新股覆盖研究：万源通

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a projected return exceeding 15% over the next six months compared to the CSI 300 Index [32]. Core Insights - The company, Wanyuantong (920060.BJ), specializes in the research, production, and sales of printed circuit boards (PCBs) and has shown a steady revenue growth trajectory, with a projected revenue increase of 1.62% to 6.70% for 2024 [11][25]. - The company has established a strong customer base over its ten years in the PCB industry, with significant clients in automotive electronics, industrial control, and consumer electronics sectors [10][24]. - The automotive electronics segment has become a major revenue driver, with PCB usage per vehicle steadily increasing, and the market for automotive PCBs expected to reach $12.772 billion by 2026 [25][18]. Financial Performance - The company reported revenues of 1.0123 billion yuan in 2021, 969.5 million yuan in 2022, and 984.1 million yuan in 2023, with year-over-year growth rates of 39.71%, -4.23%, and 1.51% respectively [4][11]. - The net profit attributable to the parent company was 19.4 million yuan in 2021, 52.5 million yuan in 2022, and 118.1 million yuan in 2023, reflecting significant growth rates of -57.95%, 171.40%, and 124.75% respectively [4][11]. - For the first nine months of 2024, the company achieved revenues of 756 million yuan, a year-over-year increase of 4.79%, and a net profit of 93 million yuan, up 0.41% year-over-year [11]. Industry Overview - The PCB industry in China has experienced rapid growth, with the market value increasing from $22 billion in 2011 to $44.15 billion in 2021, and a projected compound annual growth rate of 4.34% from 2021 to 2026 [18][19]. - Multi-layer boards dominate the PCB market in China, accounting for 49% of the total PCB output value in 2021, driven by their wide application across various sectors including consumer electronics and automotive electronics [19][22]. Competitive Positioning - The company is compared with peers such as Aohong Electronics, Jinlu Electronics, Mankun Technology, and Weiergao, with the average revenue of comparable companies being 1.113 billion yuan and an average gross margin of 20.47% [28][30]. - Despite lower revenue compared to peers, the company maintains a competitive gross margin of 24.39%, positioning it favorably within the industry [30].