Kinwong(SH:603228) Chang Jiang Shang Bao·2026-01-06 00:01Core Viewpoint - Jiangwang Electronics has officially submitted its application for an H-share listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image while expanding financing channels [2][3]. Group 1: Company Overview - Jiangwang Electronics primarily engages in the PCB (Printed Circuit Board) business and is projected to become the world's largest automotive electronics PCB supplier by 2024, according to Prismark [1][6]. - The company currently operates six production bases in China and is constructing a new facility in Thailand, which is expected to commence production in early 2026 [1][4]. Group 2: Financial Performance - For the first half of 2025, Jiangwang Electronics reported external sales revenue of 4.924 billion yuan, accounting for 38.9% of total revenue [5]. - The company's revenue for the years 2023 to the first three quarters of 2025 was approximately 10.757 billion yuan, 12.659 billion yuan, and 11.083 billion yuan, respectively, with net profits of 936 million yuan, 1.169 billion yuan, and 948 million yuan [1][6]. - In the first three quarters of 2025, Jiangwang Electronics experienced a revenue growth of 22% year-on-year and a net profit increase of 7.25% [6]. Group 3: Global Expansion Strategy - Jiangwang Electronics is actively pursuing a global expansion strategy, with a focus on establishing a production base in Thailand aimed at serving overseas clients in automotive electronics, AI servers, and high-end consumer electronics [4][6]. - The Thai factory is planned to be built in two phases, with an initial investment of 2 billion yuan, and is expected to achieve a monthly production capacity of 100,000 square meters once fully operational [4][6]. Group 4: Production Capacity and Investment - The company is also expanding its production capacity at its Zhuhai Jinwan base with an investment of 5 billion yuan, targeting high-end applications in AI computing, high-speed networking, and automotive intelligence [7]. - The Zhuhai facility is designed to have an annual production capacity of 600,000 square meters for HDI products, which are essential for various high-demand sectors [7].