报告期内，在行业上游原材料价格持续攀升及下游市场竞争加剧的背景下，公司继续围绕"拓市场、优 品质、降成本、塑文化"的年度经营方针，坚定聚焦汽车电子核心主业，努力提升计算与通信等重点领 域业务份额，通过加大市场开拓力度、加快产品技术创新、优化产品结构布局、精细化生产管理等措 施，实现了营业收入和净利润的双增长。其中，公司泰国工厂一期项目建设顺利推进，将于2026年一季 度开始试产和产能爬坡，该工厂定位为中高端PCB生产基地，将重点服务海外客户，旨在优化全球供应 链布局，进一步提升公司的核心竞争力。 格隆汇2月6日丨依顿电子(603328.SH)公布2025年年度业绩快报，2025年年度，公司实现营业收入40.25 亿元，同比增长14.80%；实现归属上市公司股东的净利润4.68亿元，同比增长6.97%。 ...

证券日报网讯2月4日，依顿电子（603328）在互动平台回答投资者提问时表示，公司有部分PCB产品应 用于光伏逆变器上，暂未涉及变压器及太空光伏领域。 ...

依顿电子（603328.SH）2月4日在投资者互动平台表示，公司有部分PCB产品应用于光伏逆变器上，暂 未涉及变压器及太空光伏领域。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司PCB产品是否有供货变压器相关产品？目前供 货的光伏PCB主要应用于什么部件，是否涉及太空光伏领域？ （文章来源：每日经济新闻） ...

Group 1 - The company primarily exports to Asia, Europe, and the Americas, including EU member states [2] - The main sales method is direct sales [2] - As of June 2025, the company's foreign sales revenue is projected to be 1.181 billion yuan, accounting for approximately 58% of total operating revenue [2]

Core Viewpoint - The financial performance and trading activity of Yidun Electronics indicate a stable growth trajectory, with a notable increase in revenue and a slight rise in shareholder numbers, while financing activities show a mixed trend [1][2]. Group 1: Financial Performance - As of September 30, Yidun Electronics reported a revenue of 3.053 billion yuan for the period from January to September 2025, representing a year-on-year growth of 16.53% [2]. - The net profit attributable to shareholders for the same period was 367 million yuan, showing a marginal increase of 0.06% year-on-year [2]. - Cumulatively, the company has distributed 4.561 billion yuan in dividends since its A-share listing, with 538 million yuan distributed over the past three years [2]. Group 2: Shareholder and Trading Activity - The number of shareholders for Yidun Electronics reached 47,800, an increase of 12.95% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.47% to 20,894 shares [2]. - On January 15, the company’s stock price increased by 1.35%, with a trading volume of 174 million yuan, while the financing balance stood at 377 million yuan, accounting for 3.33% of the market capitalization [1].

Core Viewpoint - The company emphasizes its commitment to research and development, showcasing a significant increase in R&D investment for the first three quarters of 2025 compared to the previous year [1] Group 1: R&D Investment - The company reported an R&D investment of 130 million yuan for the first three quarters of 2025 [1] - This represents a year-on-year increase of 19.37% in R&D spending [1]

Group 1 - The company, Yidun Electronics, stated that it strictly adheres to relevant laws and regulations regarding timely information disclosure [2] - The company encourages investors to pay attention to future announcements regarding disclosures [2]

Core Viewpoint - The company has emphasized its commitment to investor returns since its listing, with cumulative cash dividends exceeding 4.561 billion yuan, which is more than three times the amount raised during its IPO [1] Group 1: Financial Performance - Cumulative cash dividends amount to 4.561 billion yuan [1] - The cash dividends are over three times the funds raised during the IPO [1] Group 2: Future Strategy - The company plans to continue focusing on its core business to enhance operational efficiency [1] - The goal is to provide better performance and sustainable shareholder returns to reward investor trust and support [1]

Core Insights - The automotive PCB industry is experiencing significant growth, with the global market size projected to increase from $6.457 billion in 2020 to $9.195 billion by 2024, representing a compound annual growth rate (CAGR) of 9.2% [2] - China, as the largest automotive producer and consumer, is expected to see its automotive PCB market reach approximately 22.27 billion yuan in 2024, growing by 4.3% year-on-year, driven by the rapid advancement of electric vehicles and smart automotive technologies [2] Industry Overview - Printed Circuit Boards (PCBs) are essential components in various sectors, including automotive, consumer electronics, industrial, medical, and military applications [4] - In the automotive sector, PCBs must exhibit excellent electrical performance and reliability, with rigorous testing for high-temperature aging, low-temperature shock, and thermal cycling [8] - The automotive PCB market is characterized by a shift towards high-end products, with increasing demand for advanced technologies such as ADAS and electric vehicle components [2][4] Market Dynamics - The automotive PCB market is expected to expand further, reaching $9.712 billion in 2025, with a year-on-year growth of 5.6% [2] - The competitive landscape is evolving, with a tiered structure where international giants dominate high-end markets while Chinese companies focus on mid-range segments [2] - Key competitors in the automotive PCB space include companies like Huada Technology, Shennan Circuit, and Jinko Electronics, with market shares of 3.7%, 2.3%, and 4.1% respectively in 2024 [2][3] Application and Characteristics - Automotive PCBs are categorized into flexible PCBs, rigid PCBs, thick copper PCBs, multilayer PCBs, and HDI boards, each serving different applications based on their material properties [5] - Key features required for automotive PCBs include durability, lightweight design, high current carrying capacity, and thermal resistance, which are critical for various automotive applications such as battery management systems and electronic control units [5][8] Industry Supply Chain - The automotive PCB supply chain consists of upstream raw materials (electrolytic copper, wood pulp, fiberglass, synthetic resins), midstream manufacturing, and downstream applications in traditional and electric vehicles [6][7] - The manufacturing process is capital and technology-intensive, with high barriers to entry due to the lengthy certification processes required by automotive manufacturers [6]

Core Viewpoint - The company, Yidun Electronics, has shown a modest increase in stock price and trading volume, with significant financing activities indicating investor interest despite a low financing balance relative to market capitalization [1][2]. Group 1: Stock Performance - On January 9, Yidun Electronics' stock rose by 1.51%, with a trading volume of 269 million yuan [1]. - The financing buy-in amount for Yidun Electronics on the same day was 33.72 million yuan, while the financing repayment was 33.15 million yuan, resulting in a net financing buy of 569,800 yuan [1]. - As of January 9, the total financing and securities lending balance for Yidun Electronics was 358 million yuan [1]. Group 2: Financing and Securities Lending - The current financing balance for Yidun Electronics is 356 million yuan, accounting for 3.12% of its market capitalization, which is below the 50th percentile level over the past year, indicating a low position [1]. - On January 9, there were no shares repaid in securities lending, with 1,000 shares sold, amounting to 11,400 yuan at the closing price [1]. - The securities lending balance stood at 1.65 million yuan, also below the 50th percentile level over the past year, indicating a low position [1]. Group 3: Company Financials - As of September 30, Yidun Electronics had 47,800 shareholders, an increase of 12.95% from the previous period, while the average circulating shares per person decreased by 11.47% to 20,894 shares [2]. - For the period from January to September 2025, Yidun Electronics reported a revenue of 3.053 billion yuan, representing a year-on-year growth of 16.53%, and a net profit attributable to shareholders of 367 million yuan, with a slight increase of 0.06% year-on-year [2]. - Since its A-share listing, Yidun Electronics has distributed a total of 4.561 billion yuan in dividends, with 538 million yuan distributed over the past three years [2]. Group 4: Shareholder Composition - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Yidun Electronics, holding 14.9978 million shares, an increase of 7.7505 million shares from the previous period [2]. - The Southern CSI 1000 ETF (512100) was the fifth-largest circulating shareholder, holding 4.5625 million shares, a decrease of 51,600 shares from the previous period [2]. - The Huaxia CSI 1000 ETF (159845) was the ninth-largest circulating shareholder, holding 2.7134 million shares, with a reduction of 3,900 shares from the previous period [2].