32年深耕电路板主业，景旺电子抓住AI算力机遇

Core Viewpoint - Jingwang Electronics has evolved from a small factory in Shenzhen to a global leader in the PCB industry, achieving a market value exceeding 56 billion yuan through technological innovation and quality commitment [1][4]. Company Development - Founded in 1993, Jingwang Electronics began its journey in Shenzhen, focusing on PCB production amidst a competitive landscape dominated by foreign companies [3]. - The company initially struggled with low automation and financial difficulties but gradually stabilized in the communication and home appliance sectors [3][4]. - In 2008, Jingwang shifted its focus to the automotive electronics sector, recognizing the growing demand and higher value of PCBs in vehicles [4]. Market Position and Growth - 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 world's largest automotive PCB supplier [4][6]. - The company claims that 60% of global mainstream vehicles utilize its high-end circuit boards, emphasizing its commitment to quality over quantity [4][6]. Strategic Investments - Jingwang went public in 2017, which accelerated its growth and allowed for significant investments in advanced production capacity, raising a total of 3.912 billion yuan through convertible bonds [5][7]. - In 2019, the company invested 5 billion yuan in a new factory for high-layer and substrate-like PCBs, despite initial performance pressures [5][6]. Technological Advancements - The rise of artificial intelligence has led to a surge in demand for high-end PCBs, with Jingwang's HDI and high-layer products becoming increasingly sought after in markets like AI servers and data centers [6][7]. - The company is actively upgrading its existing production lines and establishing new facilities to meet the growing demand in these sectors [6][7]. Long-term Vision and Values - Over 32 years, Jingwang has expanded its operations across multiple locations in Guangdong and Jiangxi, employing 19,000 staff and achieving a revenue of 12.6 billion yuan in 2024, ranking tenth in the global PCB industry [7][8]. - The company emphasizes a long-term commitment to high-tech, high-value products, with over 3.5 billion yuan invested in R&D over the past decade [7][8]. - Jingwang's philosophy centers on human-centric values, quality manufacturing, and social responsibility, aiming to produce more high-end circuit boards under the "China Intelligent Manufacturing" banner [8].