Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 yuan [6]. Core Viewpoints - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, targeting sectors such as consumer electronics, automotive electronics, and industrial control [9][10]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million yuan in 2018 to 354 million yuan in 2023, representing a 5-year CAGR of 39.09% [6][18]. - The global electronic manufacturing services (EMS) market is projected to grow from 573.75 billion USD in 2024 to 1,017.85 billion USD by 2032, with a CAGR of 7.4% from 2024 to 2032 [6][38]. Financial Performance - The company's total revenue for 2022 was 236.77 million yuan, with forecasts of 353.68 million yuan for 2023 and 377.22 million yuan for 2024, reflecting growth rates of 49.38% and 6.66% respectively [5][59]. - The net profit attributable to the parent company is expected to reach 47.46 million yuan in 2024, with a growth rate of 10.23% [5][59]. - The company's overall gross margin has fluctuated, with a significant drop in 2023 due to price reductions passed from downstream clients and rising raw material costs [19][21]. Business Segments - The company has a diverse product application in consumer electronics, automotive electronics, and industrial control, with consumer electronics accounting for the largest revenue share [23][41]. - The automotive electronics segment is expected to benefit from the growth of the smart cockpit market, with a projected CAGR of 11.7% from 2022 to 2025 [49]. - The industrial control segment includes products used in various applications, such as medical devices and banking ATMs, indicating a broad market reach [53]. Market Position and Competitive Advantage - The company has a concentrated ownership structure, with the largest shareholder holding 32.17% of the shares, contributing to a strong governance framework [12]. - The company faces high barriers to entry in the EMS industry, including technological, supply chain management, and customer recognition barriers [58]. - The company has established long-term relationships with major clients, which enhances customer loyalty and reduces the risk of client turnover [58].

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 CNY [6]. Core Insights - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, focusing on high-quality embedded hardware innovation [9]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million CNY in 2018 to 354 million CNY in 2023, representing a 5-year CAGR of 39.09% [6][16]. - The global electronic manufacturing services (EMS) market is projected to grow from 573.75 billion USD in 2024 to 1,017.85 billion USD by 2032, with a CAGR of 7.4% from 2024 to 2032 [6][38]. - The company has a diverse customer base across consumer electronics, automotive electronics, and industrial control sectors, with significant applications in home appliances, industrial control displays, and automotive electronics [6][9]. Financial Summary - The company's total revenue forecast for 2024-2026 is 377.22 million CNY, 418.89 million CNY, and 465.69 million CNY, with year-on-year growth rates of 6.66%, 10.78%, and 11.44% respectively [5][59]. - The net profit for the same period is expected to be 47.46 million CNY, 53.37 million CNY, and 55.97 million CNY, with growth rates of 10.23%, 12.44%, and 4.89% respectively [5][59]. - The company's return on equity (ROE) is projected to be 12.60%, 13.68%, and 13.65% for 2024-2026 [5]. Business Model and Market Position - The company operates in the EMS industry, providing a full range of services including product design, research and development, supply chain management, manufacturing, testing, and after-sales support [6][37]. - The EMS market is driven by increasing demand for consumer electronics, with the company benefiting from the growing complexity and rapid turnover of electronic products [38]. - The company has established strong relationships with major clients, with a significant portion of revenue coming from a few large customers, indicating a high customer concentration risk [6][57]. Growth Opportunities - The consumer electronics segment is expected to see a revenue increase, driven by the anticipated growth in PC shipments, with a projected 6% growth in the domestic PC market by 2025 [46]. - The automotive electronics sector is also poised for growth, particularly in smart cockpit applications, with the market expected to expand significantly [49]. - The industrial control segment remains stable, with the company positioned to capitalize on the increasing automation in various industries [55].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [4] Core Views - The company is expected to achieve a revenue of 377 million yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 48 million yuan, reflecting a growth of 10.35% [4] - The consumer electronics market is gradually recovering, and the automotive electronics sector is experiencing rapid growth driven by increasing sales of new energy vehicles [4] - The earnings forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 48 million, 64 million, and 80 million yuan respectively [4] Financial Summary - Revenue for 2024 is projected at 377 million yuan, with a year-on-year growth of 6.5% [7] - Net profit for 2024 is expected to be 48 million yuan, with a year-on-year increase of 10.4% [7] - The company's gross margin is expected to improve from 19.8% in 2024 to 20.5% in 2026 [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.59 yuan, 0.80 yuan, and 0.99 yuan respectively [7] Market Outlook - The global EMS market is expected to exceed 584.69 billion USD in 2024 and surpass 1.42 trillion USD by 2037, with a compound annual growth rate of over 7.1% from 2025 to 2037 [5] - The demand for PCBA in consumer electronics, automotive electronics, and industrial control is anticipated to increase significantly due to rapid product updates and advancements in technology [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a revenue of 377 million yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 48 million yuan, which is a 10.35% increase year-on-year [4] - The automotive electronics market is experiencing rapid growth driven by the increase in new energy vehicle sales, and the company is actively capturing market share and securing new orders [4] - The earnings forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 48 million, 64 million, and 80 million yuan respectively, and corresponding EPS of 0.59, 0.80, and 0.99 yuan [4] Financial Summary - The total revenue for 2022 was 237 million yuan, which increased to 354 million yuan in 2023, and is projected to reach 377 million yuan in 2024, 502 million yuan in 2025, and 623 million yuan in 2026 [12] - The net profit attributable to shareholders was 58 million yuan in 2022, decreased to 43 million yuan in 2023, and is expected to recover to 48 million yuan in 2024, with further growth to 64 million yuan in 2025 and 80 million yuan in 2026 [12] - The company’s gross margin is projected to improve from 33.8% in 2022 to 20.5% in 2026, while the net margin is expected to rise from 24.7% in 2022 to 12.8% in 2026 [12] Market Outlook - The global EMS market is expected to exceed 584.69 billion USD in 2024 and surpass 1.42 trillion USD by 2037, with a compound annual growth rate of over 7.1% from 2025 to 2037 [5] - The demand for PCBA in consumer electronics, automotive electronics, and industrial control is anticipated to grow significantly due to the rapid renewal of consumer electronics and the increasing penetration of new energy vehicles [5]

Financial Performance - The company achieved operating revenue of ¥376,769,926.80, representing a year-on-year growth of 6.53%[4] - Net profit attributable to shareholders of the listed company was ¥47,513,795.02, an increase of 10.35% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥41,540,653.79, showing a significant growth of 47.02% year-on-year[4] - Basic earnings per share were estimated at ¥0.59, reflecting a 10.35% increase from the previous year[6] - Total assets at the end of the reporting period reached ¥523,410,593.64, up 12.68% year-on-year[5] - Shareholders' equity attributable to the listed company was ¥376,750,424.57, marking a 4.29% increase compared to the previous year[5] - The weighted average return on net assets (excluding non-recurring items) was 12.78%, up from 12.12% in the previous year[4] Market Drivers - The company's net profit growth was driven by a recovering consumer electronics market and increased orders in the automotive electronics sector due to rising sales of new energy vehicles[7] - The company maintained stable performance in its industrial control electronics business, contributing to overall revenue growth[7] Cautionary Notes - The financial data presented is preliminary and has not been audited, cautioning investors to be aware of investment risks[8]

证券代码：870357 证券简称：雅葆轩 公告编号：2025-010 芜湖雅葆轩电子科技股份有限公司 持股 5%以上股东减持公司股份的预披露公告（再次披露） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 减持主体的基本情况 | 股东名称 | 股东身份 | | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 孙昌来 | 持股 | 5%以上 | 9,962,310 | 12.4404% | 北交所上市前取得（含权益分 | | | 股东 | | | | 派转增股） | 二、 减持计划的主要内容 | 股 东 | | 计划减 | 减持 | 减持 | 减持 | 拟减持股 | 拟减 持 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 计划减持数量（股） | | | | 价格 | | | | 名 | | 持比例 | 方式 | 期间 | 区间 | 份来源 | 原因 ...

证券代码：870357 证券简称：雅葆轩 公告编号：2025-008 芜湖雅葆轩电子科技股份有限公司 拟续聘 2024 年度会计师事务所公告 涉及会计师事务所提供的资料、信息，会计师事务所保证其提供、报送或 披露的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大 遗漏。 重要内容提示： 拟聘任的会计师事务所：天职国际会计师事务所（特殊普通合伙） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 服务及收费情况：天职国际会计师事务所（特殊普通合伙）已为公司提供 10 年审计服务，上期审计收费 35 万元，本期审计收费 47 万元 一、拟续聘会计师事务所的基本情况 （一）机构信息 公司拟聘任天职国际会计师事务所（特殊普通合伙）为 2024 年年度的审计 机构。 1.基本信息 会计师事务所名称：天职国际会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 5 日 2023 年度末合伙人数量：89 人 2023 年度末注册会计师人数：1,165 人 2023 年度末签署过证券服务业务审计报告 ...

公司拟在 2025 年度向合作银行申请总额不超过 10,000 万元（含 10,000 万 元）的综合授信额度，综合授信内容包括但不限于流动资金贷款，用于补充公司 流动资金。授信额度有效期自本次董事会决议通过之日起至审议新的年度授信额 度的董事会决议通过之日止，在授信额度有效期内，授信额度可循环使用。公司 拟申请的上述授信额度不等于公司实际融资金额，具体授信额度、借款金额、利 率、期限及担保方式等以合作银行审批及签订合同为准。实际融资金额以合作银 行与公司实际发生的融资金额为准。 上述议案在公司董事会权限范围内，无需提交公司股东大会审议。在授信期 限和授信额度内，公司可不再对合作银行办理的单笔借款业务单独召开董事会或 股东大会。公司董事会授权董事长全权代表公司签署上述授信额度内的各项法律 文件，并授权财务部门办理相关手续。 二、 对公司的影响 证券代码：870357 证券简称：雅葆轩 公告编号：2025-007 芜湖雅葆轩电子科技股份有限公司 关于向银行申请综合授信额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 ...

证券代码：870357 证券简称：雅葆轩 公告编号：2025-009 芜湖雅葆轩电子科技股份有限公司 （三）会议召开的合法性、合规性 本次会议的召集、召开时间和召开方式符合《公司法》等有关法律、行政 法规、部门规章。规范性文件和《公司章程》的规定，会议合法有效。 （四）会议召开方式 关于召开 2025 年第一次临时股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开基本情况 （一）股东大会届次 本次会议为 2025 年第一次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 2025 年 2 月 25 日，公司召开了第四届董事会第二次会议，审议通过了《关 于提请召开 2025 年第一次临时股东大会的议案》，公司董事会据此召开本次股 东大会。 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东只能选择现场投票、网络投票或其他表决方式的一种方式， 如果同一表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议 ...

证券代码：870357 证券简称：雅葆轩 公告编号：2025-006 芜湖雅葆轩电子科技股份有限公司 第四届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 会议召集、召开符合《公司法》和《公司章程》的有关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 具体内容详见公司于 2025 年 2 月 25 日在北京证券交易所信息披露平台 （www.bse.cn）披露的《拟续聘 2024 年度会计师事务所公告》（公告编号： （一）会议召开情况 1.会议召开时间：2025 年 2 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 2 月 21 日以通讯方式发出 5.会议主持人：监事会主席 6.召开情况合法、合规、合章程性说明： （一）审议通过《关于公司续聘会计师事务所的议案》 1.议案内容： 2025-008）。 2.议案表决结果：同意 3 票；反对 0 票；弃权 ...