Kinwong(SH:603228) 智通财经网·2026-01-08 13:23Core Viewpoint - The ongoing "A+H" listing trend is exemplified by Jingwang Electronics' application for a Hong Kong IPO, aiming to transition from a domestic leader to a global player in the PCB industry [1][2]. Group 1: Company Overview - Jingwang Electronics, founded in 1993, is a leading global manufacturer of PCB products, particularly in the automotive electronics sector and AI computing infrastructure [1][2]. - The company has expanded its market from consumer electronics and industrial control to automotive electronics, AI computing, next-generation communication, AIoT, drones, and robotics, forming a "1+1+N" business model [2][3]. Group 2: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Jingwang Electronics reported revenues of 10.757 billion, 12.659 billion, and 11.083 billion yuan, with year-on-year growth rates of 17.68% and 22% for 2024 and 2025 respectively [3]. - The automotive electronics segment remains the primary revenue source, contributing 5.066 billion yuan (45.7% of total revenue) in Q3 2025 [3]. Group 3: Profitability Challenges - The company faces short-term profitability pressures, with net profits of 0.911 billion, 1.160 billion, and 0.961 billion yuan for the same periods, showing a slowdown in profit growth to 27.3% and 7.25% for 2024 and 2025 [4]. - The declining gross margin, which fell from 23.2% in 2023 to 21.6% in Q3 2025, is attributed to high raw material prices, new capacity ramp-up, and strategic investments in high-end production [4][5]. Group 4: Market Trends and Opportunities - The PCB industry is experiencing structural growth driven by AI computing and automotive electronics, with the global PCB market expected to grow from $75 billion in 2024 to $105.2 billion by 2030, at a CAGR of 5.8% [6][7]. - The AI server PCB market is projected to grow from $3.5 billion in 2024 to $10.8 billion by 2030, with a CAGR of 20.7%, indicating strong demand for high-end PCB products [7]. - Jingwang Electronics is well-positioned in the automotive electronics sector and is one of the few suppliers for global AI computing infrastructure, showcasing significant growth potential [7][8].