Core Viewpoint - Weigao, established in April 2017, is a significant player in the domestic printed circuit board (PCB) industry, particularly excelling in power PCB technology, and has been recognized by leading global clients [1] Group 1: Company Overview - Weigao was listed on the Shenzhen Stock Exchange on September 6, 2023, with its registered office in Ji'an, Jiangxi Province, and operational headquarters in Huizhou, Guangdong Province [1] - The company focuses on the research, production, and sales of printed circuit boards, categorized under the electronic components industry, specifically in PCBs [1] Group 2: Financial Performance - In Q3 2025, Weigao achieved a revenue of 1.122 billion yuan, ranking 32nd among 44 companies in the industry, while the industry leader, Dongshan Precision, reported revenue of 27.071 billion yuan [2] - The main business segment, printed circuit boards, generated revenue of 625 million yuan, accounting for 87.45% of total revenue, with other business segments contributing 89.6863 million yuan [2] - The net profit for the same period was 69.7933 million yuan, placing the company 26th in the industry, with the top performer, Shenghong Technology, reporting a net profit of 3.245 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Weigao's debt-to-asset ratio was 45.20%, an increase from 36.03% in the previous year, which is above the industry average of 44.70% [3] - The gross profit margin for the same period was 20.41%, slightly up from 20.19% year-on-year, but below the industry average of 20.58% [3] Group 4: Management and Shareholder Information - The chairman, Deng Yanqiu, received a salary of 2.6096 million yuan in 2024, an increase of 754,600 yuan from the previous year [4] - Weigao's largest shareholder is Ji'an Jiarun Investment Co., Ltd., with Deng Yanqiu and Chen Xing as the actual controllers [4] Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 9.09% to 16,900, while the average number of circulating A-shares held per shareholder increased by 10% to 3,191.66 [5] - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 723,900 shares, unchanged from the previous period [5] Group 6: Market Outlook - Dongwu Securities highlights Weigao's focus on AC-DC power board mass supply, indicating a turning point in performance [5] - The company is expanding its product lines in secondary and tertiary power supplies, with production capacity expected to grow due to the commissioning of its factory in Thailand [5] - The global market for AI server ACDC power PCB is projected to reach 4 billion yuan by 2026, with revenue forecasts for Weigao in 2025, 2026, and 2027 at 1.689 billion, 2.544 billion, and 2.989 billion yuan, respectively [5]
威尔高的前世今生：2025年Q3营收11.22亿行业排32，净利润6979.33万行业排26