Kinwong(SH:603228) Huan Qiu Lao Hu Cai Jing·2026-01-04 12:43Core Viewpoint - Jingwang Electronics has officially submitted its prospectus to the Hong Kong Stock Exchange, marking the start of its A+H capital platform construction, coinciding with the booming PCB industry and the company's expansion into overseas markets [1][2][3]. Company Overview - Jingwang Electronics is the world's largest automotive electronic PCB supplier and has been deeply involved in the PCB sector for 33 years [2][3]. - The company has maintained an overseas revenue share of around 40%, with major clients including top automotive suppliers and leading AI computing companies [2][4]. Expansion Plans - To meet the increasing demand from overseas clients, Jingwang Electronics began constructing a factory in Thailand in 2023, which is expected to commence production in early 2026 [2][3]. - The funds raised from the Hong Kong listing will primarily be used to expand and upgrade production capacity, including the construction of a second phase in Thailand [3][5]. Industry Trends - The PCB industry is experiencing a significant surge in interest due to the explosive growth in AI computing and electric vehicles, with the PCB index price increasing by 144% over the year [4]. - The high-end PCB market concentration ratio (CR10) has risen from 25% in 2020 to 30% in 2024, indicating a shift towards larger players like Jingwang Electronics as smaller firms exit the market [4][5]. Financial Performance - Jingwang Electronics has reported continuous revenue growth over the past three years, with revenues of 12.659 billion and 11.083 billion yuan for the first three quarters of 2024 and 2025, respectively, reflecting year-on-year growth of 17.68% and 22.08% [4]. - The automotive electronics segment generated 5.066 billion yuan in revenue during the first three quarters of 2025, marking a year-on-year increase of 22.72% [4]. Market Outlook - The market for data infrastructure PCBs and automotive electronic PCBs is projected to grow significantly, with expected increases from $12.5 billion and $9.2 billion in 2024 to $23 billion and $12.2 billion by 2030, respectively [5]. - The industry is witnessing a capacity expansion race, with multiple PCB companies, including Jingwang Electronics, investing heavily in new facilities and upgrades to meet rising demand [5].