JOVE(SZ:300814) Xin Lang Cai Jing·2025-10-31 13:59Core Viewpoint - Zhongfu Circuit is a leading company in the domestic printed circuit board (PCB) industry, focusing on high-end customized PCBs and embedded component boards, with a unique market position [1] Group 1: Company Overview - Zhongfu Circuit was established on March 12, 2004, and was listed on the Shenzhen Stock Exchange on August 12, 2021, with its registered and office address in Shenzhen, Guangdong Province [1] - The company is classified under the electronic components - printed circuit boards sector and is involved in the research, production, and sales of printed circuit boards [1] Group 2: Financial Performance - For Q3 2025, Zhongfu Circuit reported a revenue of 1.355 billion yuan, ranking 29th among 44 companies in the industry, while the industry leader, Dongshan Precision, reported revenue of 27.071 billion yuan [2] - The net profit for the same period was 28.0305 million yuan, placing the company 32nd in the industry, with the top performer, Shenghong Technology, achieving a net profit of 3.245 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Zhongfu Circuit's debt-to-asset ratio was 48.34%, higher than the industry average of 44.70%, but down from 55.98% in the same period last year [3] - The gross profit margin for Q3 2025 was 15.24%, below the industry average of 20.58%, although it improved from 13.25% in the previous year [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.31% to 21,100, with an average holding of 9,090.18 circulating A-shares, a decrease of 2.26% [5] - Hong Kong Central Clearing Limited became the fifth-largest circulating shareholder with 2.6649 million shares, while E Fund New Growth Mixed Fund exited the top ten circulating shareholders [5] Group 5: Business Highlights - Zhongfu Circuit is recognized as a rising star in the power supply sector, specializing in high-end customized PCBs with unique embedded component boards and high-quality customer resources [5] - The company is expected to benefit from the growing demand for stacked/embedded process PCBs driven by PowerSiP technology and is actively expanding overseas production capacity [5] - In 2024, Zhongfu Circuit achieved breakthroughs in embedded components, developing PCBs suitable for data centers [5] - The company is projected to achieve net profits of 58 million yuan, 128 million yuan, and 229 million yuan for the years 2025 to 2027, with corresponding EPS of 0.30, 0.67, and 1.19 yuan [5]