Tianhai Electronics' IPO on the Shenzhen Stock Exchange main board has been approved, with its main business being automotive wiring harnesses, automotive connectors, and other automotive components.

On January 16, Tianhai Automotive Electronics Group Co., Ltd. (referred to as Tianhai Electronics) passed the listing committee meeting of the Shenzhen Stock Exchange main board IPO. The sponsor institution is CMSC, with plans to raise 2.46042 billion yuan. According to the prospectus, Tianhai Electronics is dedicated to providing solutions such as automotive transmission systems, connectivity systems, and intelligent controls for car manufacturers. The company's main business includes the research, development, production, and sales of automotive wiring harnesses, automotive connectors, and other automotive electronic components, mainly used in the manufacturing of new energy vehicles and traditional fuel vehicles. The main raw materials needed for the company's automotive wiring harness products include wires and cables, connectors, tapes, ties, buckles, and rubber parts; for automotive connector products, the main raw materials include copper, plastic particles, and rubber; and for automotive electronic products, the main raw materials include chips, electronic components, and PCB boards. The company mainly adopts a direct sales model for its automotive wiring harness and electronic products, with a primary focus on direct sales for automotive connector products and sales as a supplement. After years of accumulation and development, the company has become a well-known domestic automotive parts enterprise, establishing a good brand image and customer reputation in the industry. The company has established long-term stable partnerships with well-known car manufacturers such as CHERY AUTO, Y, SAIC Motor Corporation, GEELY AUTO, Chongqing Changan Automobile, T, and General Motors, serving as their first-tier suppliers. Meanwhile, benefiting from the support of new energy vehicle policies, the company has seized the opportunity of new energy vehicle development and established multi-level and multi-dimensional cooperation relationships with leading new energy vehicle companies such as Ideal Auto, NIO Auto, LEAPMOTOR, and Xpeng Auto. After deducting issuance expenses, the funds raised by Tianhai Electronics will be invested in the following projects: In terms of finance, Tianhai Electronics is expected to achieve operating income of approximately 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 6.557 billion yuan in the years 2022, 2023, 2024, and January to June 2025, respectively. During the same period, the net profits are estimated to be around 410 million yuan, 684 million yuan, 616 million yuan, and 324 million yuan, respectively.