A-share subscription | Daming Electronics opens subscription and establishes partnerships with Changan Automobile, Jaguar Land Rover, and others

According to Zhitong Finance APP, on October 24, Daming Electronics (603376.SH) opened for subscription, with an issue price of 12.55 yuan per share, a subscription limit of 9,500 shares, and a price-to-earnings ratio of 17.97 times. It is listed on the Shanghai Stock Exchange, with Guotai Junan as its sponsor. According to the prospectus, the company focuses on the automotive electronic components supporting field and is a comprehensive solution provider specializing in the design, development, production, and sales of automotive body electronic control systems. The company's main products include driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, door and window control systems, and seat adjustment systems. Due to the varying downstream vehicle models, the structural design, processing technology, and performance indicators of the products have different requirements, resulting in the company's products being characterized by a wide variety, complex structures, and a high degree of customization. The company has long been involved in the development of supporting components for vehicle manufacturers, establishing stable cooperative relationships with major domestic independent brand manufacturers such as Changan Automobile, SAIC Group, FAW Group, BYD, Geely Automobile, Great Wall Motors, Seres, JAC Motors, Nio, and Li Auto, as well as joint venture manufacturers like Changan Mazda, SAIC Volkswagen, SAIC General Motors, Dongfeng Nissan, FAW Toyota, Changan Ford, Beijing Benz, and Jaguar Land Rover. It has successfully entered the supply chain systems of well-known foreign brands such as Ford, Toyota, and Scania. During the reporting period, the company actively laid out in the new energy vehicle field, with products already maturely applied in multiple new energy vehicle models from brands such as BYD's Yangwang, Dynasty, and Ocean series, SAIC Roewe, FAW Hongqi, Aito, Deep Blue, and Avita. In addition, the company continuously conducts research on cutting-edge industry technologies, actively adapting to the development trends of new energy vehicles and smart cars, increasing the application of cutting-edge technologies, enhancing product visual effects, strengthening the functional control of automotive components, and improving driving comfort, thereby promoting product alignment with market trends and achieving iterative upgrades. In the domestic market, due to a late start, lack of funds, and weak R&D capabilities, there are numerous local automotive electronic component suppliers, and the overall competitive ability remains relatively weak. Some domestic enterprises have scale advantages, possessing strong financial and R&D strength as well as integration and management capabilities, allowing them to provide integrated supporting services and often having significant technological or product advantages in their respective fields, thus continuously expanding their market share. As one of the main suppliers of automotive body electronic control systems in China, the company has been deeply engaged in this field for over thirty years, gradually achieving the independent design of a full range of automotive body electronic control system products and diversifying its offerings. It has formed core production process technologies and achieved industrialization. The entry barriers in the niche field where the company operates are relatively high, requiring enterprises to have long-term technological accumulation, strong synchronous development capabilities, testing and verification capabilities, project management capabilities, a mature management system, and independent equipment optimization and innovation capabilities. For a long time, the company has relied on its deep industrial technology accumulation, comprehensive process technology, independent R&D and synchronous R&D capabilities, and experimental testing and analysis capabilities to achieve a high market reputation in this field, gaining recognition from major vehicle manufacturers and well-known first-tier component suppliers, thus possessing strong market competitiveness In terms of finance, the company achieved operating revenues of approximately RMB 1.713 billion, RMB 2.147 billion, and RMB 2.727 billion in 2022, 2023, and 2024, respectively; during the same period, net profits were approximately RMB 151 million, RMB 205 million, and RMB 282 million.