A-share subscription | Da Ming Electronics (603376.SH) starts subscription, establishes cooperation with Chongqing Changan Automobile, Jaguar Land Rover, and others.

On October 24th, Da Ming Electronics (603376.SH) initiated its subscription, with an issue price of 12.55 yuan per share and a subscription limit of 9,500 shares. The price-to-earnings ratio is 17.97 times, and it is listed on the Shanghai Stock Exchange. Guotai Haitong is its sponsoring broker. According to the prospectus, the company focuses on the field of automotive electronic components 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, cabin control systems, intelligent optoelectronic systems, door and window control systems, and seat adjustment systems. Due to the diverse downstream vehicle types, different product structure designs, processing technologies, and performance requirements, the company's products have the characteristics of a wide variety, complex structures, and high customization levels. The company has long been involved in the development of OEM components for vehicle manufacturers and has established stable cooperative relationships with major domestic independent brand automakers such as Chongqing Changan Automobile, SAIC Motor Corporation, FAW Group, BYD Company Limited, GEELY AUTO, Great Wall Motor, Chongqing Sokon Industry Group Stock, Anhui Jianghuai Automobile Group Corp.,Ltd., NIO, Ideal Automotive, as well as joint venture automakers such as Changan Mazda, SAIC Volkswagen, SAIC GM, Dongfeng Nissan, FAW Toyota, Changan Ford, Beijing Benz, Jaguar Land Rover, etc.; and has successfully entered the supply chain systems of well-known foreign brands such as Ford, Toyota, Scania, etc. During the reporting period, the company actively expanded into the field of new energy vehicles, and its products have been successfully applied to various new energy vehicle models from brands such as BYD Company Limited, EMgrand, Wang Chao, Ocean series, SAIC Roewe, FAW Red Flag, AITO AskPole, Deep Blue, Avatar, etc. In addition, the company continuously conducts research on cutting-edge technologies in the industry, proactively responds to the industry development trends of new energy and smart vehicles, increases the application of cutting-edge technologies, enhances product visual effects, strengthens the functional operability of automotive components, and drives market trends with market-appropriate products and upgrades. In the domestic market, due to the late start, limited funds, and weak R&D capabilities, there are many local automotive electronic component suppliers with relatively weak overall competitiveness. Some domestic enterprises have scale advantages, strong financial and R&D capabilities, as well as integration and management capabilities to provide integrated supporting services. They often have clear technological or product advantages in their respective fields, thus continuously expanding their market share. As one of the major suppliers of automotive body electronic control systems in China, the company has been deeply rooted in this field for more than 30 years, gradually achieving the independence and diversification of its automotive body electronic control systems design, forming core production and technological processes, and achieving industrialization. The barriers to entry for the company in the segmented field are relatively high, requiring the company to have long-term technological accumulation, strong synchronization development capabilities, testing validation capabilities, project management capabilities, mature management systems, and independent equipment optimization and innovation capabilities. Over the years, the company has gained high market recognition in this field due to its deep industry technological accumulation, comprehensive process technology, independent R&D and synchronization development capabilities, and testing and analytic capabilities, earning strong market competitiveness and recognition from major OEMs and well-known first-tier component suppliers. Financially, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan, respectively; with net profits of approximately 151 million yuan, 205 million yuan, and 282 million yuan during the same period.