产业观察 [table_Header]2026.03.01 量子哈密顿学习：密歇根大学实现基因调控网络推 断的新跨越 产业研究中心 摘要：NextX 系列：颠覆性技术周刊 第 7 期（2026.02.21-2026.02.27） 2026 年 2 月 21 日~2026 年 2 月 27 日期间，国内外科技产业共发生 90 起 融资事件，其中国内 60 起、国外 30 起；国内市场中，先进制造、人工智 能、汽车交通行业的融资事件数分别为 28、18、6 件，位列前三。 上周科技企业上市、IPO 速递： 1）通宝光电在北交所挂牌上市 上周科技产业二级市场表现跟踪： 1）涨跌幅：a）大盘指数：上周大盘指数总体上涨，具体表现为：上证指 数全周上涨 1.98%，报 4163 点；深证成指全周上涨 2.80%，报 14495 点； 创业板指上涨 1.05%，报 3310 点。b）科技子行业：上周半导体指数/汽车 电子指数/人工智能指数/元宇宙指数周涨幅为 2.30%/4.46%/1.72%/2.19%， 较万得全 A 指数-0.45/+1.71/-1.03/-0.56 pct。 2）换手率：上周半导体指数、元宇宙指数换 ...

2月26日，可申购北交所的觅睿科技（920036.BJ）；另有一只新股上市，为北交所的通宝光电 （920168.BJ）。 一只新股申购 项，其中已授权发明专利26项；境外专利100项，其中已授权发明专利1项，另有多项发明专利正在申请 中。2024年，在知名安防媒体a&s发布的"2024年全球安防50强"榜单中，公司位列第29位。 市场方面，觅睿科技采取线下和线上相结合的销售模式，公司ODM产品主要采用线下直销的销售模 式，自有品牌产品主要采用线上直销模式，公司产品和服务已覆盖北美洲、欧洲、亚洲、大洋洲等地 区，辐射全球主流线上和线下渠道，产品入驻沃尔玛（Walmart）、亚马逊（Amazon）、塔吉特 （Target）等知名商超及网络购物平台。公司产品曾获得2021年度德国IF设计奖（iFDesignAward）、 2021年度红点奖（RedDotWinner），公司自主品牌智能门铃Optic系列被评为"2020年度中国安防十大新 锐产品"。公司产品已取得中国SRRC认证，欧盟CE、RoHS认证，美国FCC认证，澳大利亚RCM认证， 日本TELEC、PSE认证，加拿大IC认证及韩国KC认证等与公司主要产品相对 ...

Core Viewpoint - Tongbao Optoelectronics (920168.BJ) is a specialized manufacturer of automotive electronic components, focusing on automotive lighting systems, electronic control systems, and energy management systems, recognized as a national "specialized and innovative" small giant enterprise [1] Group 1: Technology and Product Development - The company has successfully entered the electronic control system sector in 2022, leveraging EPS controllers as a breakthrough [1] - Tongbao Optoelectronics is set to begin mass production of its CDU power distribution assembly in 2024, with ongoing development of charging gun products [1] - As of June 30, 2025, the company has obtained 79 patents, including 18 invention patents, and has led the drafting of industry standards for automotive LED modules [1] Group 2: Customer Base and Market Position - The company's automotive lighting products are utilized in popular models from major brands such as SAIC-GM-Wuling, GAC Aion, GAC Trumpchi, Dongfeng Nissan, and SAIC Volkswagen, establishing a strong market reputation [2] - Tongbao Optoelectronics has become a strategic core supplier for SAIC-GM-Wuling, with sales to its top five customers accounting for 94.65%, 98.42%, 96.57%, and 99.11% of revenue from 2022 to the first half of 2025 [2] - The first major customer, SAIC-GM-Wuling, represented 66.83%, 63.99%, 83.35%, and 93.45% of sales during the same period, indicating a high customer concentration [2] Group 3: Risks and Market Conditions - The company acknowledges the risk associated with high customer concentration and reliance on a single major client [3] - Future collaboration with SAIC-GM-Wuling may be affected by competitive pressures or operational challenges faced by either party [3] - The company's performance is closely tied to the overall automotive market, which is currently experiencing growth, but may face downturns due to macroeconomic fluctuations or declining consumer demand [3]

Core Viewpoint - Tongbao Optoelectronics (920168.BJ) has initiated its subscription with an issue price of 16.17 CNY per share and a price-to-earnings ratio of 14.99 times, focusing on the automotive electronics sector, particularly in lighting systems and electronic control systems [1] Group 1: Business Overview - The company specializes in manufacturing automotive electronic components, including automotive lighting systems, electronic control systems, and energy management systems [1] - Tongbao Optoelectronics has established a strong market presence by providing automotive lighting products to major brands such as SAIC-GM-Wuling, GAC Aion, and Dongfeng Nissan [1] - The company is expanding into new business areas, including electronic control systems and energy management systems, with plans for mass production of its CDU power distribution assembly in 2024 [1][2] Group 2: Innovation and Recognition - The company has prioritized technological research and product innovation, holding 79 patents, including 18 invention patents, and has contributed to industry standards [2] - It has received multiple accolades, including recognition as a national "specialized, refined, and innovative" small giant enterprise and various provincial honors for its industrial design and technology centers [2] Group 3: Financial Performance - The company reported revenues of approximately 390 million CNY in 2022, projected to grow to about 529 million CNY in 2023 and 588 million CNY in 2024, with a net profit increase from approximately 36.69 million CNY in 2022 to about 62.25 million CNY in 2023 [3] - As of June 30, 2025, total assets are projected to reach approximately 1.07 billion CNY, with total equity of about 497 million CNY, reflecting a steady increase in financial health [4] - The company's gross profit margin is expected to fluctuate, with a projected margin of 20.43% in the first half of 2025, down from 24.07% in 2024 [4]

Core Viewpoint - Tongbao Optoelectronics is poised for significant growth in the automotive electronics sector, particularly in the context of the booming new energy vehicle market, as it prepares for its IPO on the Beijing Stock Exchange, aiming to raise 330 million yuan to enhance its product offerings and market position [1][3]. Group 1: Company Overview - Tongbao Optoelectronics specializes in the research, production, and sales of automotive electronic components, including lighting systems, electronic control systems, and energy management systems [3]. - The company has established long-term partnerships with major automotive manufacturers, including SAIC-GM-Wuling, and has seen a steady improvement in its customer structure and financial performance [3][4]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 390 million yuan to 588 million yuan, with net profit increasing from approximately 36.69 million yuan to 83.09 million yuan, reflecting a year-on-year growth of 33.49% in net profit for 2024 [3]. - In the first three quarters of 2025, the company reported a 30.51% year-on-year increase in revenue and a 5.41% increase in net profit attributable to shareholders [3]. Group 3: Competitive Advantages - The company has over 20 years of experience in LED module production, allowing it to maintain strong quality control and reduce supply chain management costs for its clients [5]. - Tongbao Optoelectronics has a robust management structure and rapid response capabilities, enabling effective collaboration with clients like SAIC-GM-Wuling on projects such as the CDU power distribution system [6]. Group 4: Innovation and Technology - The company has achieved a compound annual growth rate of 22.81% in revenue over the past three years, with a stable gross margin above 24%, surpassing industry averages [7]. - Tongbao Optoelectronics has developed several key technologies, including high-efficiency LED module optics and lightweight heat dissipation solutions, which enhance product performance and reduce production costs [9][11]. Group 5: Market Potential - The Chinese automotive lighting market is expected to grow from approximately 72.3 billion yuan in 2022 to 101.4 billion yuan by 2025, indicating significant growth opportunities for the company [12]. - The penetration rate of LED lighting in commercial vehicles remains low, presenting a substantial market opportunity for Tongbao Optoelectronics to replace traditional halogen bulbs with cost-effective LED solutions [12]. Group 6: Future Strategy - The company aims to become a leading first-tier supplier in the automotive electronics sector, expanding its collaboration with SAIC-GM-Wuling and other manufacturers to enhance its market presence [14]. - With the successful launch of the CDU power distribution system and ongoing projects in electronic control systems, the company is well-positioned for revenue growth and market share expansion in the coming years [14].