Kinwong(SH:603228) Zhong Guo Zheng Quan Bao·2025-08-25 20:08Core Insights - The article highlights the growth and transformation of Jingwang Electronics from a small factory in Shenzhen to a global leader in the PCB industry, achieving a market value exceeding 56 billion yuan [1][4]. Company Development - Founded in 1993, Jingwang Electronics has focused on the PCB industry, leveraging technological innovation and product quality to rise to the top ten in the global PCB market [1]. - The company initially struggled with low automation and financial difficulties but overcame these challenges through a focus on product quality and employee cohesion [2]. - By 2024, Jingwang's automotive electronics business is projected to generate 5.8 billion yuan in revenue, marking a 33% year-on-year increase, making it the largest automotive PCB supplier globally [2]. Strategic Positioning - The company strategically entered the automotive electronics sector in 2008, recognizing the increasing demand for reliable PCBs in vehicles, especially with the rise of electric vehicles [2]. - Jingwang Electronics has established seven production bases across Guangdong and Jiangxi, employing 19,000 staff and achieving a revenue of over 12.6 billion yuan in 2024, ranking tenth in the global PCB industry [4][5]. Technological Advancements - In 2017, the company went public, which facilitated significant capital raising, totaling 3.912 billion yuan through convertible bonds to expand advanced production capacity [3]. - The company invested 5 billion yuan in 2019 to build a factory for high-layer and substrate-like PCBs, which faced initial performance pressures but ultimately led to recognition from global high-end clients [3]. Market Trends - With the advent of artificial intelligence and the increasing demand for high-end PCBs in AI servers and data centers, Jingwang Electronics has positioned itself to capitalize on these trends, upgrading its production capabilities accordingly [3][5]. - The company has committed over 3.5 billion yuan in R&D over the past decade, ensuring a strong focus on high-tech, high-value-added products [5].