北交所新股申购策略报告之一百二十五：万源通：国内领先定制化印制电路板制造商

Investment Rating - The investment rating for the company is "actively participate" in the new share subscription [5][25]. Core Viewpoints - The company is a leading domestic manufacturer of customized printed circuit boards (PCBs), established in June 2011, focusing on R&D, production, and sales. It has a strong emphasis on independent R&D and has accumulated a significant number of quality clients [2][9][10]. - The company achieved a revenue of 984 million yuan in 2023, with a three-year CAGR of -1.41%, while the net profit attributable to the parent company was 118.05 million yuan, with a three-year CAGR of +146.98% [10][24]. - The company is set to benefit from the growing demand in the automotive electronics sector, particularly through its new energy vehicle high-end PCB project [5][25]. Summary by Sections 1. Company Overview - The company specializes in customized PCBs, producing single-sided, double-sided, and multi-layer boards, and serves various sectors including consumer electronics and automotive electronics. It has established a robust client base including major companies like Delta Group and LG Group [2][9][10]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 31 million shares, accounting for 21.03% of the total share capital post-issuance. The expected fundraising amount is 346 million yuan, with a share price of 11.16 yuan, resulting in a PE ratio of 14 times [3][14][15]. 3. Industry Situation - The PCB industry is referred to as the "mother of electronic products" and is supported by national policies aimed at promoting high-quality development. The global PCB market reached a total output value of 80.92 billion USD in 2021, with China's output value at 44.15 billion USD, indicating a strong growth trend [4][16][18]. 4. Competitive Advantages - The company has established long-term relationships with high-quality clients due to its reliable quality and rapid delivery capabilities. It has a strong presence in the automotive electronics sector, supplying to well-known automotive brands [19][20]. 5. Subscription Analysis Opinion - The company is recommended for active participation in the subscription due to its focus on customized PCBs and the potential growth from the new energy vehicle sector, alongside a reasonable initial valuation [5][25].