大明电子此次IPO拟募资约4亿元，主要用于大明电子（重庆）有限公司新建厂区项目（二期）及补充 流动资金，以进一步扩充产能、夯实产业布局。其中，厂区项目建设投资总额为约3亿元。通过该项目 的建设，大明电子拟新建生产车间及配套设施，优化生产布局，同时购置高速注塑机、SMT贴片机、 CNC加工中心、镜面火花机等先进设备，扩大生产规模和升级制造能力。项目建成后，公司将形成年 产1263.7万套车身电子电器控制系统的能力，进一步扩大产品市场份额、保持技术优势。此外，募投项 目实施后，公司的净资产和流动资金将大幅增加，可进一步优化公司的资产负债结构。（厉平） 资料显示，在此次IPO过程中，大明电子的战略配售环节吸引了多家产业资本入驻，其中不少产业资本 都是与公司经营业务具有战略合作关系或长期合作愿景的大型企业或其下属企业，具体包括南方工业资 产管理有限责任公司、上海汽车集团金控管理有限公司、广东广祺玖号股权投资合伙企业（有限合 伙）、北京安鹏科创汽车产业投资基金合伙企业（有限合伙）等。这些投资者的引入，不仅为大明电子 带来了增量资金，更嵌入了关键的产业链资源，有望为公司后续的技术协同与市场拓展提供强劲助力。 大明电子(6 ...

Investment Rating - The investment rating for the company is positioned in the middle to lower range of the AHP model, with scores of 1.76 and 2.17, corresponding to the 23.7% and 38.4% percentiles respectively [2][7]. Core Insights - The company is a high-quality supplier of full vehicle electronic control systems in China, having established a comprehensive product system covering various automotive electronic components over 30 years [2][8]. - The company has successfully penetrated high-end customer segments, including partnerships with international brands such as Ford and Toyota, as well as new energy vehicle manufacturers like Li Auto and NIO [2][9]. - The fundraising will alleviate capacity bottlenecks and benefit from the increasing penetration of automotive electronics and the domestic supply rate of components [2][34]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, after excluding liquidity premium factors, is 1.76, placing the company in the 23.7% percentile of the non-Science and Technology Innovation Board AHP model [7][8]. Company Fundamentals and Highlights - The company has a complete product system in automotive electronics, with significant revenue contributions from driving assistance systems, window control, intelligent optics, cockpit central control, and seat adjustment systems [8][16]. - The average annual compound growth rate (CAGR) for revenue from 2022 to 2024 is 26.16%, while the CAGR for net profit attributable to shareholders is 36.84% [20][19]. Comparable Company Financial Metrics - The company’s revenue and net profit for 2022-2024 are 17.13 billion, 21.47 billion, and 27.27 billion respectively, with net profits of 1.51 billion, 2.05 billion, and 2.82 billion [20][19]. - The average price-to-earnings (P/E) ratio for comparable companies is 29.66X, with the company's industry P/E ratio at 30.62X [19][20]. Investment Projects and Development Vision - The company plans to raise 400 million yuan through the issuance of new shares, with funds allocated to the construction of a new factory and working capital [34][35]. - The new factory is expected to alleviate production capacity constraints and enhance production layout, aiming for an annual production capacity of 12.637 million sets of vehicle electronic control systems [34][35].