Investment Rating - The report assigns a "Hold" rating for the company [4][6]. Core Viewpoints - The company is a leading player in the domestic PCB industry, focusing on high-end samples and small-batch PCB products, with a diverse product range including high multilayer boards, HDI boards, and thick copper boards [3][15]. - The PCB industry is entering a recovery phase driven by emerging applications such as AI PCs and servers, with the proportion of sample and small-batch boards in China expected to align with global levels as demand diversifies and high-end production capacity shifts to China [3][31]. - The company has established strong relationships with high-quality clients and is expanding its production capacity through new projects, which will alleviate capacity constraints and optimize product structure [3][4]. Summary by Sections 1. Leading Company in PCB Samples and Small-Batch Boards - The company has been deeply involved in the PCB industry for 20 years, specializing in high-end samples and small-batch boards, with a comprehensive product range [15][19]. - The main applications of the company's products include industrial control, communication equipment, automotive electronics, and consumer electronics, with industrial control contributing 63.46% to revenue in 2023 [3][42]. 2. Downstream Applications and Emerging Growth Drivers - The global PCB market experienced a 15% decline in 2023 but is gradually recovering, with new applications in AI driving growth [3][31]. - The proportion of sample and small-batch boards in China's PCB market increased from 9.5% in 2022 to 10.52% in 2023, with expectations for further growth as high-end production capacity shifts to China [41][34]. 3. Technical Advantages and Client Coverage - The company's PCB manufacturing processes are at the industry mainstream level, with products capable of reaching up to 50 layers [3][4]. - The company has secured funding of 531 million yuan through its IPO to build a new factory in Nantong, which will significantly increase its production capacity [3][4]. 4. Profit Forecast and Valuation - Revenue forecasts for 2024-2026 are 785 million, 879 million, and 1.009 billion yuan, respectively, with net profits of 102 million, 114 million, and 129 million yuan [4][5]. - The company is expected to benefit from the release of production capacity from its new projects, which will enhance its profitability [4][3].
强达电路：首次覆盖报告：样板小批量板领军企业，募投项目打破产能瓶颈