Core Points - Changzhou Tongbao Optoelectronics Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking the 74th company approved this year [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems and energy management systems [1] - The lead underwriter for the IPO is Dongwu Securities, which has successfully sponsored three IPO projects this year [1][3] Company Ownership - Liu Wei holds 17,914,045 shares, representing 31.77% of the total share capital, making him the largest shareholder [2] - Liu Guoxue and Tao Jianfang hold 17,554,500 shares (31.14%) and 8,930,000 shares (15.84%) respectively, with the three collectively owning 78.75% of the company [2] - Liu Guoxue and Tao Jianfang are spouses, and Liu Wei is their son, indicating a family-controlled structure [2] IPO Details - Tongbao Optoelectronics plans to issue up to 18,793,400 shares, with a potential over-allotment option of up to 2,819,010 shares [3] - The company aims to raise 330 million yuan (approximately 33 million) for projects related to smart LED modules and charging systems for new energy vehicles [3] Review Opinions - The review committee requested a quantitative analysis of the potential negative impact on future performance due to major clients implementing a "yearly reduction" policy [4] Inquiry Issues - The committee raised concerns regarding the stability and sustainability of operations, particularly in relation to customer concentration risks and inventory management practices [5]

通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理系统等汽 车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车整车及零部 件制造商。公司的汽车照明产品已在上汽通用五菱、广汽埃安、广汽传祺、东风日产、上汽大众等汽车 品牌的多款热门车型中应用，树立了良好的市场口碑和品牌形象。 11月13日，北交所上市委员会2025年第31次审议会议的结果出炉，通宝光电顺利过会，这意味着，北交 所或将增添一家国家级专精特新"小巨人"企业。 据介绍，通宝光电此次IPO拟募集3.30亿元，用于新能源汽车智能LED模组、充配电系统及控制模块项 目。项目建成后将新增智能化生产线，大幅提升高附加值产品产能，为公司未来的增长奠定坚实基础。 业绩方面，2022年至2024年，通宝光电实现营业收入分别为3.90亿元、5.29亿元和5.88亿元，净利润分 别为3669.29万元、6224.85万元和8309.35万元。2025年1—9月，公司实现营业收入4.88亿元，较上年同 期增长30.51%；归属于母公司股东的净利润为5179.02万元，较上年同期增长5.41%。 通宝光电与上汽通用 ...

值此新能源汽车智能化的时代风口，汽车电子零部件领域"专精特新"企业常州通宝光电股份有限公司（下称"通宝光电"）即将迎来发展的关键节点。11月13 日，通宝光电将在北交所IPO上会，接受发审委面审。 招股书显示，通宝光电本次计划公开发行股票数量不超过1879.34万股，拟募集资金3.3亿元。所募资金将用于新能源汽车智能LED模组、充配电系统及控制 模块项目的建设与推进，有利于进一步巩固和扩大公司主营业务的市场份额，拓展产品应用场景，优化产品结构，从而提升公司综合竞争优势和盈利水平， 增强公司的抗风险能力和核心竞争力，实现平稳健康的可持续发展。 稳健增长，以深厚底蕴开展协同合作 通宝光电主营汽车照明系统、电子控制系统、能源管理系统等汽车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车 整车及零部件制造商。 近年来，通宝光电的客户结构持续优化，业绩稳健增长。 2022年至2024年，公司营业收入从3.9亿元增长至5.88亿元，归母净利润从3669.29万元增长至8309.35万元。2024年净利润同比增长33.49%。2025年前三季 度，公司营业收入同比增长30.51%，归属于母公司 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Tongbao Optoelectronics is preparing for its listing on the Beijing Stock Exchange, aiming to leverage its two decades of technological accumulation and diverse automotive electronics sector to enhance shareholder value and capture high-end market opportunities in automotive electronics [1][16]. Market Position - As an "invisible champion" in the automotive electronics field, Tongbao Optoelectronics has established a strong market barrier through its leading position in niche markets and deep partnerships with major clients [3]. - The company has led the drafting of industry standards for automotive LED modules and has a comprehensive product range covering front and rear lights, with 79 patents and 5 software copyrights as of June 2025 [3][4]. Core Customer Relationships - Tongbao Optoelectronics has a long-term strategic partnership with SAIC-GM-Wuling, with sales revenue from this client accounting for 66.83% to 93.45% from 2022 to the first three quarters of 2025 [4]. - The company has received multiple awards for quality and supply contributions, indicating a strong and stable order flow, with expected sales of over one million units in 2024 [4]. Core Performance - The company has shown robust growth, with revenue increasing from 390 million yuan in 2022 to 588 million yuan in 2024, representing a compound annual growth rate of 22.81% [5]. - Net profit surged from 36.69 million yuan in 2022 to 83.09 million yuan in 2024, a growth of 126.45%, with net profit margin improving from 9.42% to 14.14% [5][6]. Product Matrix and Innovation - Tongbao Optoelectronics has developed a product matrix consisting of automotive lighting systems, electronic control systems, and energy management systems, transitioning from a lighting manufacturer to a comprehensive automotive electronics provider [9][11]. - The automotive lighting system remains the main revenue driver, accounting for 95.70% of revenue in 2024, with significant growth in the total lighting assembly business [11]. Market Outlook - The automotive lighting market in China is projected to grow from 723 billion yuan in 2022 to 1,014 billion yuan by 2025, driven by the shift towards electric and intelligent vehicles [12]. - The electronic control systems market is also expanding, with a forecasted growth from 772 billion yuan in 2023 to 810 billion yuan by 2025 [14]. Fundraising and Investment Projects - The IPO proceeds will be primarily invested in projects related to smart LED modules and charging distribution systems, aimed at expanding production capacity and enhancing product consistency [15]. - This strategic investment is expected to solidify the company's technological advantages and support its transition to a comprehensive automotive electronics solution provider [14][15]. Conclusion - Tongbao Optoelectronics is positioned for significant growth through its strong customer relationships, innovative product offerings, and favorable market conditions, with the upcoming IPO expected to provide the necessary capital to accelerate its development in the automotive electronics sector [16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a 16.46% year-on-year increase in adjusted operating revenue for the first three quarters of 2025, reaching 4.997 billion yuan, while the net profit attributable to shareholders was 646 million yuan, up 14.21% year-on-year [4][6] - The integration of intelligent technology into the consolidated financial statements has put pressure on profit margins, with a net profit margin of 12.6% in Q3, down from 14.98% and 14.65% in the previous two quarters [6] - The company has diversified its product offerings significantly, moving from a single automotive lighting controller to a range of high-value products, which are expected to support long-term growth [6] Financial Data and Earnings Forecast - For 2025, the company is projected to achieve total operating revenue of 7.745 billion yuan, with a year-on-year growth rate of 29.8% [5] - The estimated net profit for 2025 is 1.076 billion yuan, reflecting a year-on-year growth rate of 39.3% [5] - The company’s gross margin is expected to stabilize, with a forecasted PE ratio of 28 for 2025, 20 for 2026, and 16 for 2027 [6]

"汽车安全+汽车电子"的综合Tier-1龙头均胜电子今日登陆港股。其公开发售获得147.67倍认购，国际发售部分获得9.78倍认购。 2025年以来，恒生沪深港通AH股溢价指数持续下行并创近五年新低，目前不足120点，部分热门股甚至出现A/H股价格倒挂。比如，继比亚迪A/H价格倒挂 后，同为汽车供应链的龙头宁德时代，上市首日较A股溢价5.7%。 图：恒生AH股溢价指数走势 该现象一方面反映国际资本对中国核心资产的认可在提升，尤其对新能源、医药等战略新兴产业的偏好明显；另一方面体现了A+H为投资者提供了跨市场 套利机会。 公司层面，均胜电子年内股价累计上涨超过100%，市场关注度显著提升。当前，均胜电子H股相对A股有超30%的折价，从估值角度看具备一定安全边际。 登陆港股有望引入更多国际投资者、触发"二次定价"。 但仅凭折价与情绪并不足以支撑投资结论，仍需回到公司"价值"本身进行系统评估。 图：均胜电子年内A股股价一路走高 核心看点一：领先的市场地位与核心竞争优势 均胜电子是领先的智能汽车科技解决方案全球供应商。 根据弗若斯特沙利文数据，按2024年收入计算，公司是中国乃至全球第二大汽车被动安全产品供应商，市场 ...

Core Viewpoint - The article emphasizes the continuous growth of KOBODA's revenue driven by new products and customer projects, highlighting the strategic acquisition of a 60% stake in KOBODA Intelligent Technology to enhance its capabilities in high-value domain controllers [3][37]. Financial Performance - In the first three quarters of 2025, KOBODA achieved revenue of 4.997 billion yuan, a year-on-year increase of 16.5%, and a net profit of 646 million yuan, up 14.2% year-on-year [4][10]. - For Q3 2025, the company reported revenue of 1.733 billion yuan, a year-on-year growth of 11.8% and a quarter-on-quarter increase of 3.6%. However, net profit slightly decreased by 0.1% year-on-year and 11.2% quarter-on-quarter [4][10]. - The gross margin for Q3 2025 was 13.9%, down 16.7 percentage points year-on-year and 13.3 percentage points quarter-on-quarter, while the net margin was 12.6%, a decrease of 1.5 percentage points year-on-year [6][20]. Product Segmentation - In Q3 2025, revenue from the lighting control system was 780 million yuan (up 2% year-on-year), motor control systems generated 270 million yuan (up 16%), and automotive electronics and electrical systems brought in 250 million yuan (up 17%) [4][13]. - The energy management system saw a significant decline, with revenue of 140 million yuan, down 43% year-on-year [4][13]. Customer Base and Market Expansion - KOBODA has expanded its customer base, reducing reliance on major clients like Volkswagen, with new partnerships emerging with leading new energy vehicle manufacturers [16][19]. - The company has secured new projects with major automotive brands, including Mercedes-Benz, BMW, and Audi, indicating a strong market position and growth potential [40][41]. Strategic Initiatives - The acquisition of a 60% stake in KOBODA Intelligent Technology is expected to enhance the company's product offerings in high-value domain controllers, with projected lifecycle sales exceeding 200 billion yuan for existing projects [37][41]. - KOBODA is focusing on optimizing its product structure towards higher-value products such as domain controllers and efuse, with expectations of single vehicle value reaching over 10,000 yuan [8][30]. Globalization and Production Capacity - The company is accelerating its global expansion, including the establishment of a production base in Anhui, which aims to enhance manufacturing capabilities and respond better to customer demands [43][46]. - KOBODA has also acquired a Czech company to establish a production base in Europe, enhancing its operational efficiency and market responsiveness [45][46]. Innovation and Technology Development - KOBODA is actively investing in R&D to enhance its competitive edge in automotive electronics, focusing on intelligent and energy-efficient technologies [28][34]. - The collaboration with Horizon Robotics aims to accelerate the mass production of advanced autonomous driving solutions, positioning KOBODA as a key player in the smart vehicle market [47][48].

Core Viewpoint - Chuangneng New Energy is reportedly interested in acquiring the Weima Xinghui factory for vehicle manufacturing, indicating a trend of revitalizing underutilized manufacturing facilities in the new energy vehicle sector [1][5]. Company Overview - Chuangneng New Energy, based in Xiaogan, Hubei, is backed by the fourth-largest dealership group in China, Hengxin Automotive Group, and has a strong competitive edge in the battery sector, focusing on energy storage and power batteries [3]. - The company has established production bases with a total capacity exceeding 110 GWh and plans to expand to over 350 GWh by 2025, positioning itself among the top five globally in energy storage battery shipments [3]. - Hengxin Automotive Group, which owns Chuangneng, has a significant presence with over 310 dealerships across more than 60 cities, achieving a total revenue of 78.51 billion yuan and sales exceeding 410,000 vehicles in 2024 [3]. Acquisition Details - The potential acquisition of the Weima Xinghui factory, which has a total investment of 20.2 billion yuan and a planned capacity of 150,000 vehicles, is seen as a strategic move for Chuangneng to accelerate its entry into vehicle manufacturing [8]. - The factory is recognized for its advanced intelligent manufacturing capabilities and has been awarded as a champion enterprise in Hubei province, indicating its competitive position in the new energy vehicle manufacturing sector [8][10]. Market Context - The trend of acquiring existing manufacturing facilities is gaining traction as companies seek to leverage established production capabilities rather than building new plants from scratch, which can be resource-intensive [10][11]. - The new energy vehicle market is experiencing rapid growth, with a significant shift from traditional fuel vehicles, making the revitalization of existing production capacities a strategic necessity for companies entering this space [10][11].

Core Insights - The 2025 Carbon Peak and Carbon Neutrality Forum will be held in Shenzhen, focusing on "AI Empowering Urban Green Development" and gathering global wisdom to discuss a sustainable future [2] - The event will feature a combination of exhibitions and investment matchmaking, showcasing innovative low-carbon technologies and facilitating collaboration among enterprises [2][6] Group 1: Exhibition Highlights - The "New Municipal" exhibition area will present a real-life model of a city-level energy system, featuring 63 products from 37 companies, showcasing the innovative "New Municipal" framework of Longgang District [3] - The exhibition will cover five core areas, including smart parks, new energy, sanitation battery swapping, unmanned logistics, and low-altitude economy, illustrating the comprehensive green transformation path of Longgang [4] Group 2: Future Home Exhibition - The "Future Home" exhibition area will display 72 green low-carbon innovative products from 44 companies, divided into four experiential scenarios that demonstrate the application of green technologies in future living [5] - Scenarios include AI integration, smart home systems, low-carbon manufacturing, and innovative materials, highlighting the synergy of technology, culture, and low-carbon concepts [5] Group 3: Investment and Collaboration - An investment promotion conference will take place on October 28, focusing on low-carbon industries, featuring project signings and the release of a white paper on the construction of a green intelligent system [6] - This dual approach of exhibition and investment aims to accelerate the transformation of innovative technologies and promote the development of new productive forces in Longgang [6]