Core Viewpoint - Xinqiang Electronics (Qingyuan) Co., Ltd. has submitted an application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 962 million yuan for the expansion of high-density interconnect printed circuit board projects [1][3]. Company Overview - Established in August 2005, Xinqiang Electronics is located in Qingyuan, Guangdong Province, with a registered capital of approximately 459 million yuan [3]. - The main shareholders include YU FAMILY HOLDING PTE. LTD. and XINLI Investment (Shenzhen) Partnership [3]. Shareholding Structure - In December 2022, AKO BVI transferred its 100% stake in Xinqiang Electronics to its wholly-owned subsidiary YU FAMILY for approximately 88.14 million USD [5]. - The company underwent a capital increase in June 2023, introducing two new shareholders, Xincheng Investment and Xinli Investment, each contributing 1 million yuan [5]. - By May 2025, YU FAMILY transferred shares to Xincheng Investment, Xinli Investment, and Jinyou Company for employee incentives, with a total valuation of 1.285 billion yuan [6]. Business Operations - Xinqiang Electronics specializes in the R&D, production, and sales of printed circuit boards, including rigid boards, HDI boards, flexible boards, and rigid-flex boards, with applications in storage, communication, and consumer electronics [9]. Financial Performance - Revenue for 2022, 2023, and 2024 was approximately 869 million yuan, 1 billion yuan, and 999 million yuan, respectively, with net profits of approximately 86.01 million yuan, 131 million yuan, and 168 million yuan [9]. - The total assets as of December 31, 2024, were approximately 1.111 billion yuan, with a debt-to-asset ratio of 24.97% [10]. - The company has consistently paid cash dividends, amounting to 90 million yuan in 2022 and 90.56 million yuan in 2023 [10].

Core Viewpoint - The company, Shenzhen Circuit (002916.SZ), reports that its PCB factory's capacity utilization remains high due to sustained demand in computing power and automotive electronics markets [1] Group 1: Business Operations - The overall business operations of the company are normal, with a comprehensive capacity utilization rate at a relatively high level [1] - The PCB business benefits from ongoing demand in computing power and automotive electronics, maintaining high factory capacity utilization [1] - The packaging substrate business has seen a relative improvement in demand from the storage sector, leading to an increase in capacity utilization compared to Q4 2024 and Q1 2025 [1] Group 2: Product Development - The company has achieved mass production capability for FC-BGA packaging substrates with products of 20 layers and below, with minimum line width and spacing capabilities of 9/12μm [1] - Sample certification work for various product stages is progressing in an orderly manner [1] - The technical research and sample testing for products with more than 20 layers are on schedule [1]

Group 1: Company Overview and Market Position - The company maintains high factory utilization rates, benefiting from strong demand in computing power and automotive electronics markets [1] - The PCB business focuses on high-end products, particularly in the fields of new energy and ADAS, with applications in industrial control and medical sectors [1] - The company has established factories in Shenzhen, Wuxi, Nantong, and Thailand, with ongoing capacity expansion projects [3] Group 2: PCB Business Demand and Trends - There is an increasing demand for large-size, high-layer, high-frequency, and high-speed HDI PCB products, driven by advancements in technology [2] - The PCB business has seen growth in demand for products used in high-speed communication networks, data center switches, AI accelerator cards, and storage devices since 2024 [2] Group 3: Expansion Plans and Investments - The total investment for the Thailand factory is 1.274 billion RMB, aimed at enhancing capabilities in high-layer and HDI PCB technologies [4] - The company is upgrading existing PCB factories to increase capacity and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] Group 4: Packaging Substrate Business - The packaging substrate business includes a wide range of products, with demand improving in Q1 2025 compared to Q4 2024, particularly for storage-related products [5] - The FC-BGA packaging substrate can now produce products with up to 20 layers, with ongoing development for higher-layer products [6] Group 5: Electronic Assembly Business - The electronic assembly business focuses on communication, data centers, medical, and automotive electronics, aiming to provide integrated solutions and enhance customer loyalty [7] - The company adheres to information disclosure regulations, ensuring no significant undisclosed information was leaked during the investor relations activities [7]

欣强电子的主营业务是印制电路板的研发、生产和销售。公司印制电路板产品定位于中高端市场，以八层及以上高端PCB为主， 产品均价超过2,000元/ 平方米，处于行业第一梯队。 据招股书，2022年-2024年，欣强电子实现营收分别为8.69亿元、10亿元、9.99亿元；归母净利润分别为8498.39万元、1.32亿元、1.68亿元。 瑞财经 吴文婷 近日，欣强电子（清远）股份有限公司（以下简称"欣强电子"）创业板IPO申请获受理，保荐机构为民生证券股份有限公司，保荐代表人 为曾文强、帖晓东，会计师事务所为普华永道中天会计师事务所（特殊普通合伙）。 | 项目 | 2024年12月 31 | 2023年12月31 | 2022年12月 31 | | --- | --- | --- | --- | | | 日/2024 年度 | 日/2023 年度 | 日/2022 年度 | | 资产总额(万元) | 111,113.68 | 99,579.93 | 98,929.04 | | 归属于母公司的所有者权益(万元) | 83,713.06 | 66.714.59 | 57.975.25 | | 资产负债率(母公司) | 2 ...

Core Viewpoint - The article discusses the collaborative efforts of various stakeholders to help foreign trade enterprises expand into the domestic market, enhancing their resilience against external uncertainties and improving their overall development certainty [1][3]. Group 1: Market Expansion Strategies - Foreign trade enterprises are adjusting their product direction to cater to domestic market demands, with a focus on optimizing financial services to support their transition [1][3]. - Companies like Xinbao Co., which has a significant portion of its sales from exports, are successfully leveraging e-commerce platforms to boost domestic sales, as seen during the Tmall "618" shopping festival [1][2]. - The domestic small home appliance market is expected to grow significantly, with companies planning to launch new products by 2025 [2]. Group 2: Government and Policy Support - The Ministry of Commerce is actively promoting the integration of domestic and foreign trade, providing support to foreign trade enterprises to help them navigate external challenges [3][4]. - Local governments are implementing policies to support foreign trade enterprises, such as including foreign trade products in consumption upgrade programs and organizing promotional events [4][5]. - E-commerce platforms are playing a crucial role in assisting foreign trade enterprises by providing financial support and facilitating their entry into the domestic market [5][6]. Group 3: Challenges and Recommendations - Foreign trade enterprises face challenges in adapting their products to meet domestic market needs, which may require significant time and resources [6][7]. - There is a need for enhanced financing support for foreign trade enterprises, particularly for small and medium-sized businesses, to help them manage the transition [7]. - Establishing communication platforms to connect foreign trade enterprises with domestic distribution channels is essential to reduce information gaps and facilitate market entry [7].

Core Viewpoint - Xinqiang Electronics (Qingyuan) Co., Ltd. has officially submitted its IPO application to the Shenzhen Stock Exchange, focusing on the R&D, production, and sales of printed circuit boards (PCBs) targeting the mid-to-high-end market [1][2] Group 1: Company Overview - The company specializes in high-end PCBs, primarily those with eight layers or more, with an average product price exceeding 2,000 yuan per square meter, positioning itself in the industry's top tier [1] - Xinqiang Electronics' products are known for their high reliability, stability, precision, and continuous iteration, including rigid boards, HDI boards, flexible boards, and rigid-flex boards [1] - The company has a strong reputation and brand advantage in the storage and communication sectors, with PCB products widely used in storage, communication, and consumer electronics [1] Group 2: Market Position and Financials - In the storage sector, PCB product revenue accounts for approximately 60%-70% of the company's total revenue, with a projected global market share of about 12.57% in memory module PCBs and 2.57% in SSD PCBs for 2024 [1] - The company’s memory module boards are designed for high-speed data transmission and require materials that can withstand high temperatures and frequencies, with strict control over board thickness tolerance at ±5% [1] Group 3: Technological Capabilities - In the communication sector, Xinqiang Electronics has the capability to mass-produce 800G and 1.6T optical module boards, which require high reliability, stability, and low loss rates [2] - The technical specifications for the 1.6T optical module boards include a line width impedance of 1.8mil/1.8mil and an impedance tolerance of ±3%, indicating a high level of technical difficulty [2] Group 4: IPO and Future Plans - The company plans to raise 962 million yuan through the IPO to fund the expansion of its high-density interconnect PCB production capacity, aiming to add an annual production capacity of 380,000 square meters [2] - This expansion is expected to significantly enhance the company's production capabilities, meet market demand, and improve its competitive position in the industry [2]

Core Viewpoint - The establishment of the International Industry College between Shenzhen South Circuit Co., Ltd. and Liuzhou Vocational and Technical University aims to cultivate high-quality skilled talents with international vision and professional capabilities to support the international development of Shenzhen South Circuit [1][3][4] Group 1: College Establishment and Objectives - The International Industry College was inaugurated on June 25 in Liuzhou, Guangxi, focusing on customized talent training for Shenzhen South Circuit's Thailand base and local electronic information companies [1][3] - The college will implement a dual-language training program, offering "foreign language + vocational skills" for Chinese students and "Chinese + vocational skills" for Thai students [3][4] Group 2: Collaboration and Equipment Donation - Shenzhen South Circuit donated 9 sets of advanced manufacturing equipment to Liuzhou Vocational and Technical University to support the establishment of a modern PCB manufacturing training base [3] - Since 2016, Shenzhen South Circuit and Liuzhou Vocational and Technical University have collaborated, with a recent focus on developing a dual training program for Chinese and Thai students, resulting in the training of 77 students to support the Thailand base's production [3][4] Group 3: Future Plans and Educational Model - The International Industry College will adopt a "dual president system" management model and establish four functional institutions to create a highly integrated talent training system linking education, talent, and industry [4] - Future initiatives include the development of an international vocational certification system in PCB manufacturing and collaboration with ASEAN institutions for course co-construction and skills training [4]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization compared to Q4 2024 and Q1 2025 due to a relative improvement in demand in the storage sector [1] Group 2: PCB Business Applications and Market Trends - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for large-size, high-layer, high-frequency, high-speed, high-level HDI, and high-heat dissipation PCB products has increased due to the urgent need for high computing power and high-speed networks in the electronic industry [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. It is enhancing capacity through technological upgrades and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule. The factory will have capabilities for high-layer and HDI PCB processes, aiding in expanding overseas markets [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [5] - The FC-BGA packaging substrate currently has mass production capabilities for products with 20 layers or fewer, with ongoing development for products exceeding 20 layers [6] - The Guangzhou packaging substrate project is in the early stages of capacity ramp-up, with a reduction in losses in Q1 2025 compared to previous quarters [7]

Core Viewpoint - The company emphasizes a differentiated business strategy focusing on long-term sustainable growth by maintaining a balanced customer base and enhancing its technological and process capabilities to adapt to market demands [2]. Business Strategy - The company aims to serve major head customers in the overall market, prioritizing long-term sustainable benefits over short-term gains. It recognizes the need for comprehensive tools and continuous improvement in process and technical capabilities to remain competitive [2]. Revenue Structure - In 2024, the company expects to generate approximately 10.093 billion yuan in revenue from the enterprise communication market, with server and HPC-related PCB products accounting for about 29.48% and high-speed network products for about 38.56%. The automotive board segment is projected to generate around 2.408 billion yuan, with emerging automotive products making up 37.68% [3]. Market Trends - The rapid development of AI is driving significant changes in the data center switch market, with a notable demand for 800G switches to support AI and high-performance computing clusters [4]. Production Capacity and Supply Chain - The company has initiated small-scale production at its Thailand facility to diversify supply chain risks. It is focused on improving production efficiency and product quality while managing initial costs through meticulous cost control [5]. Capital Expenditure and Market Outlook - The company has increased capital expenditures to enhance production capacity in response to growing demand in the AI-driven server and data storage markets. In Q1 2025, cash outflows for fixed assets and long-term assets were approximately 658 million yuan, with plans for a 4.3 billion yuan investment in AI chip-related PCB expansion [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 4.038 billion yuan, a year-on-year increase of 56.25%, and a net profit of 762 million yuan, up 48.11%. The debt ratio stands at 44.78%, with a gross margin of 32.75% [7]. Analyst Forecasts - Various analysts have provided profit forecasts for the company, with net profit estimates for 2025 ranging from 3.429 billion yuan to 3.732 billion yuan, indicating a positive outlook for future performance [9]. Financing Activity - Recent financing data indicates a net outflow of 685 million yuan in the last three months, with a decrease in financing balance, while the securities lending balance has increased [11].

Group 1 - The company announced a delay in the completion date of the "Bomin Electronics New Generation Electronic Information Industry Investment Expansion Project (Phase I)" from July 2025 to December 31, 2026 [2][3] - The total investment for the project is approximately 2.13 billion yuan, with 1.15 billion yuan planned to be raised through stock issuance [2] - As of the end of May this year, the cumulative investment from raised funds amounts to approximately 828.65 million yuan, with remaining usable funds of approximately 326.94 million yuan, achieving a completion rate of 73.76% [2] Group 2 - The project employs a construction and production approach, originally planned for a three-year construction period, with full construction expected to commence after fundraising in the second quarter of 2023 [2] - The project aims to add a production capacity of 1.72 million square meters per year for high-end PCB products, which will be used in AI servers, network communications, automotive electronics, industrial control medical, and energy storage [2] - The company decided to extend the construction period to better adapt to market demand, optimize resource allocation, and ensure that new capacity aligns with future market needs [3]