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 ...

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has applied for a change in its listing review status to "inquired" on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 1.95071 billion yuan [1] Company Overview - Hongming Electronics is a well-established electronic component manufacturer in China with over 60 years of experience and a comprehensive product range, including multilayer ceramic capacitors (MLCC), chip ceramic capacitors, organic and mica capacitors, tantalum electrolytic capacitors, thermistors, and displacement sensors [1][2] - The company has achieved several domestic firsts in the production of military-standard electronic components and has become a key supplier for major brands like Apple, Lenovo, and Motorola [2] Financial Information - Projected revenues for 2022, 2023, and 2024 are approximately 3.146 billion yuan, 2.727 billion yuan, and 2.525 billion yuan, respectively, with net profits of about 690 million yuan, 598 million yuan, and 418 million yuan [2] - Total assets are expected to reach approximately 5.399 billion yuan by the end of 2024, with a debt-to-asset ratio of 63.97% for the parent company [3] - The company plans to invest the raised funds in various projects, including high-energy pulse capacitor industrialization and new electronic component production [2] Investment Projects - The total planned investment for the projects is approximately 2.3699118 billion yuan, with the raised funds allocated as follows: - High-energy pulse capacitor industrialization: 509.4281 million yuan - New electronic components and integrated circuit production: 394.1551 million yuan - Precision component capability enhancement: 98.7886 million yuan - Key technology R&D for high-reliability components: 150 million yuan - Digital capability enhancement: 98.34 million yuan [2]

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has received approval for its initial public offering (IPO) on the ChiNext board, marking a significant step for the company in the electronic components manufacturing industry [1][3]. Company Overview - Chengdu Hongming Electronics, with over 60 years of experience, is a well-established manufacturer of electronic components, originally founded as a state-owned enterprise [3]. - The company specializes in multilayer ceramic capacitors (MLCC), which are essential components in various high-tech applications, including 5G communication, smart vehicles, artificial intelligence, and aerospace [3]. - Chengdu Hongming Electronics has a strong technological foundation and has been recognized for its contributions to national key projects in defense and aerospace [3]. IPO Fundraising and Projects - The company plans to use the funds raised from the IPO for several key projects, including: - High-energy pulse capacitor industrialization project with a total investment of 509.43 million yuan [5]. - New electronic components and integrated circuit production projects (Phase I/II) with a total investment of 812.16 million yuan [5]. - Precision component capability enhancement project with an investment of 99.99 million yuan [5]. - The total planned investment for all projects is approximately 2.37 billion yuan, with 1.95 billion yuan expected to be raised through the IPO [5]. Strategic Vision - The company aims to position itself as a leader in electronic components manufacturing, focusing on domestic substitution and military-civilian integration [4][6]. - Chengdu Hongming Electronics is committed to becoming a globally competitive manufacturer of electronic components, with a mission to support national defense and contribute to the electronic information industry [6].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weakened downstream demand and price reductions for its core product, MLCC [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 466 million yuan, an increase of 8.67%, while net profit was 60 million yuan, down 16.89% [1][2]. - For the year 2024, the company reported revenue of 1.492 billion yuan, a decrease of 10.98%, and net profit of 154 million yuan, down 43.55% [1][2]. - The gross margin for Q1 2025 was 41.86%, up 0.30 percentage points, while the net margin was 12.91%, down 3.97 percentage points [1][2]. Business Segments - The company operates in two main segments: primary production and agency business, focusing on high-reliability electronic components such as MLCCs, filters, microcontrollers, and integrated circuits [1][2]. - The agency business primarily represents well-known international and domestic electronic component manufacturers, targeting markets like renewable energy and automotive electronics [1]. Market Dynamics - The demand for MLCCs is expected to grow due to their extensive applications in military equipment, with the market for MLCCs accounting for over 90% of the ceramic capacitor market [5]. - The company is positioned to benefit from the "compensatory" deployment of military equipment, which is anticipated to lead to a recovery in demand [6]. Cost and Expense Management - The company's operating expenses increased, with the three expense ratios rising to 14.38%, driven by new business expansion and adjustments in performance bonuses for sales personnel [3]. - The gross margin declined in 2024 to 34.29%, down 6.23 percentage points, influenced by price reductions in MLCCs and a higher proportion of lower-margin products [2][3]. Inventory and Cash Flow - The company's inventory decreased to 797 million yuan, a reduction of 1.91% from 2023, with a significant drop in agency business inventory by 28.79% [4]. - Cash flow from investment activities showed a net outflow of 485 million yuan, a decline of 147.95%, primarily due to increased bank deposits [4]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 2.012 billion yuan, 2.519 billion yuan, and 3.090 billion yuan, respectively [6]. - Net profit forecasts for the same period are 281 million yuan, 407 million yuan, and 533 million yuan, with corresponding EPS estimates of 1.22 yuan, 1.76 yuan, and 2.31 yuan [6].