A-share IPO | Innohome Electronic(001388.SZ) opens IPO subscription. Its main products include smart inspection systems for power transmission lines.

On June 20th, Xintong Electronics (001388.SZ) started its subscription with an issue price of 16.42 yuan per share, a subscription limit of 12,000 shares, a P/E ratio of 20.39 times, an industry P/E ratio of 38.1 times, belonging to the Shenzhen Stock Exchange main board, with CMSC Securities as the sponsor (lead underwriter). The prospectus shows that Xintong Electronics is a provider of industrial Internet of Things smart terminals and system solutions with a core service goal of operation and maintenance in specific industries such as electricity and communication. Its main business is aimed at meeting customers' comprehensive intelligent operation and maintenance needs in the operation and maintenance process through industrial Internet of Things smart terminals and system solutions. During the reporting period, the main products of Xintong Electronics were transmission line intelligent inspection systems, substation intelligent auxiliary control systems, and mobile intelligent terminals. The company mainly adopts a direct sales model, acquiring customer orders through bidding, competitive negotiations, and commercial negotiations. With excellent product quality and strong technical strength, the company has established long-term stable cooperative relationships with large state-owned enterprises such as State Grid, Southern Power Grid, China United Network Communications, China Mobile Limited, China Telecom Corporation, and industry customers providing supporting products or services to them, as well as e-commerce platforms. In terms of financials, in 2022, 2023, and 2024, Xintong Electronics achieved operating income of approximately 782 million yuan, 931 million yuan, and 1.005 billion yuan respectively, with net profits of about 117 million yuan, 124 million yuan, and 143 million yuan respectively. Xintong Electronics mentioned in the prospectus that there is a risk of a decline in revenue from power engineering business. During the reporting period, the revenue from the power engineering business was 93.0857 million yuan, approximately 108 million yuan, and 32.6005 million yuan, accounting for 11.91%, 11.59%, and 3.24% of the current operating income respectively, which is relatively low. The company engages in power engineering business in order to better understand the needs and pain points of power transmission, substations, power distribution, power usage, and other scenarios, thereby strengthening the company's layout in intelligent operation and maintenance business in other scenarios of the power industry. Based on the above strategic goals and positioning, the company does not need to engage in power engineering business on a large scale, but selectively undertakes power engineering projects that are representative and have a certain relevance to its existing business. Xintong Electronics stated that if the company adjusts its power engineering development strategy, undertakes power engineering projects less than expected, or experiences delays in the construction progress of key projects, it may lead to a decrease in revenue from the power engineering business and have a certain impact on the company's operational performance.