来源：芯世相 刚刚，云汉芯城（上海）互联网科技股份有限公司（以下简称云汉芯城）在深圳证券交易所创业板正式上市。 其发行价格为 27.00 元/股，对应的发行人2024年扣除非经常性损益前后孰低的归属于母公司股东的净利润对应的摊薄后市盈率为20.91倍， 上市首日开盘价为120.00元，大涨344.44%。截至11点30分，总市值为83.28亿。 | 今 开 120.00 最 高 142.00 | | --- | | 昨 收 27.00 最 低 114.04 | | 成交额 11.54亿 总市值 83.28亿 | | 换手率 65.87% | 云汉芯城本次公开发行股票1,627.9025万股，其中公开发行新股1,627.9025万股，新股募集资金4.40亿元，发行后总股本6,511.6099万股。 作为业内知名元器件分销电商平台，云汉的成功上市对芯片分销行业为什么是件好事？云汉芯城到底是一家怎样的公司，它的商业逻辑是 什么？为什么说云汉还是资本化运作的高手，这些年它都做了些啥？ 在芯片分销行业做电商平台，云汉有哪些特点？ 01 云汉是一家怎样的公司? 云汉芯城是国内最早一批的电子元器件B2B电商企业，至今仍是芯 ...

Core Viewpoint - The successful listing of Yunhan Chip City on the Shenzhen Stock Exchange is a significant event for the chip distribution industry, showcasing the recognition of the "chip + internet" model and providing confidence to other companies in the sector [3][21]. Company Overview - Yunhan Chip City is one of the earliest B2B e-commerce companies for electronic components in China, founded by Zeng Ye in 2002, initially focusing on traditional chip trading before evolving into a well-known online platform [6][7]. - The company primarily engages in B2B sales of electronic components and PCBA services, with the former accounting for over 98% of its revenue [7][8]. - As of December 31, 2024, Yunhan had over 696,500 registered users and 54,000 paying users in 2022 [7]. Business Model - Yunhan operates as a distributor for larger distributors, catering to small and medium-sized distributors or end customers, focusing on small-batch, diverse, and fast-delivery orders [8][9]. - The average order amount in 2024 was approximately 3,900 yuan, with a large customer base leading to a healthy business cycle despite individual customer sizes being small [10]. Financial Performance - Yunhan's revenue from 2021 to 2024 was 3.836 billion, 4.333 billion, 2.637 billion, and 2.577 billion yuan, respectively, with net profits of 161 million, 135 million, 78.59 million, and 88.38 million yuan [10]. - During the chip shortage from 2020 to 2022, Yunhan achieved a compound annual growth rate of 68.08%, reaching peak revenue in 2022 [11]. - Despite a decline in performance starting in 2023, Yunhan's revenue showed signs of recovery in 2025, with a 17.82% year-on-year increase in main revenue [11][12]. Capitalization Strategy - Yunhan has been adept at capital operations, starting its financing activities as early as 2014, attracting investments from various institutions and local government support [13][14]. - The company has completed multiple rounds of financing, with significant investments from early backers like Liyuan Information and Shenzhen Innovation Investment [14][15]. - The ownership structure has evolved, with Zeng Ye remaining the largest shareholder, controlling over 30% of the shares post-IPO [18]. Market Impact - The listing of Yunhan is expected to enhance financing channels for chip distributors, allowing for more aggressive business expansion and potential acquisitions to integrate the supply chain [21].

Financial Performance - In 2024, the company's operating revenue was CNY 1,945.80 million, with a net profit attributable to shareholders of CNY 102.08 million [2] - For Q1 2025, the operating revenue was CNY 441.21 million, and the net profit attributable to shareholders was CNY 19.04 million [2] - The total cash dividend for 2024 is expected to be CNY 361.88 million, accounting for 35.45% of the net profit attributable to shareholders [3] Dividend Distribution - For the 2024 profit distribution, the company plans to distribute CNY 1.20 per 10 shares, totaling CNY 219.65 million [3] - The previous distribution was CNY 0.80 per 10 shares, totaling CNY 142.23 million [3] Business Development - The PCBA business generated revenue of CNY 19.37 million in 2024, following the acquisition of a controlling subsidiary [3] - The subsidiary has 15 production lines and holds 10 patents and 27 software copyrights, indicating strong technical capabilities [3] Industry Outlook - The company maintains a positive outlook on the home appliance market, driven by increasing consumer demand and product upgrades [4] - The company plans to enhance its competitiveness through technology development and market expansion [4] Shareholder Actions - Major shareholders have announced plans to reduce their holdings, but no reductions have commenced as of the latest update [5][6] Operational Status - As of Q1 2025, the company reported a 1.14% increase in operating revenue compared to the previous year, and an 8.31% increase in net profit [6] - The company is focused on upgrading existing refrigerator products and developing differentiated offerings [6] Stock Compensation - The estimated stock compensation expense for 2025 is CNY 21.15 million, with CNY 3.44 million already recognized in Q1 [6]

Core Viewpoint - The company reported a revenue increase of 7.49% in 2024, reaching 1.413 billion yuan, while net profit decreased by 31.37% due to rising raw material costs and initial high fixed costs from new production facilities [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.413 billion yuan, a year-on-year increase of 7.49% [1]. - The net profit attributable to shareholders was 140 million yuan, reflecting a year-on-year decrease of 31.37% [1]. - The increase in revenue was primarily driven by a 22% growth in the automotive electronics sector [1]. Group 2: Global Expansion and Production - The company is actively pursuing a global industrial layout, having established subsidiaries in Hong Kong, Japan, and Thailand, with the latter focusing on producing multilayer boards and HDI boards for Southeast Asia and Europe [1]. - The Thai subsidiary is expected to achieve trial production by June 2024, with a capacity of 50,000 square meters per month [1]. - The initial phase of production in Thailand has led to higher fixed cost amortization, contributing to a 1.31 percentage point decline in net profit margin [1]. Group 3: Strategic Initiatives - The company has established a research and development center in Shanghai to capitalize on new opportunities in the robotics sector [2]. - Products in the industrial control and automotive electronics sectors account for over 80% of total revenue, with established partnerships with leading global companies [2]. - The company is expanding its product offerings in the automotive sector to include critical safety components and is actively engaging in AI-related technologies and intelligent equipment [2]. Group 4: Future Outlook - Revenue projections for 2025-2027 are estimated at 1.916 billion, 2.463 billion, and 3.100 billion yuan, respectively, with net profits expected to be 208 million, 271 million, and 346 million yuan [3]. - The current price-to-earnings ratios for the years 2025-2027 are projected to be 22, 17, and 13 times, respectively [3]. - The company is expected to continue its growth trajectory by maintaining R&D investments and leveraging opportunities arising from the AI wave [3].