AI驱动PCB爆火，湖北黄石冲出一家IPO，3年收入超100亿，负债率较高

Core Viewpoint - The PCB industry is experiencing a bullish trend driven by AI development, with several companies' stock prices rising significantly. Super Electronics is preparing for its IPO amid this optimistic outlook, although it faces high debt levels and pressure from accounts payable [1][15]. Company Overview - Super Electronics, established in November 2015 and headquartered in Huangshi, Hubei, focuses on PCB manufacturing with no actual controlling shareholder. Its indirect controlling shareholder is a Taiwanese company, Dingying Investment Holdings [2]. - The company primarily produces PCBs for automotive electronics, displays, and storage, with a revenue distribution of 68.61%, 16.20%, and 8.59% from these sectors respectively in 2024 [5]. Financial Performance - Super Electronics reported revenues of 3.514 billion, 3.656 billion, and 4.124 billion yuan for 2022, 2023, and 2024 respectively, with a total revenue of approximately 11.294 billion yuan over three years. Net profits for the same years were 141 million, 266 million, and 276 million yuan [6]. - The company's asset-liability ratio was 67.69% in 2024, indicating a high level of debt, with significant short-term and long-term borrowings [7][10]. Product and Market Position - The company’s product offerings include double-sided and multi-layer PCBs, with a revenue share of 51.98% from four and six-layer boards and 38.59% from eight-layer and above boards in 2024 [3]. - Super Electronics ranks 23rd among PCB manufacturers in China, with a competitive landscape that includes major players like Shenzhen South Circuit and Jiewang Electronics [12][14]. Industry Trends - The PCB industry is capital-intensive, with Super Electronics investing heavily in fixed assets, leading to increased liabilities. The global PCB market is projected to grow by 5.8% in 2024, driven by demand in servers and communications [10][12]. - The company is expected to benefit from the ongoing AI-driven demand in the PCB sector, although it must navigate its high debt levels and account payable pressures [15].