此次募集资金在扣除发行费用后，将根据项目建设进度，分轻重缓急投资于以下项目： | | | 智通财经APP获悉，12月15日，成都宏明电子股份有限公司(简称：宏明电子)申请深交所创业板IPO审核状态变 更为"提交注册"。申万宏源证券为其保荐机构，拟募资19.5071亿元。 据招股书，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高 性能、高可靠性的电子元器件产品。同时，公司还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电 脑等消费电子领域和新能源电池及汽车电子结构件等领域。 报告期内，公司主要产品为以阻容元器件为代表的新型电子元器件产品和精密零组件产品。其中，收入和利润 主要来源于电子元器件业务，公司电子元器件主要应用于防务领域。 电子元器件方面，公司主要产品包括多层瓷介电容器(MLCC)、芯片瓷介电容器、有机及云母电容器、钽电解电 容器、热敏电阻器、位移传感器等阻容元器件产品，以及滤波/连接器、微波器件等其他电子元器件产品。 在防务领域，公司MLCC、有机及云母电容器、位移传感器、热敏电阻器等高可靠产品具有较强竞争优势。 精密零组件方面，公司为苹果、联想、摩托罗拉等 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金融投资报 记者 陈雨禾 12月12日，成都宏明电子股份有限公司（前身为715厂，以下简称宏明电子）的IPO申请在深交所上市 审核委员会审议通过。12月15日，宏明电子在深交所网站上的状态更新为"提交注册"。迈出了登陆资本 市场的关键一步。 当这样一家成立于1958年，2000年改制为股份有限公司的老牌川企踏上创业板门槛时，未来能否借力资 本市场，上演一出"老树开新芽"的逆袭剧本令财经圈关注。 背景资料显示，715厂是前苏联援建的成都四大电子工业项目之一，属于国家"一五"计划156项重点工程 之一，邮政代码为"成都市第82号信箱"。该厂位于成都东郊圣灯寺区域，建有包含生产区、职工医院、 子弟学校的封闭社区体系。 时至今日，在成都提起"82信箱"，还有八二小区的苏式风格建筑，以及八二水饺、八二抄手等延续至今 的网红美食，记录着当时的辉煌历史。同时，成都东郊区域令人瞩目的商圈SM广场商业综合体，也是 在2000年企业改制后，在715厂原厂区位置转型建成的，并保留了如烟囱基座等部分工业留存。 在"一五"计划期间，成都是全国重点建设的3个 ...

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 ...

宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元器件产品。同时，公司还涉及精 密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结构件等领域。 电子元器件领域，作为国内老牌电子元器件制造商，宏明电子拥有60多年的电子元器件研制经验和技术沉淀，产品体系全面，产品层次丰富，目前已掌握多 项具有自主知识产权的核心技术，主要产品包括多层瓷介电容器(MLCC)、芯片瓷介电容器、有机及云母电容器、钽电解电容器、热敏电阻器、位移传感器 等阻容元器件产品，以及滤波/连接器、微波器件等其他电子元器件产品。 12月12日，深交所上市审核委员会召开2025年第29次审议会议，审议成都宏明电子股份有限公司(简称"宏明电子")首发事项，最终公司顺利过会。 根据2025年1月至6月宏明电子、鸿远电子（603267）、火炬电子（603678）陶瓷电容器和电子元器件销售收入规模排名，宏明电子位居行业第一。 业绩方面，2023年至2025年前三季度，宏明电子实现营收27.27亿元、24.94亿元和21.13亿元；净利润为4.12亿元、2.68亿元和3 ...

在精密零组件领域，公司以产品设计、精密模具研发、智能制造为核心竞争力，紧跟电子信息产业快速 发展的步伐，不断开发、设计高精密、高附加值新产品，拓展并完善公司的业务及产品体系。多年来， 公司为苹果、联想、摩托罗拉等知名品牌商的平板电脑、笔记本电脑、手机等消费电子产品提供配套， 并已成为苹果公司产业链上的重要供应商之一。此外，近年来，公司积极拓展新能源汽车领域业务机 会，开发新能源电池及汽车电子结构件产品。目前，公司已通过行业主流客户的认证，技术参数达到客 户高标准要求，开始为客户小批量供货。 财务方面，于2022年度、2023年度及2024年度及2025年1-6月，公司实现营业收入分别约为人民币31.46 亿元、27.27亿元、24.94亿元、15.28亿元;同期，公司净利润分别约为人民币6.90亿元、5.98亿元、3.86 亿元、3.70亿元。 | 项目 | 2025.6.30 | 2024.12.31 | 2023.12.31 | 2022.12.31 | | --- | --- | --- | --- | --- | | | /2025年 1-6月 | /2024 年度 | /2023 年度 | /202 ...

Core Viewpoint - Anpei Long (301413.SZ) announced plans to invest up to RMB 200 million in low-risk financial products using idle funds in 2026, pending shareholder approval [1][3]. Investment Strategy - The investment will focus on conservative, stable, and balanced financial products with low risk and high liquidity, avoiding high-risk investments or illegal uses [3]. - The company will prioritize products issued or managed by reputable financial institutions to ensure fund safety [3]. Financial Management - The total balance of outstanding financial products held by the company and its wholly-owned subsidiaries at any time must not exceed RMB 200 million, allowing for rolling use of funds within this limit [3]. - The investment period will last from the date of shareholder approval until December 31, 2026, with flexibility in purchasing and redeeming based on the company's funding plans [3]. Company Profile - Anpei Long specializes in smart sensors, with products including pressure, torque, temperature, gas sensors, and thermistors, widely used in automotive, smart home, photovoltaic energy storage, and industrial control sectors [3]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise [3]. Financial Goals - The company aims to enhance fund utilization efficiency and generate investment returns for the benefit of the company and its shareholders while ensuring daily operational funding needs and safety [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady revenue growth in the first three quarters of 2025, with a year-on-year increase of 15% in revenue, reaching 4.108 billion yuan. However, the net profit attributable to shareholders decreased by 13.95% to 228 million yuan [4]. - The company's main products include various electronic components such as MLCCs, resistors, inductors, and capacitors, which are applied across multiple sectors including automotive, communications, home appliances, and AI computing [5]. - The company has enhanced its R&D capabilities, focusing on high-reliability and high-capacity products, achieving breakthroughs in several high-end product technologies and filling product gaps in the automotive sector [6]. Financial Performance - The company is projected to achieve revenues of 5.856 billion yuan, 6.694 billion yuan, and 7.537 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 364.79 million yuan, 517.47 million yuan, and 676.66 million yuan for the same years [7][10]. - The company's earnings per share (EPS) is forecasted to grow from 0.32 yuan in 2025 to 0.58 yuan in 2027, reflecting a positive growth trajectory [10][13]. - The company maintains a low debt-to-asset ratio of 23.9%, indicating a strong balance sheet [3][13].

Financial Overview - The total assets of the company at the end of the reporting period amounted to CNY 16,693,786,032.90, an increase from CNY 16,252,206,820.15 at the beginning of the period, reflecting a growth of approximately 2.7% [1][2][3] - Total liabilities increased to CNY 4,224,649,584.99 from CNY 3,884,865,059.91, representing an increase of about 8.7% [2][3] - The total equity of the company rose to CNY 12,469,136,447.91 from CNY 12,367,341,760.24, indicating a growth of approximately 0.8% [2][3] Revenue and Profitability - The total operating revenue for the first half of 2025 was CNY 2,771,527,694.20, compared to CNY 2,390,876,742.46 in the same period of 2024, marking an increase of about 15.9% [3][4] - Total operating costs increased to CNY 2,576,466,342.50 from CNY 2,166,460,771.62, which is an increase of approximately 19% [3][4] - The net profit for the first half of 2025 was CNY 274,802,294.69, compared to CNY 170,663,039.76 in the previous year, reflecting a significant increase of about 60.9% [4][5] Cash Flow - The net cash flow from operating activities was CNY 363,152,629.67, a substantial increase from CNY 165,064,059.88 in the previous year [6][7] - Cash and cash equivalents at the end of the period were CNY 4,572,434,524.06, up from CNY 4,271,856,729.60 at the beginning of the period, indicating a growth of approximately 7.1% [6][7] Expenses - Research and development expenses increased to CNY 124,015,210.25 from CNY 100,179,289.18, representing a growth of about 23.7% [4][5] - Management expenses decreased to CNY 130,479,895.59 from CNY 146,995,107.33, showing a reduction of approximately 11.3% [4][5] Shareholder Equity - The company's retained earnings at the end of the reporting period were CNY 3,161,844,756.57, slightly down from CNY 3,167,139,322.68 at the beginning of the period [2][3] - The total comprehensive income attributable to the parent company's shareholders was CNY 273,293,856.52, compared to CNY 178,661,685.40 in the previous year, indicating a significant increase [5][6]

Core Insights - The company, 松田电子科技, has a rich history of growth and innovation, starting from humble beginnings in 1995 to becoming a leader in the electronic components industry, focusing on quality and customer satisfaction [3][5][17] - 松田 has established itself as a "national specialized and innovative small giant enterprise," continuously recognized for its technological advancements and contributions to the industry [5][20] Group 1: Company Development - 松田 was founded with a vision to emulate international leaders like 松下 and 村田, emphasizing a commitment to quality and customer needs [3][17] - The company has expanded significantly, with five industrial plants covering a total area of 75,000 square meters in the汕头保税区, showcasing its adherence to the "specialized, refined, unique, and innovative" strategy [5][18] - The establishment of high-standard laboratories and recognition as a provincial engineering research center highlights the company's strong focus on research and development [5][20] Group 2: Technological Innovation - 松田 has transitioned from a traditional manufacturing model to a high-tech enterprise, emphasizing self-research and development, which has led to the acquisition of multiple patents [8][20] - The introduction of fully automated production lines has significantly improved efficiency and product quality, demonstrating the company's commitment to digital transformation [8][26] - The company has achieved breakthroughs in key technologies, such as magnetic sputtering technology, enhancing product performance and establishing itself as a leader in the industry [10][19] Group 3: Industry Leadership - 松田 actively participates in the formulation of national and international standards, contributing to the industry's development and enhancing its reputation [11][20] - The company has received numerous awards for its technological achievements, including the China Patent Excellence Award, reflecting its commitment to innovation [11][20] - 松田's strategic partnerships and collaborations with top universities and research institutions have strengthened its innovation capabilities and market responsiveness [15][21] Group 4: Global Expansion - The company has obtained international certifications such as UL and IEC-CB, facilitating its entry into global markets and ensuring product quality meets international standards [13][25] - 松田 aims to further enhance its global presence by pursuing additional certifications and expanding its product offerings across various industries, including renewable energy and smart appliances [25][28] - The company's diverse product range and focus on customer satisfaction position it well to compete against international giants in the electronic components sector [28]

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]