Company Overview - Hongyuan Co., Ltd. (stock code: 920018) experienced a significant increase of 358.02% on its first trading day, with a turnover rate of 94.11% and a transaction volume of 1.109 billion yuan [2] - The company specializes in the research, production, and sales of electromagnetic wires, including various types such as switch wires, paper-wrapped wires, enameled wires, and composite wires, primarily used in high-voltage, large-capacity power transformers and other large-scale power transmission and transformation equipment [2] Financing and Trading Details - On its debut, the stock had a financing purchase amount of 10.7605 million yuan, accounting for 0.97% of the total trading volume, with a latest financing balance of 9.2532 million yuan, representing 0.76% of the circulating market value [2] - The financing and securities lending details for other newly listed stocks were also provided, showing varying levels of financing balances and percentage of circulating market value [3][4]

Core Points - N Hongyuan (920018) was listed on the Beijing Stock Exchange today, opening with a significant increase of 305.67% and closing with a total increase of 358.02% [2] - The company specializes in the research, production, and sales of electromagnetic wires, with products primarily used in high-voltage, large-capacity power transformers and other large-scale power transmission and transformation equipment [2] Financial Performance - The company's net profits for 2022, 2023, and 2024 are projected to be 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan respectively [3] - The public offering consisted of 30.6818 million shares at an issuance price of 9.17 yuan, resulting in a price-to-earnings ratio of 12.34 times [3] - The effective subscription amount for the online issuance was 8,078,875.82 million shares, with a subscription multiple of 2,771.70 times and a distribution ratio of 0.04% [3] Market Activity - The total trading volume for the day was 27.4312 million shares, with a transaction value of 1.109 billion yuan and a turnover rate of 94.11% [2] - The first-day closing price of N Hongyuan was 42.00 yuan, marking a substantial increase compared to its issuance price [3]

Group 1 - The core viewpoint of the article is that Shenyang Hongyuan Electromagnetic Wire Co., Ltd. has officially listed on the Beijing Stock Exchange, marking a new development stage for the company and injecting vitality into the capital market [1] - The company specializes in the research, production, and sales of electromagnetic wires, including various types such as switch wires, paper-wrapped wires, enamelled wires, and composite wires, and has established itself as a manufacturer of high, ultra-high, and extra-high voltage transformer electromagnetic wire products [1] - Major clients include significant power transmission and transformation equipment manufacturers such as TBEA, XJ Electric, and Baobian Electric [1] Group 2 - The company's projected revenues for 2022, 2023, and 2024 are 1.311 billion yuan, 1.461 billion yuan, and 2.072 billion yuan, respectively, while net profits are expected to be 50 million yuan, 64.47 million yuan, and 101.3 million yuan [1] - Hongyuan is actively expanding into the new energy sector, focusing on the development of high-power drive motor electromagnetic wires for new energy vehicles, and has secured orders from domestic and international new energy vehicle manufacturers [4] - The company has become a qualified supplier for VinFast, a Vietnamese new energy vehicle manufacturer listed in the United States, indicating its growing presence in the new energy market [4]

Core Viewpoint - Hongyuan Electromagnetic Wire Co., Ltd. (stock code: 920018.BJ) was listed on the Beijing Stock Exchange, with a closing price of 42.00 yuan, marking a significant increase of 358.02% from the opening price of 37.20 yuan, and a total market capitalization of 5.155 billion yuan [1]. Group 1: Company Overview - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, including various types such as transformer wires and special electromagnetic wires for electric vehicles [1]. - The company is primarily engaged in supplying products for high-voltage and large-capacity power transformers and other large-scale power transmission and transformation equipment [1]. Group 2: Shareholding Structure - The controlling shareholders are Yang Xuqing, Yang Lishan, and Yang Lina, collectively holding 83.62% of the voting rights before the issuance and 62.72% after the issuance [2]. - Yang Lishan directly held 41 million shares (44.54% of total shares) before the issuance, which decreased to 33.41% after the issuance [2]. Group 3: Financial Performance - The company reported revenues of 1.311 billion yuan, 1.461 billion yuan, and 2.072 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 49.998 million yuan, 64.466 million yuan, and 101.631 million yuan for the same years [7]. - The projected revenue for 2025 is estimated to be between 2.47 billion yuan and 2.73 billion yuan, representing a year-on-year growth of approximately 19.18% to 31.73% [9]. Group 4: Fundraising and Investment Projects - The company plans to raise approximately 281.558 million yuan through the issuance, with funds allocated for projects including the digital upgrade of production lines and the establishment of a research center [5][6]. - The total investment for the projects is estimated at 395.500 million yuan, with specific allocations for each project detailed in the fundraising plan [6].

Group 1 - The company N Hongyuan (920018) was listed on the Beijing Stock Exchange, opening with a significant increase of 305.67%, and by midday, the increase expanded to 389.20% with a trading volume of 24.05 million shares and a turnover of 964 million yuan, resulting in a turnover rate of 82.52% [2] - The company specializes in the research, production, and sales of electromagnetic wires, with products including various types of conductor wires, paper-wrapped wires, enameled wires, and composite wires, primarily used in high-voltage, large-capacity power transformers, converter transformers, and reactors for large-scale power transmission and transformation equipment [2] Group 2 - The company's net profits for 2022, 2023, and 2024 are projected to be 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan respectively [3] - The public offering consisted of 30.6818 million shares at an issue price of 9.17 yuan, with an earnings per share (EPS) ratio of 12.34 times. The online issuance was 24.5455 million shares, and due to the overallotment option, an additional 4.6023 million shares were allocated, increasing the online issuance to 29.1477 million shares [3] - The effective subscription for the online issuance reached 8,078,875.82 million shares, with a subscription multiple of 2,771.70 times and a total of 678,100 accounts participating, resulting in an allocation ratio of 0.04% [3]

Core Viewpoint - N Hongyuan (920018) was listed on the Beijing Stock Exchange today, opening at 37.20 yuan, representing a 305.67% increase from its issue price of 9.17 yuan [1]. Company Overview - N Hongyuan primarily engages in the research, production, and sales of electromagnetic wires, including various types such as switch wires, paper-wrapped wires, enameled wires, and composite wires. These products are mainly used in high-voltage, large-capacity power transformers, converter transformers, and reactors for large-scale power transmission and transformation equipment [1]. Financial Performance - The company reported net profits of 49.9975 million yuan for 2022, 64.4657 million yuan for 2023, and is projected to reach 101 million yuan in 2024 [2]. IPO Details - The total number of shares issued in the public offering was 30.6818 million, with an issuance price of 9.17 yuan and a price-to-earnings ratio of 12.34 times. The online subscription amount was 24.5455 million shares, with an oversubscription ratio of 2771.70 times and an allocation ratio of 0.04% [1][2]. - The strategic placement of shares accounted for 6.1364 million shares, representing 20% of the initial issuance size [1].

Core Viewpoint - Hongyuan Co., Ltd. (920018.BJ) is set to be listed on the Beijing Stock Exchange, primarily engaged in the research, production, and sales of electromagnetic wires, with applications in high-voltage and large-capacity power transmission equipment [1][2]. Company Overview - The company specializes in various types of electromagnetic wires, including switch wires, paper-wrapped wires, enameled wires, and composite wires, which are mainly used in large power transformers and converters [1][3]. - In 2024, the product composition is projected to be 78.98% switch wires, 18.60% paper-wrapped wires, 1.77% enameled wires, and 0.66% composite wires, indicating a growing focus on switch wires [3]. Financial Metrics - The initial offering price is set at 9.17 yuan per share, with a market capitalization of 8.44 billion yuan and an issuance price-to-earnings ratio of 12.34, compared to the industry average of 21.32 [2]. - The company plans to invest 0.56 billion yuan in the intelligent digital upgrade and expansion of electromagnetic wire production lines, 0.11 billion yuan in the construction of an R&D center, and 0.79 billion yuan in the production of special electromagnetic wires for electric vehicles [2][3]. Market Position and Clientele - Hongyuan has established itself as a key supplier in the power industry, with clients including major manufacturers like TBEA, Xidian, and Hitachi Energy, and has expanded its market reach to countries such as Turkey, North America, and Vietnam [4]. - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and has participated in drafting 14 national or industry standards, showcasing its technical expertise [3]. Cash Flow and Financial Challenges - The net cash flow from operating activities has shown negative figures of -2.44 billion yuan in 2022 and -0.68 billion yuan in 2023, with a slight recovery to 0.29 billion yuan projected for 2024, indicating challenges in cash flow management [4].

Investment Rating - The report assigns a positive investment rating to Hongyuan Co., indicating it as a leading supplier in the electromagnetic wire industry and a national-level "manufacturing single champion enterprise" [3][27]. Core Insights - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, with applications in high-voltage, large-capacity power transformers, converter transformers, and reactors. The company has achieved significant growth, with a revenue of 2.072 billion yuan in 2024 and a net profit of 101.30 million yuan, reflecting a compound annual growth rate (CAGR) of 27.50% and 29.12% over the past three years, respectively [3][6][44]. Summary by Sections Market Data - The total share capital is 0.92 billion shares, with no available data on circulating shares or market capitalization [1]. Financial Data - As of June 30, 2025, the net asset value per share is 6.58 yuan, with a capital reserve of 1.55 yuan and undistributed profits of 3.56 yuan per share [2]. Industry Overview - The electromagnetic wire industry is a foundational sector supporting various industries, including power, electromechanical, transportation, and communications. China is the world's largest producer and exporter of electromagnetic wires, with a production capacity exceeding one million tons, accounting for about 50% of the global total. The demand for high-voltage transformers is expected to grow due to increased power investments and the rapid development of renewable energy sources [4][5]. Competitive Advantages - Hongyuan Co. possesses significant competitive advantages, including customized research and production capabilities, a diverse product range, and established long-term partnerships with major manufacturers like TBEA and China XD Electric. The company leads the market share in high-voltage transformer electromagnetic wires, with application rates in state grid projects increasing from 24.43% in 2019 to 29.63% in 2023 [5][6][27]. Financial Performance - The company has shown consistent revenue growth from 1.311 billion yuan in 2022 to 2.072 billion yuan in 2024, with year-on-year growth rates of 31.10%, 11.47%, and 41.84%, respectively. Net profits also increased from 49.99 million yuan in 2022 to 101.30 million yuan in 2024, with growth rates of 6.25%, 28.94%, and 57.14% [6][44]. Valuation Analysis - The report compares Hongyuan Co. with peers such as Jingda Co., Great Wall Technology, and Jinbei Electric, noting that its 2024 price-to-earnings (PE) ratio of 11.53 is relatively discounted compared to peers, which have PE ratios of 29.65, 21.66, and 14.61, respectively [6][24][25]. Product and Customer Base - The company’s product offerings include various types of electromagnetic wires, with a focus on high-voltage applications. The primary revenue source is the sales of these products, particularly the switch wire, which accounted for 78.84% of revenue in 2024. The customer base includes major domestic manufacturers and international clients in regions such as North America and Turkey [41][32][37].

Core Viewpoint - The company, Hongyuan Electromagnetic Wire Co., Ltd., is focusing on the intelligent digital upgrade of its electromagnetic wire production lines to enhance production efficiency and market competitiveness, aligning with national industrial policies and industry development characteristics [1][9]. Company Overview - Hongyuan Electromagnetic Wire Co., Ltd. specializes in the research, production, and sales of electromagnetic wires, including various types such as paper-wrapped wires, enameled wires, and combination wires, primarily used in high-voltage and large-capacity power transformers [1][2]. - The company has established itself as a leading manufacturer in the high, ultra-high, and extra-high voltage transformer electromagnetic wire sector, recognized as a national "Manufacturing Single Champion Enterprise" and a "Green Factory" [2][3]. Technological Advancements - The company has achieved significant technological milestones, including the development of "ultra-thin combination wires" and "high-temperature self-adhesive enameled combination wires," which have filled domestic gaps and reached international advanced levels [2][3]. - As of December 31, 2024, the company holds 80 patents, including 16 invention patents, showcasing its strong focus on innovation [3]. Market Position and Opportunities - The electromagnetic wire industry is experiencing favorable growth due to increased investments in power and grid projects driven by carbon neutrality goals, creating substantial market opportunities [5]. - The company has a solid market position in the extra-high voltage transformer wire sector, having completed significant technological advancements in the application of wires for ±500kV, ±800kV, and ±1100kV projects [3][5]. Financial Performance - The company reported revenues of 1.31 billion yuan, 1.46 billion yuan, and 2.07 billion yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 25.74% [6]. - Net profits for the same years were approximately 50 million yuan, 64 million yuan, and 101 million yuan, indicating a strong growth trend [6]. Fundraising and Investment Projects - The company plans to raise approximately 282 million yuan through a public offering, with funds allocated for projects including the intelligent digital upgrade of production lines and the establishment of a research center for electromagnetic wires [9][10]. - The intelligent digital upgrade project aims to enhance production efficiency and capacity, while the new production base for special electromagnetic wires for electric vehicles is expected to add an annual capacity of 6,000 tons [9][10]. Future Outlook - The company aims to continue focusing on high-voltage transformer electromagnetic wire development while expanding into the electric vehicle sector, aligning with the dual carbon goals and enhancing its competitive edge [10].

Core Viewpoint - Hongyuan Co., Ltd. is enhancing its research and development capabilities through the establishment of a new R&D center, aiming to improve its competitive edge in the electromagnetic wire industry, particularly for high-voltage and ultra-high-voltage transformers [1][2][3] Company Overview - Hongyuan Co., Ltd. specializes in the research, production, and sales of electromagnetic wires, including various types such as paper-wrapped wires, enameled wires, and combination wires, primarily used in high-voltage and large-capacity power transformers [1][2] - The company has established itself as a leading manufacturer in the high-voltage electromagnetic wire sector, recognized as a national "Manufacturing Single Champion Enterprise" and a "High-tech Enterprise" [2][3] R&D and Innovation - The company plans to invest significantly in its R&D center to enhance its innovation capabilities and attract high-end technical talent, thereby supporting technological advancements [1][9] - Hongyuan has achieved notable milestones in product development, including the domestically pioneering "ultra-thin combination wire" and "high-temperature self-adhesive enameled combination wire," which meet international performance standards [2][3] Market Position and Opportunities - The electromagnetic wire industry is experiencing growth due to increased investments in power grid projects driven by China's dual carbon goals, creating a favorable market environment for Hongyuan [5][6] - The company has secured a strong market position in ultra-high voltage transformer wires, having completed significant advancements in the application of its products in ultra-high voltage fields [3][4] Financial Performance - Hongyuan's revenue has shown a compound annual growth rate (CAGR) of 25.74% from 2022 to 2024, with projected revenues for 2025 expected to range between 247 million and 273 million yuan, indicating robust growth [6][7] - The company reported net profits of approximately 50 million yuan in 2022, with expectations for continued profit growth in the coming years [6] Fundraising and Investment Plans - The company is raising approximately 282 million yuan through a public offering, with funds allocated for projects including the digital upgrade of production lines and the establishment of a production base for special electromagnetic wires for electric vehicles [9][10] - The planned projects aim to enhance production capacity, improve technological processes, and expand the product range to include applications in the electric vehicle sector [9][10]