highest globally for 16 consecutive years, with significant growth potential in the automotive electronics component market [3][56] - The market for automotive lighting systems is projected to grow from 84.4 billion yuan in 2023 to 101.4 billion yuan in 2025 [3][56] 3. Technological Leadership and Product Development - The company has accumulated extensive experience in LED technology since its establishment in 1991 and has become a key supplier for major automotive brands [4][15] - The company has developed a range of products, including LED headlight modules, driving controllers, and complete headlight assemblies, with a focus on continuous innovation and product improvement [4][39] 4. Financial Performance and Valuation - The company achieved a net profit of 51.79 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of 5.41% [2][35] - The average price-to-earnings (PE) ratio for comparable companies in 2024 is estimated at 25.1X, indicating a competitive valuation in the market [4][28]