新股覆盖研究：强达电路

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [26]. Core Viewpoints - The company, Qiangda Circuit (301628.SZ), specializes in the research, production, and sales of high-end PCB samples and small-batch boards, with applications in industrial control, communication equipment, automotive electronics, and more [10][21]. - The company has shown a revenue trend with figures of 710 million CNY, 731 million CNY, and 713 million CNY for the years 2021, 2022, and 2023 respectively, with year-over-year growth rates of 42.21%, 2.92%, and -2.44% [11][24]. - The company is positioned as the fifth largest domestic player in the customized PCB sample and small-batch board sector, with a strong management team that has decades of industry experience [21]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 710.3 million CNY in 2021, 731.0 million CNY in 2022, and 713.2 million CNY in 2023, with corresponding year-over-year growth rates of 42.21%, 2.92%, and -2.44% [11][24]. - The net profit attributable to the parent company was 68.1 million CNY in 2021, 90.9 million CNY in 2022, and 91.1 million CNY in 2023, with year-over-year growth rates of 144.44%, 33.54%, and 0.18% [11][24]. Industry Situation - The PCB industry is a foundational sector for electronic information product manufacturing, with a global market value that grew from 54.207 billion USD in 2016 to 65.218 billion USD in 2020, reflecting a compound annual growth rate of 4.73% [15][17]. - The report indicates that the global PCB market value is expected to reach approximately 90.413 billion USD by 2028, with a projected compound annual growth rate of 5.40% from 2023 to 2028 [15][17]. Company Highlights - The company has established a strong foothold in the high-customization PCB sample and small-batch board market, ranking fifth among domestic competitors, and serves nearly 3,000 active clients, including many listed companies [21]. - Future growth strategies include expanding research and production capabilities in emerging industries such as integrated circuits, automotive electronics, and 5G applications [21][22]. Investment Projects - The company plans to invest in a new production facility in Nantong, aiming to produce 96 million square meters of multilayer and HDI boards annually, which is expected to significantly enhance production capacity [22][23]. Comparison with Industry Peers - Compared to industry peers, the company has a lower revenue scale but a higher gross profit margin, indicating a competitive edge in profitability despite smaller revenue figures [24].