Core Points - Daming Electronics experienced a significant drop of 9.50% in stock price on November 10, with a trading volume of 719 million yuan [1] - The company reported a financing buy-in amount of 30.88 million yuan and a net financing buy of 6.18 million yuan on the same day [1] - As of November 10, the total financing and securities balance for Daming Electronics was 60.52 million yuan, accounting for 4.23% of its market capitalization [1] Financing Summary - On November 10, Daming Electronics had a financing buy-in of 30.88 million yuan, with a current financing balance of 60.52 million yuan [1] - The company had no securities sold or repaid on that day, indicating no activity in the securities lending market [1] Company Overview - Daming Electronics, established on April 7, 1997, is located in the Xiyuan Industrial Zone, Leqing City, Zhejiang Province [1] - The company specializes in automotive electronic components, focusing on the design, development, production, and sales of automotive body electronic control systems [1] - The main revenue source for Daming Electronics is automotive parts, which account for 99.67% of its total revenue, with other sources contributing 0.33% [1] Shareholder Information - As of November 6, Daming Electronics had 51,700 shareholders, a significant increase of 646,062.50% compared to the previous period [2] - The average number of circulating shares per shareholder is 600 shares, showing no change from the previous period [2] Financial Performance - For the period from January to September 2025, Daming Electronics reported a revenue of 2.073 billion yuan and a net profit attributable to the parent company of 193 million yuan [2]

Core Viewpoint - Daming Electronics Co., Ltd. has officially listed on the Shanghai Stock Exchange, focusing on automotive body electronic control systems, showcasing strong financial growth and future expansion plans [1][2]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.713 billion yuan to 2.727 billion yuan, while net profit attributable to the parent company is expected to rise from 151 million yuan to 282 million yuan, indicating robust profitability [1]. - In the first half of 2025, Daming Electronics reported revenue of 1.297 billion yuan and a net profit of 114 million yuan, continuing its steady growth trajectory [1]. IPO and Fund Utilization - The company aims to raise approximately 400 million yuan through its IPO, primarily for the construction of a new factory in Chongqing and to supplement working capital [1]. - The total investment for the new factory project is around 300 million yuan, which will enhance production capacity and upgrade manufacturing capabilities [1]. Future Strategy - Daming Electronics plans to optimize its production capacity and enhance its technological capabilities in automotive electronic components, aiming to become a leading supplier in the industry with a competitive edge globally [2]. - The company intends to improve its mold development capabilities and expand its market share through strategic upstream industry chain positioning [2].

Core Viewpoint - Daming Electronics officially listed on the Shanghai Stock Exchange on November 6, marking a significant milestone in its 30-year history in the automotive body electronic control systems sector, gaining recognition from the capital market and entering a new development phase [1] Group 1: IPO and Strategic Partnerships - The IPO attracted several industrial capital investors, including major companies with strategic cooperation or long-term collaboration visions, such as Southern Industrial Asset Management Co., Shanghai Automotive Group Financial Holdings, and others [1] - The involvement of these investors not only brings additional capital but also embeds critical industry chain resources, potentially enhancing the company's technological collaboration and market expansion [1] Group 2: Financial Performance - Daming Electronics has shown a strong growth trend, with revenue increasing from 1.713 billion yuan in 2022 to 2.727 billion yuan in 2024, and net profit rising from 151 million yuan to 282 million yuan, indicating robust profitability [2] - In the first half of this year, the company reported revenue and net profit of 1.297 billion yuan and 114 million yuan, respectively, continuing its steady growth [2] Group 3: Capital Utilization and Production Expansion - The company aims to raise approximately 400 million yuan through the IPO, primarily for the construction of a new plant in Chongqing and to supplement working capital, which is crucial for expanding production capacity and solidifying its industry layout [2] - The total investment for the plant project is about 300 million yuan, which will include the construction of new production workshops and the acquisition of advanced equipment, thereby enhancing production scale and manufacturing capabilities [2] - Upon completion, the project will enable the company to produce 12.637 million sets of automotive electronic control systems annually, further increasing market share and maintaining technological advantages [2]

Core Viewpoint - Daming Electronics Co., Ltd. is set to list its shares on the Shanghai Stock Exchange on January 6, 2025, and investors are advised to understand the risks associated with stock trading, especially during the initial phase of new stock listings [1][2]. Section 1: Important Statements and Reminders - The company guarantees the accuracy and completeness of the information disclosed in the listing announcement and assumes legal responsibility for any false or misleading statements [1]. - Investors are encouraged to read the full prospectus available on the Shanghai Stock Exchange website, particularly the "Risk Factors" section [2]. Section 2: Investment Risk Alerts - The company highlights the investment risks associated with new stock listings, urging investors to participate rationally [3]. - Specific risks include: - **Price Fluctuation Risk**: The absence of price limits during the first five trading days may lead to significant price volatility [4]. - **Limited Liquidity Risk**: Post-listing, only 3,103.76 million shares will be freely tradable, representing 7.76% of the total share capital, which may result in insufficient liquidity [5]. Section 3: Valuation Metrics - The issue price of 12.55 CNY per share corresponds to various price-earnings ratios (P/E): - 16.02 times based on pre-tax profit excluding non-recurring gains [7] - 16.18 times based on post-tax profit excluding non-recurring gains [7] - 17.80 times based on pre-tax profit including non-recurring gains [7] - 17.97 times based on post-tax profit including non-recurring gains [7] - The average static P/E ratio for the automotive manufacturing industry is 30.42 times, indicating that the company's P/E ratios are below the industry average [9]. Section 4: Industry and Market Risks - The company's main business is closely tied to the automotive industry, which is sensitive to macroeconomic fluctuations. Historical data shows a decline in automotive production and sales from 2018 to 2020, followed by a recovery in subsequent years [10][11]. - The automotive electronics industry is experiencing intensified competition, and the company must maintain product quality and innovation to retain market share [12]. - The rapid technological advancements in automotive electronics and the rise of electric vehicles pose risks of product obsolescence if the company fails to adapt [12]. Section 5: Operational Risks - The company has a high customer concentration, with the top five customers accounting for over 57% of revenue, which poses risks if relationships with these customers deteriorate [13]. - Quality control is critical, as any product quality issues could lead to significant liabilities [14]. - The company relies on outsourcing for certain production processes, which could lead to quality and supply chain risks if not managed properly [17]. Section 6: Financial Risks - The company faces risks from fluctuations in raw material prices, which constitute a significant portion of total procurement costs [21]. - The asset-liability ratio is relatively high, which may lead to financial strain if cash flow from customers is delayed [22]. - Inventory levels are substantial, and any market changes could lead to difficulties in inventory liquidation, impacting profitability [22].

Core Viewpoint - The company emphasizes that growth should not be prioritized over sustainability, advocating for a steady and manageable business approach rather than rapid expansion [3][8]. Company Overview - Daming Electronics, founded in 1989 and headquartered in Wenzhou, Zhejiang Province, specializes in the research, production, and sales of automotive body electronic control systems [3][4]. - The company has evolved alongside the Chinese automotive industry and is actively engaging in the new energy vehicle sector [3][4]. Business Development - The company initially focused on television power switches before transitioning to automotive components, achieving significant success with high-profit products like volume potentiometers for car radios [4][5]. - Daming Electronics has established stable partnerships with major domestic automotive manufacturers, including Changan Automobile, SAIC Group, and BYD, and has entered the supply chains of international brands like Ford and Toyota [5][6]. Technological Innovation - As a national-level "little giant" enterprise, Daming Electronics has a strong foundation in technological innovation, holding 166 patents, including 16 invention patents [6][7]. - The company has expanded its product line to include advanced systems such as driver assistance systems and intelligent control systems, adapting to the trend of reduced physical buttons in vehicles [6][7]. Market Strategy - Daming Electronics is exploring international markets, with plans to establish a production line in Thailand, targeting the Southeast Asian automotive industry [7][8]. - The company adopts a cautious approach to client selection, prioritizing healthy business relationships over high-volume, low-margin orders [8]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.713 billion to 2.727 billion yuan, with net profit increasing from 151 million to 282 million yuan [8][9]. - The company plans to raise approximately 400 million yuan through its IPO to fund the expansion of its Chongqing production base and enhance working capital [8][9]. Future Outlook - The company aims for a reasonable growth rate of 15% to 20% annually, focusing on long-term sustainability rather than rapid expansion [8][9]. - Future initiatives include improving production efficiency and product quality through technological upgrades and expanding the customer base [9].

保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 股票简称：大明电子 股票代码：603376 大明电子股份有限公司 Daming Electronics Co.,Ltd. （浙江省乐清市虹桥镇西工业区 M-1 号） 首次公开发行股票主板上市公告书 二〇二五年十一月五日 特别提示 大明电子股份有限公司（以下简称"大明电子"、"发行人"、"公司"或 "本公司"）股票将于 2025 年 11 月 6 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担 法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司提 醒广 大投 资者 认真 阅读 查阅 刊载 于 上海 证券 交易 所网 ...

Core Viewpoint - Daming Electronics has successfully completed its IPO process, indicating strong market recognition of its competitiveness in the automotive electronics sector [1] Group 1: IPO Results - The company announced that online investors subscribed to 22.3192 million shares, with a total subscription amount of 280 million yuan, while offline investors fully subscribed [1] - A total of 81,300 shares were abandoned by online investors, amounting to 1.0208 million yuan, with the underwriter covering all abandoned shares, representing 0.20% of the total issuance [1] - The successful IPO lays a solid foundation for the company's future high-quality development and provides a platform for investors to share in growth [1] Group 2: Business Overview - Established in 1989, Daming Electronics specializes in automotive body electronic control systems, covering five core systems: driving assistance, window control, intelligent optics, cockpit central control, and seat adjustment [1] - The company's revenue structure has remained stable, with all five product systems showing growth, and it is recognized as an "invisible champion" in the automotive electronics niche [1][2] Group 3: Client Relationships and Market Position - The company has built stable partnerships with major domestic automotive manufacturers and has successfully entered the supply chains of well-known foreign brands like Ford and Toyota [2] - Daming Electronics is actively expanding into the new energy vehicle sector, with products already applied in various models from brands like BYD and SAIC [2] Group 4: Future Strategy - The company aims to optimize its production capacity and enhance its technological capabilities to expand market share and achieve product upgrades [3] - Daming Electronics plans to strengthen internal management and enhance its overall competitiveness, aspiring to become a leading supplier of comprehensive solutions in automotive body electronic control systems [3] - With the support of the capital market, the company will focus on core automotive electronics areas and accelerate the development of new energy and intelligent products [3]

Group 1: New Stock Offerings - Two new stocks are available for subscription on October 28 [1] - Delijia (Shanghai Main Board, 60309) has an issuance price of 46.68 yuan, a total market value of 16.8 billion yuan, and an issuance P/E ratio of 34.98 [2] - Delijia specializes in wind power transmission equipment, holding a 16.22% market share, ranking second in China and being a core supplier of wind turbine gearboxes globally [2][3] - The company has established long-term stable business partnerships with major players in the industry, including Goldwind Technology and Envision Energy [3] - The company aims to expand its production capacity with projects for large onshore and offshore wind turbine gearboxes [3] Group 2: Financial Performance - Delijia's revenue over the past three years shows a decline in 2024 to 3.715 billion yuan (-16.36%), an increase in 2023 to 4.442 billion yuan (+42.92%), and a significant rise in 2022 to 3.108 billion yuan (+76.42%) [3] - The company forecasts future growth driven by offshore wind power gearbox orders [3] Group 3: Other New Stock Offerings - Zhongcheng Consulting (North Exchange, 92000) has an issuance price of 14.27 yuan, a total market value of 723.7 million yuan, and an issuance P/E ratio of 9.69 [4] - The company focuses on providing engineering cost management, bidding agency, and consulting services, with a strong presence in the Yangtze River Delta region [4] - The company has shown consistent revenue growth over the past three years, with a projected revenue of 397 million yuan in 2024 (+19.00%) [4] Group 4: Additional Stock Offering - Dazhu Shang (Shanghai Main Board, 6033) has an issuance price of 12.55 yuan, a total market value of 5.858 billion yuan, and an issuance P/E ratio of 17.97 [5] - The company specializes in automotive body electronic control systems and has established long-term relationships with major automotive groups in China [5] - The company is actively developing new products, including multi-functional touch control systems for electric vehicles [5]

Core Viewpoint - Daming Electronics is a leading player in the automotive body electronic control systems sector in China, focusing on both traditional fuel vehicles and the growing new energy vehicle market [1][2] Group 1: Company Overview - Daming Electronics has initiated its IPO with an issuance price of 12.55 yuan per share, offering 40.01 million shares [1] - The company is one of the few in China capable of R&D and large-scale production of complete automotive body electronic control systems [1] - Daming Electronics has established itself as an "invisible champion" in the body electronics field during the fuel vehicle era and is showing strong market awareness in the new energy sector [1] Group 2: Financial Performance - The projected operating revenues for Daming Electronics from 2022 to 2024 are 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan respectively [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be 143 million yuan, 196 million yuan, and 279 million yuan for the same period [1] - The company anticipates steady growth in operating performance through the first three quarters of 2025 [1] Group 3: Future Plans and Strategy - The funds raised from the IPO will primarily be allocated to the second phase of the Chongqing plant project and to supplement working capital [2] - The Chongqing facility is expected to achieve an annual production capacity of 12.637 million sets of body electronic control systems, enhancing overall production capacity and operational efficiency [2] - Daming Electronics aims to continue focusing on the automotive body electronic control systems sector, expanding upstream in the supply chain, and leveraging its competitive advantages to increase market share and enhance core technological capabilities [2]

Core Viewpoint - Daming Electronics Co., Ltd. has initiated its IPO with an issuance price of 12.55 yuan per share, aiming to raise funds for expanding production capacity and enhancing operational efficiency in the automotive electronics sector [1][2]. Group 1: Company Overview - Daming Electronics is one of the few companies in China capable of developing and mass-producing complete vehicle electronic control systems [1]. - The company has established itself as a hidden champion in the body electronics field during the era of fuel vehicles and is showing strong market awareness in the new energy sector [1]. Group 2: Market Penetration - Daming Electronics' products have penetrated 48.25% of new energy vehicle models, including popular brands such as BYD, NIO, Xpeng, and Li Auto [1]. Group 3: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan, respectively, with net profits of 143 million yuan, 196 million yuan, and 279 million yuan after deducting non-recurring items [1]. Group 4: Future Plans - The funds raised from the IPO will primarily be allocated to the second phase of the Chongqing factory project and to supplement working capital, which will enhance the company's production capacity to 12.637 million sets of vehicle electronic control systems annually [2]. - Daming Electronics aims to focus on the automotive body electronic control system sector, expand its scale and comprehensive strength, and leverage its competitive advantages to increase market share and core technological capabilities [2].