中国经济网北京9月30日讯 据上交所官网消息，上交所决定终止鸿星科技（集团）股份有限公司（以下简称"鸿星 科技"）首次公开发行股票并在沪市主板上市审核。 上交所于2023年3月3日依法受理了鸿星科技首次公开发行股票并在沪市主板上市的申请文件，并按照规定进行了 审核。 公司专业从事石英晶体谐振器、石英晶体振荡器等频率控制元器件的研发、生产和销售，是全球前十大石英晶体元 器件生产商。公司产品广泛应用于通讯电子、智能家居、汽车电子、消费电子、医疗电子、工业控制、智能安防等领 域。 截至招股说明书签署日，H-TEC持有公司78.9241%股份，系公司控股股东。林洪河、林瑞堂、林毓馨、林毓湘为 公司实际控制人，林张玉珍为实际控制人的一致行动人。其中，实际控制人林洪河、林瑞堂、林毓馨、林毓湘合计控制 公司表决权比例为87.9172%，穿透后合计持股比例为49.7558%；一致行动人林张玉珍仅间接持股且在各持股平台的持 股比例较低，未控制持股平台对发行人的表决权，穿透后持股比例为8.1312%。 鸿星科技原计划发行不超过4,930.6188万股，占发行后总股本的比例不低于25%。本次发行全部为新股发行，不涉 及原股东公开发 ...

Group 1 - The demand for AI servers has significantly increased, leading to strong growth in the demand for optical modules [1] - Quartz crystal resonators and oscillators are crucial for the stability and reliability of optical module performance [1] - In computing servers, stable clock signals are essential for operation, making quartz crystal oscillators key components for ensuring synchronization and high-speed data transmission [1] Group 2 - Quartz crystal oscillators are widely used in optical modules, computing servers, and other precision measurement devices [1] - The global quartz crystal market is expected to reach a scale of 53 billion USD by 2025 [1] - The global supply of quartz crystals is projected to remain insufficient until 2025 [1] Group 3 - Relevant concept stocks include Taijing Technology and Huilun Crystal [2]

Core Viewpoint - Hongxing Technology is preparing for an IPO on the Shanghai Main Board, with significant backing from major clients like Foxconn and a focus on quartz crystal components [1][3]. Company Overview - Hongxing Technology, headquartered in Hangzhou, Zhejiang, is among the top ten global manufacturers of quartz crystal components, serving clients such as Foxconn, Skyworth, and Changhong [1][3]. - The company was established in 1993 and transformed into a joint-stock company in 2022 [3]. Ownership Structure - The company is predominantly a family-owned business, with the actual controllers holding approximately 87.92% of voting rights before the IPO [4][5]. - Key family members include Lin Honghe, Lin Ruida, Lin Yuxin, and Lin Yuxiang, with Lin Honghe being the founder and long-time chairman [4][5]. Financial Performance - Hongxing Technology has a history of substantial cash dividends, with total dividends exceeding 400 million yuan over three years, raising concerns about cash flow management [7]. - The company reported revenues of approximately 651 million yuan in 2022, declining to 542 million yuan in 2023, with net profits of 194 million yuan and 133 million yuan respectively [16][22]. Product Focus - The company specializes in the research, production, and sales of frequency control components, primarily quartz crystal oscillators, with over 80% of revenue derived from these products [9][11]. - The supply chain is heavily reliant on imported materials, with 76% of chips sourced from abroad, indicating a high dependency on foreign suppliers [14]. Market Position - Hongxing Technology holds a 3.08% share of the global quartz crystal component market, ranking ninth worldwide and third among Chinese companies [14]. - The global quartz crystal component market is projected to grow from 3.251 billion USD in 2023 to 6.733 billion USD by 2030, with a compound annual growth rate of 9.82% [19][21]. Industry Dynamics - The quartz crystal component industry is experiencing cyclical fluctuations, with 2023 showing a decline in performance due to weak downstream demand and inventory adjustments [16][22]. - The competitive landscape is dominated by Japanese firms like Epson and NDK, which hold about 50% of the high-end market share, indicating significant room for domestic players to capture market share [14][22].

Core Viewpoint - Hongxing Technology's IPO process has been stalled for over two years due to declining financial performance and regulatory scrutiny, raising concerns about its ability to meet the main board's listing requirements [1][2][3] Financial Performance - Hongxing Technology's revenue has decreased from 8.35 billion in 2021 to 5.42 billion in 2023, with a net profit drop from 2.07 billion to 0.63 billion during the same period, reflecting a 31.60% decline year-on-year in 2023 [2][3] - Despite the decline in net profit, the company's gross margin remains relatively high at 43.41% in the first half of 2024, outperforming the industry average of 25.68% [1][8] Industry Position - Hongxing Technology ranks tenth among the top global quartz crystal component manufacturers, with a market share of only 2.71% in 2022, significantly lower than the combined market share of the top ten competitors [3][4] - The company faces challenges in establishing a strong industry presence, as evidenced by its low market share compared to competitors like Taijing Technology, which has a market share of 4.47% [4][5] Equipment and Cost Structure - The company has a low equipment renewal rate of just 15%, raising questions about the sustainability of its operations and the accuracy of its reported financial performance [1][15] - Hongxing Technology's unit revenue depreciation costs are significantly lower than those of its peers, contributing to its higher gross margin, but this raises concerns about the long-term viability of its aging equipment [11][15] Regulatory Environment - The tightening of IPO regulations and scrutiny of financial performance has made it increasingly difficult for companies like Hongxing Technology to gain approval for listing, especially with its declining earnings [2][3][7] - The company has been questioned by regulators regarding the sustainability of its high gross margin in light of its aging equipment and low renewal rates [13][18]