WUS(SZ:002463) Zhi Tong Cai Jing·2025-12-01 02:53Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation and HSBC serving as joint sponsors [1] Company Overview - Huadian Electronics is a leading global provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [4] - PCB product sales accounted for approximately 95.2% to 96.3% of total revenue from 2022 to 2024 [4] Financial Performance - Revenue for Huadian Electronics was approximately RMB 8.336 billion, RMB 8.938 billion, and RMB 13.342 billion for the years 2022, 2023, and 2024, respectively [7] - The company achieved profits of RMB 1.362 billion, RMB 1.490 billion, and RMB 2.566 billion for the same years [7] Production Capacity - The effective production capacity and utilization rates for various production bases show a trend of increasing utilization, with the Kunshan base achieving a utilization rate of 99.7% by mid-2025 [6] Industry Overview - The global PCB market is projected to reach USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024, and expected to grow to USD 96.8 billion by 2029 [9] - The data communication PCB market is anticipated to grow from USD 14.1 billion in 2020 to USD 21.8 billion in 2024, with a CAGR of 11.5% [9] - The automotive PCB market is expected to increase from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a CAGR of 9.2% [9]