收购CPO企业股价大涨，东山精密市盈率超110倍后赴港上市

Core Viewpoint - Dongshan Precision, a leading PCB company, is seeking to go public in Hong Kong despite stagnant performance over the past few years, with a significant stock price increase of over 500% since January 2024, raising questions about its high valuation and ability to attract investors [2][10][27] Group 1: Financial Performance - In the first three quarters of 2025, Dongshan Precision reported revenue of 27.071 billion yuan, a slight increase of 2.28% year-on-year, and a net profit of 1.223 billion yuan, up 14.61% year-on-year [2] - The company's net profit in Q3 2025 decreased by 8.19% year-on-year, amounting to 465 million yuan [2] - The PCB segment is the largest business for the company, contributing 65.2% of total revenue in the first half of 2025, with PCB revenue reaching 11.06 billion yuan [3] Group 2: Market Position and Competition - Dongshan Precision primarily produces flexible PCBs, with major clients including Tesla and Apple, but has seen slow revenue growth due to stagnant sales in these sectors [5] - In contrast, competitors like Shenghong Technology have experienced significant growth, with a 72% increase in net profit in 2024, highlighting Dongshan's lag in high-layer PCB production [5][6] Group 3: IPO and Fundraising - The company plans to raise funds through its IPO to repay debts, with a total of 13.8 billion yuan in outstanding loans related to various projects [17] - Dongshan Precision's current TTM P/E ratio exceeds 110, significantly higher than competitors, raising concerns about investor acceptance at this valuation [10][11][19] - The company has a substantial short-term financial burden, needing to pay over 11 billion yuan to suppliers, which is a record high [20][24] Group 4: Strategic Expansion - Dongshan Precision has invested heavily in acquisitions and expansions, including an 18 billion yuan project for multilayer PCBs, which is 90% complete as of mid-2025 [6] - The company is also acquiring Solstice Optoelectronics for approximately 6.29 billion USD, which is expected to enhance its capabilities in optical modules [12][14][16] - The company has raised a total of 26.766 billion yuan since its listing, indicating a reliance on external financing for growth [22]