A股上市逾一年，广合科技递表港交所

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. (referred to as "Guanghe Technology") has submitted a listing application to the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, following its successful listing on the Shenzhen Stock Exchange in April 2024 [1] Group 1: Company Overview - Guanghe Technology specializes in the research, production, and sales of customized PCBs for computing servers and other computing scenarios, with applications in data centers, cloud computing, industrial internet, artificial intelligence, 5G communications, automotive electronics, security, and printing [1] - The company ranks first among PCB manufacturers for computing servers in mainland China and third globally, holding a 4.9% share of the global market based on cumulative revenue from 2022 to 2024 [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.412 billion yuan, 2.678 billion yuan, and 3.734 billion yuan respectively, while net profit attributable to the parent company is expected to be 280 million yuan, 415 million yuan, and 676 million yuan for the same years [1] - In the first quarter of the current year, Guanghe Technology reported revenue and net profit attributable to the parent company of 1.117 billion yuan and 240 million yuan respectively [1] Group 3: Market Trends and Demand - The rapid development of emerging technologies, particularly AI, has led to an explosive growth in global computing power demand, significantly boosting the demand for PCBs in computing scenarios, especially for computing servers [2] - The AI server PCB market is projected to grow from 3.2 billion USD in 2024 to 7.0 billion USD by 2029, with a compound annual growth rate (CAGR) of 16.5% from 2024 to 2029 [2] - Revenue from AI servers and general servers accounted for 67.8%, 69.4%, and 72.5% of total revenue during the reporting period, with overseas revenue expected to exceed 70% in 2024 [2] Group 4: Operational Insights - Guanghe Technology faces high customer concentration risk, with the top five customers accounting for 63.6%, 65.6%, and 61.4% of main business revenue during the reporting period, and the largest customer contributing 26.5%, 26.6%, and 24.6% of total revenue [2] - The company has not fully utilized its production capacity, with the Huangshi base's capacity utilization rate at 64.7% and the Guangzhou base at 92.1% in 2024 [2][3] Group 5: Fundraising and Future Plans - The net proceeds from the A-share initial public offering amounted to 653 million yuan, which will be used for the Huangshi Guanghe Precision Circuit Co., Ltd. PCB project, working capital, and repaying bank loans [2] - The funds raised from the Hong Kong listing are expected to be allocated towards the second phase of the Thailand base project, upgrading production facilities in Guangzhou, enhancing R&D capabilities, and seeking strategic partnerships or acquisitions [4]