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. It ranks 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]. - The highest issue price for the Hong Kong stock is set at HKD 71.88 per share, which is 50% of the A-share closing price on March 11, 2026 (RMB 124.1 per share). The valuation is considered to have a certain margin of safety, with an expected price-to-earnings (PE) ratio of approximately 20 times for 2026 [4]. Summary by Relevant Sections - IPO Details: The company aims to raise HKD 3.1754 billion through its IPO, with a total offering of 46 million shares, of which 4.14 million shares are for international placement and 460,000 shares for public offering [1]. - Market Position: The company is positioned as a key player in the PCB market for computing servers, which are essential for handling data-intensive workloads [2]. - Financial Performance: The projected revenue and profit growth indicate a positive financial outlook, with significant increases expected in the coming years [3].
IPO申购指南：广合科技