Core Viewpoint - Guanghe Technology is set to achieve dual listing status in the A-share and Hong Kong markets, following a significant increase in its market capitalization by over 60% this year, driven by strong fundamentals and demand in the PCB sector for computing servers [1][2]. Company Performance - Guanghe Technology's revenue for the first nine months of 2022 to 2025 was reported as 2.412 billion RMB, 2.678 billion RMB, 3.734 billion RMB, and 2.681 billion RMB respectively, maintaining double-digit growth rates [4]. - The company's net profit margins improved from 11.6% in 2022 to 18.9% in the first nine months of 2025, reflecting a strong increase in profitability [7]. - The company has a robust cash flow, with cash and equivalents amounting to 715 million RMB as of October 2025, indicating strong operational cash generation [1][11]. Market Position - Guanghe Technology ranks third globally in the PCB manufacturing sector for computing servers, with a market share of 4.9%, and is the leading manufacturer in mainland China [10]. - The company’s PCB products are primarily sold internationally, with overseas revenue accounting for 70.6% in the first nine months of 2025, although domestic market growth is notable at 84.2% [10][11]. Industry Outlook - The global PCB market is projected to grow steadily, reaching a size of 75 billion USD in 2024, with a compound annual growth rate (CAGR) of 4.9% from 2024 to 2029 [8]. - The PCB market for computing servers is expected to grow at a CAGR of 18.2% from 2020 to 2024, and 10.9% from 2024 to 2029, reaching 21 billion USD by 2029 [8]. Customer Base - As of September 2025, Guanghe Technology had 202 customers, with 155 being direct sales clients contributing over 90% of revenue [6]. - The top five customers accounted for a significant portion of revenue, with the largest customer contributing 26.5% in 2022 [6]. Financial Health - The company maintains stable expense ratios, with sales expenses at 2-3%, management expenses at 4-4.5%, and R&D expenses at 4-5% [7]. - The return on equity (ROE) has shown a positive trend, increasing from 19.86% in 2022 to 26.34% in the first nine months of 2025 [7].
A股算力服务器PCB龙头，广合科技赴港上市