DSBJ(SZ:002384) 智通财经网·2025-11-18 13:11Company Overview - Dongshan Precision Manufacturing Co., Ltd. (东山精密) has submitted an application for listing on the Hong Kong Stock Exchange, with UBS Group, Haitong International, Guangfa Securities, and CITIC Securities as joint sponsors [1] - The company is recognized as the world's largest PCB supplier for edge AI devices, with products utilized in smartphones, personal computers, automobiles, industrial applications, and IoT devices [1][3] - Dongshan Precision is also the second-largest supplier of flexible printed circuit boards (FPC) and ranks among the top three PCB suppliers globally [3] Product and Market Position - The company has established a leading market position in core product areas and offers a diverse product portfolio, including PCBs, precision components, touch panels, LCD modules, and optical modules [3] - Dongshan Precision is the only supplier globally that possesses capabilities in PCBs, optical chips, and optical modules, which together account for approximately 9% to 14% of the material costs for AI servers [3] - The company has long-term partnerships with four of the top five consumer electronics brands, four of the top five electric vehicle manufacturers, and four of the top five cloud service providers [4] Financial Performance - The company reported revenues of RMB 31.58 billion, RMB 33.65 billion, and RMB 36.77 billion for the years 2022, 2023, and 2024, respectively [7] - Gross profits for the same years were RMB 5.09 billion, RMB 4.68 billion, and RMB 4.22 billion, indicating a decline in gross profit primarily due to reduced margins in communication device components and increased losses in other areas [8] - Net profits for 2022, 2023, and 2024 were RMB 2.37 billion, RMB 1.97 billion, and RMB 1.09 billion, respectively [9] Industry Overview - The PCB industry is essential for electronic devices, providing critical functions such as precise electrical interconnection and low-loss signal transmission [10] - The global PCB market is projected to grow significantly, with the data center PCB market expected to reach USD 12.5 billion in 2024 and grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2029 [13] - The edge AI device PCB market is anticipated to exceed USD 9.8 billion in 2024, with a CAGR of 62.5% from 2019 to 2024, driven by the increasing demand for edge computing capabilities [24] Strategic Initiatives - Dongshan Precision is expanding its global manufacturing footprint and enhancing localized operations to meet evolving customer demands [4] - The recent acquisition of European automotive parts supplier GMD is part of the company's strategy to integrate manufacturing expertise into localized operations [4] - The company aims to provide comprehensive solutions by leveraging synergies in research and development, engineering, supply chain, and operations [3]