New Stock News | Haiwei Electronics Submits Application to Hong Kong Stock Exchange, the Largest Capacitor Thin Film Manufacturer in China.

According to the disclosure by the Hong Kong Stock Exchange on February 26, Hebei Haiwei Electronic New Materials Technology Co., Ltd. (referred to as Haiwei Electronics) applied to list on the main board of the Hong Kong Stock Exchange, with CICC as the sole sponsor. The prospectus shows, based on the information from Zhoushi Consulting, that Haiwei Electronics is the largest manufacturer of capacitor film in China based on sales of capacitor base film in 2023. The company's capacitor film products mainly include (i) capacitor base film and (ii) metallized film. These products are key components of thin film capacitors, which are known for their excellent voltage resistance, high frequency stability, and long service life. Thin film capacitors have wide applications in industries such as (i) new energy automobiles, (ii) new energy power systems, (iii) industrial equipment, and (iv) household appliances. During the historical period and up to the last practicable date, the company primarily produced thin base films with thickness ranging from 4.0 micrometers to 6.9 micrometers. In 2022 and 2023, as well as up to the nine months ended September 30, 2023 and 2024, the revenue from thin base film was approximately RMB 208 million, RMB 177 million, RMB 121 million, and RMB 166 million, accounting for approximately 63.5%, 53.6%, 55.3%, and 58.9% of the total revenue from capacitor base films, respectively. In order to seize future market opportunities, the company is researching and developing manufacturing technology for thinner capacitor base films, particularly those with thickness below 2.5 micrometers, as part of its technological reserves. In terms of sales, the market size of capacitor base films used in new energy automobiles is expected to increase from 27,000 tons in 2023 to 79,200 tons in 2029, with a compound annual growth rate of 19.7% from 2023 to 2029. The market size of capacitor base films used in new energy power systems in China is expected to increase from 22,500 tons in 2023 to 96,600 tons in 2029, with a compound annual growth rate of 27.4% from 2023 to 2029. Financially, in the years 2022, 2023, and the nine months ended September 30, 2023 and 2024, Haiwei Electronics' revenue was approximately RMB 327 million, RMB 330 million, RMB 218 million, and RMB 282 million, respectively. During the same periods, the net profit and total comprehensive income were approximately RMB 102 million, RMB 69.826 million, RMB 46.993 million, and RMB 56.966 million, respectively.