Group 1 - PCB concept stocks experienced a surge, with Jin'an Guoji (002636) hitting the daily limit up [1] - Pengding Holdings (002938) rose over 7%, indicating strong market interest [1] - Other companies such as Zhongjing Electronics (002579), Shennan Circuit (002916), Yihau New Materials (301176), and Guanghe Technology (001389) also saw increases in their stock prices [1]

民生证券股份有限公司关于广州广合科技股份有限公司 使用募集资金向全资子公司增资实施募投项目的核查意见 民生证券股份有限公司（以下简称"保荐人"）作为广州广合科技股份有限 公司（以下简称"公司"）首次公开发行股票并在主板上市的保荐人，根据《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市 公司募集资金监管规则》《深圳证券交易所股票上市规则》《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等 相关规定，对公司拟使用募集资金向全资子公司黄石广合精密电路有限公司（以 下简称"黄石广合"）增资以实施募投项目的事项进行了核查，并出具核查意见 如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广州广合科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕2182 号）同意注册，并经深圳证券交 易所《关于广州广合科技股份有限公司人民币普通股股票上市的通知》（深证上 〔2024〕239 号）同意，公司获准向社会公开发行人民币普通股（A 股）股票 4,230.00 万股，本次公开发行人民币普通股每股面值为人民币 1.00 元 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-038 广州广合科技股份有限公司 关于使用募集资金向全资子公司增资实施募投项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 说明书》，并经公司第二届董事会第六次会议审议通过《关于调整募集资金投资 项目拟投入募集资金金额的议案》，公司募投项目及募集资金使用计划如下： 单位：万元 | 序 | 募集资金投资项目 | 项目投资 | 原计划拟投入 | 调整后拟投入 | | --- | --- | --- | --- | --- | | 号 | | 总额 | 募集资金 | 募集资金 | | 1 | 黄石广合精密电路有限公司 广合电路多高层精密线路板 | 66,810.52 | 66,810.52 | 47,552.18 | | | 项目一期第二阶段工程 | | | | | 2 | 广州广合科技股份有限公司 补充流动资金及偿还银行贷 | 25,000.00 | 25,000.00 | 17,793.67 | | | 款 | | | | | | 合计 | 91,810.52 | 91,810.52 | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：001389 证券简称：广合科技 公告编号：2025-037 广州广合科技股份有限公司 第二届董事会第十五次会议决议公告 本议案经董事会表决，以 7 票同意、0 票反对、0 票弃权的表决结果通过。 一、董事会会议召开情况 广州广合科技股份有限公司（以下简称"公司"）第二届董事会第十五次会 议于 2025 年 6 月 25 日在公司二楼会议室以现场结合通讯的方式举行，会议通知 于 2025 年 6 月 20 日以通讯方式发出。会议应到董事 7 人，实到董事 7 人。 会议由董事长肖红星先生主持，公司高级管理人员列席了会议。会议的召集、 召开符合有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 经各位董事认真审议，会议形成了如下决议： 1、审议通过了《关于使用募集资金向全资子公司增资实施募投项目的议案》 公司本次使用募集资金向全资子公司增资系为满足募投项目实施需要，有利 于保障本次募投项目建设，符合募集资金使用计划和安排，不存在改变或变相改 变募集资金投向和损害股东利益的情况。本次增资不涉 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The demand growth driven by AI will continue to elevate the need for high-frequency, high-speed boards, HDI boards, and IC carrier boards. The company is well-positioned to capitalize on market opportunities by enhancing its product structure through technological innovation and digitalization, leading to steady improvements in operational performance [4]. - The overseas base in Thailand is progressing as planned, with trial production already underway. This project is expected to establish a solid foundation for long-term performance growth, with an anticipated production capacity of 150 to 200 million units by 2025 [5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 49.6 billion, 58.7 billion, and 67.8 billion yuan respectively, with net profits of 8.9 billion, 11.3 billion, and 13.3 billion yuan respectively. The report maintains a "Buy" rating based on these forecasts [6]. - The company is expected to achieve a revenue growth rate of 39.43% in 2024, followed by 32.91% in 2025, 18.18% in 2026, and 15.56% in 2027 [8]. Financial Metrics - The latest closing price is 54.97 yuan, with a total market capitalization of 234 billion yuan and a circulating market value of 83 billion yuan. The company has a debt-to-asset ratio of 45.9% and a price-to-earnings ratio of 33.11 [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.09 yuan, 2.65 yuan, and 3.14 yuan respectively, with corresponding price-to-earnings ratios of 26.34, 20.80, and 17.60 [10].

Group 1 - The growth in downstream demand driven by AI will continue to boost the demand for high-end PCBs such as high-frequency high-speed boards, HDI boards, and IC substrates [1] - The PCB market inventory is expected to improve significantly in 2024, with a clear recovery in the industry due to sustained high demand in AI and automotive electronics, as well as improvements in consumer electronics [1] - The demand for AI computing power will continue to grow, driven by ongoing capital expenditure increases from global cloud server vendors, leading to sustained high prosperity in the AI server market [1] Group 2 - The company is actively seizing market opportunities by expanding its computing power product market, focusing on technological innovation to optimize product structure, and enhancing production efficiency through digitalization [1] - The overseas base in Thailand is progressing smoothly, with equipment commissioning completed by the end of March and trial production already underway [1] - The Thailand project is positioned for data center server and switch products, with a production capacity expected to reach between 150 million to 200 million units in 2025, laying a solid foundation for long-term performance growth [1] Group 3 - The company forecasts revenues of 4.96 billion, 5.87 billion, and 6.78 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 890 million, 1.13 billion, and 1.33 billion yuan for the same years [2] - The company has initiated coverage with a "buy" rating based on these projections [2]

Core Viewpoint - Guanghe Technology (001389) is planning to list on the Hong Kong Stock Exchange to enhance its international presence and raise funds for its Thailand base expansion and R&D capabilities [1][4]. Group 1: Company Overview - Guanghe Technology specializes in PCB for computing servers and serves eight of the top ten global server manufacturers [1]. - The company has transformed from a near-bankrupt factory to a leading player in the PCB industry, achieving annual revenue of 3.7 billion yuan [1]. - According to Frost & Sullivan, Guanghe Technology ranks first among mainland Chinese PCB manufacturers for computing servers and third globally, holding a 4.9% market share [1]. Group 2: Financial Performance - Revenue figures for Guanghe Technology from 2022 to 2024 are projected to be 2.412 billion yuan, 2.678 billion yuan, and 3.734 billion yuan, with corresponding net profits of 280 million yuan, 415 million yuan, and 676 million yuan [11]. - The revenue contribution from the top five customers is significant, accounting for over 60% of total revenue, with figures of 1.5336 billion yuan (63.6%), 1.7567 billion yuan (65.6%), and 2.2919 billion yuan (61.4%) for the years 2022, 2023, and 2024 respectively [11][12]. Group 3: Customer Concentration and Risks - The company has a high customer concentration, with the top five clients contributing more than 60% of its revenue, which poses risks if any of these clients face operational issues [3][12]. - Accounts receivable have surged by 83% over three years, indicating potential cash flow risks, with amounts reaching 1.05 billion yuan in 2022, 1.087 billion yuan in 2023, and projected to hit 1.293 billion yuan in 2024 [3][12]. Group 4: Internationalization Strategy - The H-share listing aims to build an offshore financing platform and enhance the company's international brand presence, with over 70% of revenue currently coming from overseas [13][14]. - The company plans to use the funds raised from the H-share listing for the second phase of its Thailand base, upgrading its Guangzhou facilities, and enhancing R&D capabilities [15].

Group 1 - Company Guanghe Technology (001389) has submitted an application for H-share listing on the Hong Kong Stock Exchange, with a maximum issuance of H-shares not exceeding 20% of the total share capital post-issuance [2] - The funds raised will be used for product research and development, expansion of product applications, capacity expansion, overseas market development, and general corporate purposes [2] - Guanghe Technology is a leading manufacturer of key components for computing servers, focusing on customized PCBs for various applications including computing, industrial, and consumer sectors [2][3] Group 2 - According to Frost & Sullivan, Guanghe Technology ranks first among PCB manufacturers for computing servers in mainland China and third globally, with a market share of 4.9% [3] - The company has shown significant revenue growth, with projected revenues of approximately 24.12 billion yuan, 26.78 billion yuan, and 37.34 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 16.23%, 11.02%, and 39.43% [3] - The net profit attributable to shareholders is expected to reach approximately 2.80 billion yuan, 4.15 billion yuan, and 6.80 billion yuan for the same years, with growth rates of 176.63%, 48.29%, and 63.04% respectively [3]

证券代码：001389 证券简称：广合科技 公告编号：2025-036 广州广合科技股份有限公司 关于向香港联交所递交 H 股发行与上市的申请 并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州广合科技股份有限公司（以下简称"公司"）已于 2025 年 6 月 11 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在 香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香港联 交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港证券及期货事 务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为 草拟版本，其所载资料可能会适时作出更新和变动，投资者不应根据其中的资料 作出任何投资决定。 本次发行如果最终实施，鉴于本次发行的认购对象仅限于符合相关条件的境 外投资者及依据中国相关法律法规有权进行境外证券投资的境内合格投资者，公 司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登该申 请资料，但为使境内投资者及时了解该等申请资料披露的本次发行以及公司的其 他相关信息 ...

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors [1] Company Overview - Guanghe Technology is a leading manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company ranks first among PCB manufacturers for computing power servers in mainland China and third globally, holding a 4.9% share of the global market [3] - In the CPU motherboard PCB segment for computing servers, Guanghe Technology also ranks first in mainland China and third globally, with a 12.4% global market share [3] Industry Trends - The demand for electronic devices is expected to grow significantly due to the proliferation of AI, data centers, vehicle networking, robotics, and IoT applications, presenting major growth opportunities for PCBs [3] - The increasing global demand for computing power is driving rapid development in the computing power PCB market [3] - The development of industrial control and automotive electronics is steadily increasing the demand for industrial scene PCBs [4] - The iteration and upgrade of consumer electronics are contributing to stable growth in the consumer scene PCB market [5] Competitive Landscape - The industry is characterized by intense competition and is technology-intensive, with global customers demanding more advanced technology, higher reliability, and PCBs tailored for specific applications [5] - Chinese PCB manufacturers have established a solid position in the global market, and their market share is expected to grow steadily as they gain recognition from global customers [5] - Technological advancements remain a key driver of competitiveness, with innovations in material technology and breakthroughs in high-precision, high-efficiency manufacturing processes accelerating industry upgrades [6] Financial Performance - Guanghe Technology's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 2.412 billion, RMB 2.678 billion, and RMB 3.734 billion, respectively [6] - The company's comprehensive income for the same years is expected to be around RMB 280 million, RMB 415 million, and RMB 680 million [6] - The gross profit margin is expected to improve from 26.1% in 2022 to 33.4% in 2024, indicating enhanced profitability [7]