Core Viewpoint - Dongguan Tengxin Precision Manufacturing Co., Ltd. has received approval for its IPO on the Beijing Stock Exchange, aiming to raise 1.08 billion yuan for various projects including the construction of an intelligent manufacturing base and a research and development center [2] Company Overview - Tengxin Precision was established in May 2011 with a registered capital of 60 million yuan, focusing on the R&D, design, manufacturing, and sales of high-value-added precision components [2] - The company operates in high-end manufacturing sectors such as analytical instruments, oil and gas services, medical devices, semiconductors, aviation transportation, and industrial equipment [2] Financial Performance - Revenue for Tengxin Precision from 2022 to 2024 is projected to be 769 million yuan, 711 million yuan, and 714 million yuan respectively, with net profits of 229 million yuan, 173 million yuan, and 189 million yuan [2] - The gross profit margins for the same years are expected to be 44.74%, 43.71%, and 43.19% respectively [2] - In the first quarter of 2025, the company reported a revenue of 194 million yuan, representing a year-on-year growth of 14.04%, and a net profit of 57.01 million yuan, up 23.55% year-on-year [3] Shareholding Structure - The controlling shareholder and actual controller of Tengxin Precision is Liu Wei, who directly holds 69.07% of the shares and indirectly controls an additional 6.41% through Shenzhen Huiteng, totaling 75.48% of the voting rights [4] - Other significant shareholders include board member He Xuewu with 10.26%, and board member and deputy general manager Zhou Yushun with 10% [5] Management Background - Liu Wei, born in June 1966, has extensive experience in the manufacturing sector, having held various engineering and managerial positions since 1988 [6]

01 事件概述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 13.57 亿元，同比 +1.03% ；归母净利润 2.89 亿元，同比 +9.58% ；扣非归母净利润 2.63 亿元，同比 +8.11% ； 2 ） 2024Q4 营收 3.15 亿元，同比 -6.43% ，环比 -8.74% ；归母净利润 0.64 亿元，同比 +19.37% ，环比 -21.16% ；扣非归母净利润 0.54 亿元，同比 -25.53% ，环比 -27.42% ； 3 ） 2025Q1 营收 3.50 亿元，同比 +1.89% ，环比 +11.06% ；归母净利润 0.69 亿元，同比 +0.23% ，环比 +8.55% ；扣非归母 净利润 0.65 亿元，同比 -1.87% ，环比 +21.22% 。 02 分析判断 ► 2024 年业绩稳步增长 25Q1 营收 & 盈利加速向上 1 ）收入端： 受益于我国持续向好的经济运行环境以及行业革命与产业转型的大趋势，公司充分把握发展机遇，营收实现稳步增长。 2024 年度实现营收 13.57 亿元，同比 +1.03% ，其中汽车零部 ...