Core Insights - ChaoYing Electronics officially listed on the Shanghai Stock Exchange on October 24, with a closing price increase of 397.6%, reaching 84.99 CNY per share and a market capitalization of 37.14 billion CNY [1] - The company issued 52.5 million shares, raising 0.897 billion CNY, primarily for working capital, bank loan repayment, and the second phase of high-layer and HDI projects [1] Company Overview - Founded in 2015, ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, consumer electronics, and communications [1] - The company ranks 23rd among PCB manufacturers in China according to the China Electronic Circuit Industry Association for 2024 and is among the top ten global suppliers of automotive electronic PCBs [1] Financial Performance - Revenue figures for ChaoYing Electronics from 2022 to 2024 are projected at 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, respectively, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [1] - For the first three quarters of 2025, the company reported revenue of 3.378 billion CNY, a year-on-year increase of 10.71%, driven by demand in communication and storage sectors due to AI technology advancements [2] Product and Market Segmentation - The main revenue sources for ChaoYing Electronics are four, six, and eight-layer boards, with their share increasing from 90.67% in 2022 to 93.33% in 2024, particularly for higher-priced eight-layer and above boards [2] - Automotive electronics represent the primary application area, contributing 64.17%, 71.23%, and 68.61% of revenue from 2022 to 2024 [2] - The company primarily sells overseas, with international sales accounting for 81.89%, 81.67%, and 82.77% of total revenue during the same period, with Asia making up about half of this [2] Customer Concentration - Sales to the top five customers accounted for 49.22%, 51.59%, and 44.99% of the main business revenue from 2022 to 2024, indicating a significant customer concentration [2]
PCB“新星”超颖电子登陆A股，上市首日大涨398%