Investment Rating - The report recommends subscription for Guanghe Technology (1989.HK) [1][4] Core Insights - The company specializes in the research, production, and sales of customized printed circuit boards (PCBs) used in computing servers and other computing scenarios, ranking third among global PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024 [2][3] - The global PCB market is expected to grow steadily, increasing from USD 62.0 billion in 2020 to USD 75.0 billion by 2024, with a compound annual growth rate (CAGR) of 4.9%. The market is projected to continue growing at a CAGR of 4.5% from 2024 to 2029, driven by the recovery of the global economy and the rise of new applications such as data centers, AI, autonomous driving, and AR/VR [3] - The company's revenue for the years 2022, 2023, and 2024 is projected to be RMB 2,412.4 million, RMB 2,678.3 million, and RMB 3,734.3 million, respectively, with corresponding net profits of RMB 279.65 million, RMB 414.69 million, and RMB 680.26 million [3] Summary by Relevant Sections IPO Details - The IPO price is set at HKD 71.88 per share, with a total fundraising amount of HKD 3.1754 billion, and the subscription period is from March 12 to March 17, 2026 [1] - The total number of shares available for subscription is 46 million, with 90% allocated for international placement and 10% for public offering [1] Market Position and Valuation - The highest issuance price of HKD 71.88 per share represents 50% of the A-share closing price of RMB 124.1 on March 11, 2026, and is estimated to have a price-to-earnings (PE) ratio of approximately 20 times for 2026, indicating a certain margin of safety in valuation [4]
广合科技（01989）：IPO申购指南