A-share subscription | Hongming Electronics (301682.SZ) opens subscription, with profits mainly from the production and sale of electronic components, mainly resistive capacitive components.

On March 16, Hongming Electronics (301682.SZ) started its IPO subscription with an issue price of 69.66 yuan per share and a subscription limit of 0.85 million shares. The price-earnings ratio is 33.61 times. It is listed on the Shenzhen Stock Exchange, with Shenwan Hongyuan Group Securities as its sponsor. According to the prospectus, Hongming Electronics is a high-tech enterprise engaged in the research, development, production, and sales of new electronic components and precision components mainly based on capacitors. With over 60 years of experience in electronic component production and technology verification, the company's high-reliability MLCC, organic and mica capacitors, displacement sensors, and thermistors have strong competitiveness and a good reputation in the defense industry. The company has undertaken electronic component research and development tasks for national key equipment and projects multiple times and its products are widely used in aerospace, weapons, ships, nuclear industry, as well as consumer electronics, new energy vehicles, and other fields. The company has established an independent and complete system for research and development, procurement, production, sales, and quality testing, with a mature profit model. The company's profits mainly come from the production and sales of electronic components, mainly capacitors. Its electronic components are mainly used in the defense industry. Due to qualification barriers and product specificity, domestic enterprises mainly produce electronic components for the defense industry, with few participants. The main manufacturers are Hongming Electronics, Beijing Yuanliu Hongyuan Electronic Technology, Fujian Torch Electron Technology, Zhuzhou Hongda Electronics Corp., Ltd., and China Zhenhua, among others. In terms of finances, in 2022, 2023, 2024, and January-June 2025, the company achieved operating incomes of approximately 3.146 billion, 2.727 billion, 2.494 billion, and 1.528 billion yuan respectively, and net profits attributable to the parent company's shareholders of approximately 476 million, 412 million, 268 million, and 257 million yuan respectively, demonstrating good sustained profitability.