Kinwong(SH:603228) Jin Rong Jie·2026-01-02 07:23Company Overview - Shenzhen Jingwang Electronics Co., Ltd. (referred to as Jingwang Electronics) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities, Merrill Lynch, and Guolian Securities International as joint sponsors [1] - Jingwang Electronics is a PCB manufacturer driven by technological innovation, providing products for automotive electronics, communication and data infrastructure, smart terminals, and industrial control [2] - The company holds a leading position in the automotive electronics PCB sector and strategically focuses on AI computing, forming a "1+1+N" business model [2] Financial Performance - The company reported revenues of approximately RMB 10.757 billion, RMB 12.659 billion, and RMB 11.083 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - The net profits for the same periods were approximately RMB 0.911 billion, RMB 1.16 billion, and RMB 0.961 billion [5] - The gross profit margins for 2023, 2024, and the nine months ending September 30, 2025, were 23.2%, 22.7%, and 21.6%, respectively [6] Industry Overview - The global PCB industry is expected to reach a market size of USD 105.2 billion by 2030, with a compound annual growth rate (CAGR) of 5.8% from 2024 to 2030 [7] - The automotive electronics PCB market is projected to grow from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a CAGR of 9.2% [8] - The smart terminal PCB sector is the largest downstream application, expected to reach USD 37.1 billion in 2024, accounting for 49.5% of the global PCB market [9] Competitive Landscape - The global PCB industry is relatively fragmented, with the top ten PCB suppliers holding a combined market share of 37.1% [10] - Jingwang Electronics ranked tenth among all PCB suppliers with a revenue of USD 1.7034 billion in 2024, and fourth among PCB suppliers based in mainland China, holding a market share of 2.3% [10]