Core Viewpoint - ChaoYing Electronics has successfully listed on the Shanghai Stock Exchange, demonstrating strong market performance and investor confidence in its competitive position within the PCB industry [1] Company Overview - ChaoYing Electronics (stock code: 603175) is a significant player in the PCB sector, which is essential for various electronic devices, including smartphones and electric vehicles [3] - The company ranked 23rd among comprehensive PCB enterprises in China and is among the top ten global automotive electronics PCB suppliers [3][4] Financial Performance - The company's revenue increased from 3.51 billion yuan in 2022 to 4.12 billion yuan in 2024, while net profit nearly doubled from 140.83 million yuan to 276.22 million yuan during the same period [4] - In the first half of 2025, the company achieved a revenue of 2.185 billion yuan, with a year-on-year growth of 12.63% [4] - The gross profit margin improved significantly, reflecting a shift towards higher-end products [4] Research and Development - ChaoYing Electronics has invested in R&D, with expenses rising from 107 million yuan to 135 million yuan over three years, and the R&D team has grown in size and qualifications [5] - The company holds 14 invention patents and 85 utility model patents, showcasing its technological capabilities [5] Client Base and Market Position - The company has established long-term partnerships with major automotive suppliers and has received multiple awards for its quality and service [6] - Over 80% of its revenue comes from international sales, indicating a strong global market presence [6] Industry Opportunities - The global PCB market is projected to grow at a compound annual growth rate of 5.5% from 2024 to 2028, with significant opportunities in automotive electronics, servers, and communications [7] - The company is well-positioned to capitalize on these trends, particularly in the automotive electronics sector, which is its primary revenue source [7] Capacity Expansion and IPO Utilization - ChaoYing Electronics is optimizing its production capacity, with new facilities in both domestic and international markets to enhance its manufacturing capabilities [8] - The IPO funds will be used to expand production capacity and improve financial stability, supporting the company's growth strategy [8]

Core Viewpoint - ChaoYing Electronics successfully listed on the Shanghai Stock Exchange, raising a total of 897 million yuan through the issuance of 52.5 million shares, with funds primarily allocated for the second phase of high-layer and high-density interconnect (HDI) PCB projects to enhance production capacity and technology levels in response to growing demand in the automotive electronics market [1][2][5] Company Overview - Established in 2015, ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with a focus on automotive electronics [2] - The company is one of the few in China capable of mass production of multi-layer HDI and arbitrary-layer interconnected HDI automotive electronic boards [2] Financial Performance - Revenue for ChaoYing Electronics is projected to grow from 35.14 billion yuan in 2022 to 41.24 billion yuan in 2024, with net profits increasing from 1.41 billion yuan to 2.76 billion yuan during the same period, indicating a steady growth in profitability [2] - In the first three quarters of 2023, the company achieved a revenue of 33.78 billion yuan, reflecting a year-on-year growth of 10.71% [2] IPO Details - The IPO involved the issuance of 52.5 million shares at a price of 17.08 yuan per share, with 30.79 million shares offered online and 14.68 million shares offered offline [3] - Strategic investors included Tianjin BOE Innovation Investment Co., Ltd. and Huangshi Guoxin New Energy Industry Investment Fund, among others [3] Market Position and Industry Trends - ChaoYing Electronics ranks 23rd among PCB companies in China and is among the top ten global suppliers of automotive electronic PCBs as of 2023 [4] - The shift towards electrification, intelligence, and connectivity in the global automotive industry is expanding the market for PCBs, with electronic components in new energy vehicles accounting for a significantly higher proportion of vehicle costs compared to traditional vehicles [4] Future Plans - The funds raised from the IPO will be used to enhance production capacity at the Huangshi production base, adding 360,000 square meters of annual capacity to meet increasing market demand [5] - The company aims to improve its operational efficiency and technological capabilities through automation, digitalization, and intelligent processes over the next three years [5]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Group 1: New Stock Performance - Two new stocks were listed last week (October 20-24), with an average first-day price increase of 263.20%[2] - Both new stocks had first-day gains exceeding 100%, specifically Chao Ying Electronics at 397.60% and Marco Polo at 128.80%[2][4] - The total fundraising amount for new stocks last week increased by 1.591 billion yuan compared to the previous week[3] Group 2: Weekly and Monthly Trends - The number of new stocks listed remained unchanged at 2 for the week of October 20-24, with no first-day price drops recorded[3] - For the week of October 13-17, the average first-day price increase was 325.18%, with two stocks showing gains over 100%[4] - Monthly data shows that from October 1 to October 24, 5 new stocks were listed, raising 3.653 billion yuan, with an average first-day increase of 305.31%[10]

Core Points - C Chao Ying (603175) experienced a significant increase of 397.60% on its first trading day, with a turnover rate of 83.73% and a transaction volume of 2.764 billion yuan [1] - The stock attracted a net inflow of 850 million yuan from major funds on its debut, with large orders contributing 363 million yuan and 489 million yuan respectively [2] Company Overview - The company specializes in the research, development, production, and sales of printed circuit boards [2] Financing and Trading Details - On its first trading day, the stock had a financing buy-in amount of 163 million yuan, accounting for 5.91% of the total trading volume, with a latest financing balance of 152 million yuan, representing 4.06% of the circulating market value [1] - The top five trading departments on the stock's debut had a combined transaction volume of 383 million yuan, with a net buying amount of 660,000 yuan [2]

Core Viewpoint - ChaoYing Electronics experienced a significant stock price increase of 397.60% on October 24, with a trading volume of 2.764 billion yuan, indicating strong market interest and potential investor confidence [1] Financing Summary - On October 24, ChaoYing Electronics had a financing buy-in amount of 163 million yuan, with a net financing purchase of 152 million yuan after repaying 11.595 million yuan [1] - The current financing balance stands at 152 million yuan, which represents 4.06% of the circulating market value [1] - There were no short selling activities on the same day, with both short selling repayment and selling amount recorded as 0 [1] Company Overview - ChaoYing Electronics Circuit Co., Ltd. is located in Huangshi City, Hubei Province, and was established on November 6, 2015, with its listing date on October 24, 2025 [1] - The company's main business involves the research, development, production, and sales of printed circuit boards (PCBs), with PCB sales accounting for 95.68% of total revenue and other supplementary income making up 4.32% [1] Financial Performance - For the period from January to September 2025, ChaoYing Electronics reported a revenue of 3.378 billion yuan, reflecting a year-on-year growth of 10.71% [1] - The net profit attributable to the parent company was 212 million yuan, showing a year-on-year decrease of 12.14% [1] Shareholder Information - As of October 24, the number of shareholders for ChaoYing Electronics reached 69,000, representing a dramatic increase of 1,150,400% compared to the previous period [1] - The average number of circulating shares per shareholder is 637 shares, with no change from the previous period [1]

Group 1 - The new stock sector experienced a significant rebound last week, with an average increase of 4.9% since the beginning of 2024, and approximately 90.8% of new stocks achieving positive returns [1][13][30] - The short-term sentiment in the new stock market is expected to stabilize after a period of volatility, but the upcoming quarterly earnings reports may introduce performance disturbances [2][13] - The focus remains on sectors with stable earnings expectations, particularly in new energy, new consumption, and non-ferrous metals, while also tracking long-term investment themes such as robotics, AI, and innovative pharmaceuticals [3][13] Group 2 - Last week, two new stocks were listed, with an average first-day increase of 263%, indicating high trading enthusiasm despite some differentiation in performance [5][27] - The average first-day closing price-to-earnings ratio for new stocks in October has significantly increased to 106.4X, compared to 54.5X in the previous month, suggesting a rising trend in new stock pricing [18][20] - The upcoming week will see the listing of several new stocks, including He Yuan Biological and Xi'an Yicai, with an average issuance price-to-earnings ratio of 17.8X for new stocks expected to be listed [4][35][38]

Group 1: Company Overview - Daming Electronics (603376.SH) is primarily engaged in the design, development, production, and sales of automotive body electronic control systems, having evolved from Huaxia Radio Factory established in 1989 [1][2] - The company has developed five core product systems: driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems, making it one of the few companies in China capable of R&D and mass production of complete automotive body electronic control systems [2][3] Group 2: Financial Metrics - The initial offering price for Daming Electronics is set at 12.55 yuan per share, with an institutional pricing of 12.67 yuan per share, and a market capitalization of 4.518 billion yuan [2] - The company’s projected earnings per share (EPS) reflects a price-to-earnings (P/E) ratio of 17.97, compared to the industry average of 30.42 [2] - Daming Electronics aims to raise 4 billion yuan, with 3 billion yuan allocated for a new factory in Chongqing and 1 billion yuan for working capital [2] Group 3: Market Position and Clientele - Daming Electronics has established long-term stable partnerships with major domestic automotive groups such as Changan Automobile, SAIC Group, FAW Group, and BYD, and has entered the supply chains of joint ventures like GAC Toyota and FAW Toyota [3] - The company is expanding its product applications in the new energy vehicle sector, successfully integrating its products into popular models from brands like BYD, NIO, and Xpeng [3] Group 4: Industry Context and Risks - The automotive parts industry is experiencing a maturity phase, leading to increased bargaining power for downstream clients, which may result in price reductions for components [3][4] - Daming Electronics has reported fluctuations in its gross profit margin, projected to be 20.91%, 20.65%, 21.09%, and 18.13% from 2022 to the first half of 2025, influenced by various factors including customer pricing policies and material costs [4]

Core Viewpoint - ChaoYing Electronics has successfully listed on the Shanghai Stock Exchange, focusing on the research, production, and sales of printed circuit boards (PCBs) with applications in various sectors including automotive electronics and consumer electronics [1] Group 1: Company Overview - ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards, offering a wide range of products from double-sided boards to 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [1] - The company is recognized as a national high-tech enterprise with core independent intellectual property rights and has accumulated extensive experience in PCB R&D and production [1] - According to CPCA's report, ChaoYing ranks 23rd among comprehensive PCB companies in China and is among the top ten global automotive electronics PCB suppliers and the top five in China [1] Group 2: Innovation and R&D - ChaoYing places a strong emphasis on talent acquisition and product innovation, holding 14 invention patents and 85 utility model patents as of the end of 2024 [2] - The company has received numerous accolades, including being recognized as a "hidden champion" in Hubei Province's pillar industries and a "demonstration unit of intelligent manufacturing" [2] Group 3: Client Relationships - ChaoYing has established stable partnerships with renowned clients in various sectors, including major automotive suppliers like Continental, Valeo, Bosch, and Tesla in the automotive electronics field [2] - In the display sector, the company collaborates with leading manufacturers such as BOE and LG Group, while in the storage sector, it partners with Seagate, Western Digital, and SK Hynix [3] Group 4: Future Development Strategy - The company aims to enhance its production capabilities and efficiency over the next three years by focusing on technological innovation and lean manufacturing practices [4] - Plans include improving existing factories, implementing automation and digitalization, and increasing production capacity for high-end products such as HDI boards and thick copper boards to better serve customer needs [4]

Core Insights - ChaoYing Electronics officially listed on the Shanghai Stock Exchange on October 24, with a closing price increase of 397.6%, reaching 84.99 CNY per share and a market capitalization of 37.14 billion CNY [1] - The company issued 52.5 million shares, raising 0.897 billion CNY, primarily for working capital, bank loan repayment, and the second phase of high-layer and HDI projects [1] Company Overview - Founded in 2015, ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, consumer electronics, and communications [1] - The company ranks 23rd among PCB manufacturers in China according to the China Electronic Circuit Industry Association for 2024 and is among the top ten global suppliers of automotive electronic PCBs [1] Financial Performance - Revenue figures for ChaoYing Electronics from 2022 to 2024 are projected at 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, respectively, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [1] - For the first three quarters of 2025, the company reported revenue of 3.378 billion CNY, a year-on-year increase of 10.71%, driven by demand in communication and storage sectors due to AI technology advancements [2] Product and Market Segmentation - The main revenue sources for ChaoYing Electronics are four, six, and eight-layer boards, with their share increasing from 90.67% in 2022 to 93.33% in 2024, particularly for higher-priced eight-layer and above boards [2] - Automotive electronics represent the primary application area, contributing 64.17%, 71.23%, and 68.61% of revenue from 2022 to 2024 [2] - The company primarily sells overseas, with international sales accounting for 81.89%, 81.67%, and 82.77% of total revenue during the same period, with Asia making up about half of this [2] Customer Concentration - Sales to the top five customers accounted for 49.22%, 51.59%, and 44.99% of the main business revenue from 2022 to 2024, indicating a significant customer concentration [2]