格隆汇10月15日丨超颖电子(603175.SH)公布，根据《超颖电子电路股份有限公司首次公开发行股票并 在主板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍数为8,541.55倍，超过100 倍，发行人和主承销商决定启动回拨机制，对网下、网上发行的规模进行调节，将扣除最终战略配售部 分后本次公开发行股票数量的40%（向上取整至500股的整数倍，即1,819.0000万股）从网下回拨到网 上。回拨机制启动后，网下最终发行数量为1,468.4240万股，约占扣除战略配售数量后发行数量的 32.29%，网上最终发行数量为3,079.0000万股，约占扣除战略配售数量后发行数量的67.71%。回拨机制 启动后，网上发行最终中签率为0.02860900%。 ...

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 79.22 CNY for the next six months [4][7]. Core Insights - The company reported a revenue of 27.071 billion CNY for Q3 2025, a year-on-year increase of 2.28%, and a net profit of 1.223 billion CNY, up 14.61% year-on-year [1]. - The company is seizing opportunities in the AI market, with significant investments planned in high-layer circuit boards and optical modules, including a proposed investment of up to 59.35 billion CNY for acquiring Solstice Optoelectronics [2]. - The company has established a strong position in the industry by accumulating high-quality customer resources across various sectors, including consumer electronics and new energy vehicles, enhancing its core competitiveness [3]. Financial Projections - Revenue projections for 2025 to 2027 are 41.992 billion CNY, 52.826 billion CNY, and 63.496 billion CNY, respectively, with net profits expected to be 2.419 billion CNY, 4.865 billion CNY, and 6.203 billion CNY [4][12]. - The company is expected to achieve a 60 times price-to-earnings ratio for 2025, indicating strong growth potential [4].

Core Viewpoint - The application for the initial public offering (IPO) of Chaoying Electronics Circuit Co., Ltd. has been approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission [1] Group 1: Company Information - Chaoying Electronics Circuit Co., Ltd. is referred to as "the issuer" or "the company" [1] - The main underwriter for the IPO is Guolian Minsheng Securities Co., Ltd. [1] Group 2: Regulatory Approval - The IPO application has received approval from the listing review committee of the Shanghai Stock Exchange [1] - The registration has been granted by the China Securities Regulatory Commission under document number 2025 1803 [1] Group 3: Disclosure and Availability - The prospectus for the IPO is available on the Shanghai Stock Exchange website and other specified platforms [1] - The prospectus can be accessed by the public at the issuer's address, the Shanghai Stock Exchange, and the main underwriter's location [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by the need to broaden financing channels and accelerate internationalization of Chinese assets [1][3][4] - As of September, over 20 A-share companies have announced plans or progress towards listing in Hong Kong, with more than 10 companies already completing the "A+H" listing this year, including industry leaders like CATL and Heng Rui Medicine [2][4] - The internationalization strategy is a key motivation for A-share companies to pursue HKEX listings, as it allows them to access a more global capital market and enhance their overseas business operations [3][4] Group 2 - The Hong Kong IPO market is expected to remain strong, with projections indicating over 80 new listings and total fundraising between 250 billion to 280 billion HKD for the year [5] - The active secondary market in Hong Kong, along with favorable conditions such as improved liquidity and valuation recovery, has made it more attractive for companies to issue new shares [4][5] - The "A+H" listing model has become a significant part of fundraising in Hong Kong, accounting for 70% of total fundraising in the first half of the year [4]

Core Insights - The company has been collaborating with a leading North American humanoid robot enterprise since 2020, focusing on the development of key PCB products for core control modules and drive systems in humanoid robots [1] - The partnership has resulted in the completion of three generations of product iterations, establishing a technological moat in terms of signal transmission stability and anti-interference capabilities [1] - The company has reached a cooperation intention regarding mass production product supply and is preparing for key steps towards mass production, including reserving dedicated production line capacity and completing supply chain coordination [1] Development and Production - The company has delivered the first batch of mass production samples, which have passed validation, indicating readiness for subsequent orders as the client's production capacity is released [1] - The collaboration includes efforts to pass the client's mass production quality system audit, which is crucial for the transition to mass production [1]

Core Viewpoint - Zhuhai Suohong aims to achieve an annual production capacity of 400,000 square meters, with a focus on equipment investment, personnel recruitment and training, and supply chain development to meet this target [1] Group 1 - Benchuan Intelligent plans to invest in Zhuhai Suohong to establish a new production project with an annual capacity of 300,000 square meters for intelligent circuit products [1] - The construction period for the new project is estimated to be 2 years, during which new factory buildings and advanced production line equipment will be installed [1] - The project will integrate the company's information management system and will focus on creating an automated production environment that meets customer factory inspection standards [1]

Core Viewpoint - Xingsen Technology's stock price increased by 5.01% to 19.70 CNY per share, with a trading volume of 1.226 billion CNY and a turnover rate of 4.22%, resulting in a total market capitalization of 33.484 billion CNY [1] Group 1: Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. was established on March 18, 1999, and went public on June 18, 2010 [1] - The company's main business includes PCB (Printed Circuit Board) and semiconductor-related activities, with revenue composition as follows: PCB business 71.45%, IC packaging substrate 21.09%, others 4.29%, and semiconductor testing board 3.17% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Xingsen Technology, a fund under Everbright Pramerica holds a significant position. The Everbright Pramerica Credit Enhancement Bond A Class (360013) reduced its holdings by 10.646 million shares in Q2, now holding 11.2931 million shares, which accounts for 0.75% of circulating shares [2] - The Everbright Pramerica Credit Enhancement Bond A Class (360013) was established on May 16, 2011, with a latest scale of 4.168 billion CNY. Year-to-date returns are 21.35%, ranking 55 out of 6238 in its category; over the past year, returns are 34.24%, ranking 12 out of 5994; and since inception, returns are 189.28% [2] Group 3: Fund Manager Performance - The fund manager of Everbright Pramerica Credit Enhancement Bond A Class (360013) is Huang Bo, who has been in the position for 6 years and 9 days. The total asset size of the fund is 14.614 billion CNY, with the best fund return during his tenure being 91.12% and the worst being 10.8% [3]

Core Viewpoint - The company is actively collaborating with leading domestic humanoid robot clients and has secured a new generation humanoid robot project through client certification, although the names of the partner companies cannot be disclosed due to confidentiality agreements [1] Group 1 - The company is engaged in the robotics business and is focusing on partnerships with top clients in the humanoid robot sector [1] - The company has achieved client certification for a new humanoid robot project, indicating progress in its robotics initiatives [1] - Confidentiality agreements prevent the disclosure of the names of the collaborating companies [1]

Group 1 - The stock price of Jiantao Laminates (01888) has increased by over 6%, currently at 12.79 HKD with a trading volume of 237 million HKD, driven by macroeconomic factors and copper price fluctuations [1] - In August, Jiantao Laminates announced a price increase of 10 HKD per sheet for CEM-1/22F/V0/HB and FR-4 products, reflecting an approximate 8% increase due to rising costs of copper, glass fabric, and chemical raw materials [1] - CITIC Securities noted that the high levels of raw material prices and utilization rates are prompting copper-clad laminate manufacturers to push for price increases, with leading manufacturers' net profit margins rising to about 10% in Q2 2025 [1] Group 2 - Guotai Junan Securities indicated that during periods of rising traditional copper-clad laminate prices, limited supply expansion benefits the market structure, with historical trends showing optimism during copper and glass fiber price upcycles [2] - The industry is expected to initiate a new round of price increases in the second half of 2025, supported by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, leading to a favorable supply-demand balance in the traditional mid-range segment [2]

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - Net profit attributable to shareholders reached 1.360 billion CNY, up 37.75% year-on-year [1] - Growth driven by AI computing upgrades, storage market recovery, and automotive electrification [1] PCB Business - PCB business revenue for the first half of 2025 was 6.274 billion CNY, a 29.21% increase year-on-year [2] - Gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - Growth attributed to demand for AI accelerator cards, increased share from data centers, and rising automotive electronics demand [2] Packaging Substrate Business - Revenue from packaging substrate business was 1.740 billion CNY, a 9.03% increase year-on-year [3] - Gross margin for this segment was 15.15%, a decrease of 10.31 percentage points year-on-year [3] - Decline in gross margin due to rising costs from raw materials and production ramp-up phases [3] Capacity Utilization - PCB business maintained high capacity utilization due to strong demand in computing and automotive electronics [4] - Packaging substrate business saw significant improvement in capacity utilization driven by domestic storage market demand [4] New Capacity Developments - New PCB capacity primarily from new factories and upgrades of existing facilities, including projects in Shenzhen, Wuxi, Nantong, and Thailand [5] - Nantong Phase IV expected to be operational in Q4 2025, while the Thailand factory is already online [5] Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project has commenced operations in Q4 2023, with ongoing capacity ramp-up [6] - Focus remains on capability building and market development, with losses narrowing in the first half of 2025 [6] AI Computing Layout - The company is enhancing its PCB offerings in high-performance computing, data centers, and AI accelerator cards [7] - Increased demand for high-capacity, high-frequency, and advanced HDI PCB products driven by the evolution of AI technology [7]