新股覆盖研究

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a projected investment return exceeding 15% over the next six months compared to the CSI 300 Index [38]. Core Viewpoints - The company, Wanyuantong (920060.BJ), specializes in the research, production, and sales of printed circuit boards (PCBs) and has been operating in this sector for over a decade, accumulating a strong customer base [11][26]. - The company has shown a revenue increase of 4.79% year-on-year for the first nine months of 2024, with a net profit increase of 0.41% [12]. - The automotive electronics sector is becoming a significant contributor to the company's revenue growth, with PCB usage per vehicle steadily increasing due to trends in electrification and intelligence in the automotive industry [29]. Summary by Sections Basic Financial Status - The company reported revenues of 1.012 billion CNY in 2021, 969.5 million CNY in 2022, and 984.1 million CNY in 2023, with year-on-year growth rates of 39.71%, -4.23%, and 1.51% respectively [12]. - The net profit attributable to the parent company was 19.4 million CNY in 2021, 52.5 million CNY in 2022, and 118.1 million CNY in 2023, with year-on-year growth rates of -57.95%, 171.40%, and 124.75% respectively [12]. Industry Situation - The PCB industry in China has experienced rapid growth, with the market value increasing from 22 billion USD in 2011 to 44.15 billion USD in 2021, reflecting a compound annual growth rate of 7.21% [19]. - The multi-layer board segment holds the largest market share in the PCB industry, accounting for 49% of the total PCB output in 2021 [20]. Company Highlights - Wanyuantong has established long-term relationships with key clients in various sectors, including automotive electronics, industrial control, and consumer electronics, with some partnerships lasting over five years [26][28]. - The company is expanding its production capacity in response to the growing demand in the automotive electronics sector, planning to increase its dual-sided and multi-layer board production capacity by 15.7% [29]. Fundraising Project Investment - The company plans to invest in a new high-end PCB production line aimed at the automotive electronics sector, with an annual production capacity of 500,000 square meters [30]. Comparison with Industry Peers - Compared to its peers, Wanyuantong's revenue of 984.1 million CNY in 2023 is below the average of comparable companies, which is 1.113 billion CNY, but its gross profit margin of 24.39% is positioned in the mid-to-high range within the industry [32].