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].

Macro Analysis - The current macro variables affecting the market are internal demand recovery, policy implementation effects, and external environment changes[3] - The easing of US-China tariff negotiations helps alleviate pressure on the fundamentals and market risk appetite, but the relationship remains competitive[3] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[3] Policy Insights - The policy focus is on the effectiveness of existing policies and the introduction of incremental reserve tools, with a dynamic calibration approach expected[3] - The emphasis is on promoting the effectiveness of existing policies, particularly concerning employment and systemic risks, while external shocks remain uncertain[3] Investment Strategy - A strategic bullish outlook on Hong Kong stocks is recommended, as de-dollarization benefits liquidity-sensitive stocks[3] - A "barbell" asset allocation strategy is suggested, focusing on resilient dividend assets in finance, resources, and public utilities, while technology remains a key theme[3] Company Highlights - Zhuoyue New Energy (688196.SH) is a pioneer in biodiesel production, with a production capacity of 500,000 tons and a focus on raw material substitution and trade breakthroughs[9] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, with a net profit of 713 million yuan, driven by cost control and increased procurement efforts[14] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with significant growth targets set for 2028[21] Risk Considerations - Risks include potential policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Zhuoyue New Energy, risks involve policy advancement not meeting expectations and significant fluctuations in raw material prices[12]

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]

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]

Core Viewpoint - *ST Dongjing is currently facing significant challenges, including three consecutive years of net losses and being subject to delisting risk warnings. However, the entry of Zhu Haifei as the new controlling shareholder may signal a potential turnaround for the company [1][9]. Group 1: Company Control Change - On June 4, *ST Dongjing announced that Wuxi Haotian Yiyi Investment Co., Ltd. will acquire control of the company for 361 million yuan, with Zhu Haifei becoming the actual controller [1][3][4]. - Following the equity transfer, Wuxi Haotian Yiyi will hold 48.616 million shares, representing 19.97% of the total share capital, and will indirectly control an additional 24.3995 million shares, totaling 29.99% of the voting rights [3][4]. Group 2: Financial Performance - *ST Dongjing has reported continuous net losses since 2022, with net profits of -69.11 million yuan in 2022, -66.60 million yuan in 2023, and an expected -73.45 million yuan in 2024 [10]. - The company's revenue for the years 2022 to 2024 was approximately 181 million yuan, 173 million yuan, and 217 million yuan, respectively [10]. Group 3: Market Reaction - Following the announcement of the control change, *ST Dongjing's stock price hit the daily limit up on June 5, closing at 6.57 yuan per share, with a total market capitalization of approximately 1.599 billion yuan [5]. - The stock had previously experienced consecutive limit-up days prior to the announcement, raising questions about potential insider trading [5]. Group 4: Zhu Haifei's Background - Zhu Haifei, the new controlling shareholder, has a strong background in investment management, overseeing eight funds with a total management scale exceeding 10 billion yuan [6][7]. - His investment portfolio includes companies in mining, biotechnology, and semiconductors, indicating a diverse investment strategy [8].

Group 1 - The article emphasizes the importance of adapting to changing global trade conditions and highlights the proactive measures taken by companies in regions like Dongguan and Jinjiang to maintain competitiveness and innovation [1][4] - Companies are encouraged to diversify their markets, innovate products, and enhance brand recognition to navigate external challenges effectively [1][4] - The Chinese government is focusing on stabilizing enterprises as a key strategy for economic growth, with initiatives aimed at providing support and alleviating difficulties faced by businesses [2][5] Group 2 - The article discusses the need for precise policies to address the specific challenges faced by different foreign trade enterprises, such as standardization and sales channel development [3] - It highlights the importance of integrating domestic and foreign trade to allow companies to adapt to market changes smoothly, as outlined in government measures from 2023 [4] - Financial reforms are being implemented to improve the financing environment for small and private enterprises, with significant loan disbursements reported [5] Group 3 - The experience of a Sichuan company illustrates the resilience of foreign trade enterprises in the face of external pressures, emphasizing the need for innovation and strategic adjustments [6][7] - Companies are encouraged to enhance their research and development efforts, leading to significant improvements in production efficiency and cost reduction [7]