瞭望塔财经获悉，6月28日，上交所官网披露了江西红板科技股份有限公司（以下简称"红板科技"）的IPO申报材料，这家在PCB行业深耕二十年的技术型企 业正式向资本市场迈进。 瞭望塔财经发现，作为全球手机HDI主板13%市场份额的拥有者，红板科技在招股书中展示了自己在消费电子领域的竞争力。2024年，公司为全球前十大手 机品牌提供1.54亿件手机HDI主板，同时其柔性电池板和刚柔结合电池板供货量更是占到这些品牌出货量的20%。 然而在亮眼的技术参数背后，控股股东95.12%的绝对控制权、2023年净利润近乎腰斩的波动曲线，以及高度集中的客户结构，都成为红板科技IPO之路上待 解的难题。 1、技术突围，二十年磨剑的行业隐形冠军 2005年10月17日，江西吉安，叶森然创立了红板科技的前身。这位毕业于台湾海洋大学电子工程系的76岁企业家，将毕生积累投入到了印制电路板领域。二 十年深耕，公司已从一家地方企业成长为全球PCB行业第58强的技术领军者。 红板科技的核心竞争力在于其高密度互连板技术。公司掌握着行业领先的HDI板生产技术，其最小激光盲孔孔径可达50μm，芯板电镀层板厚最薄做到 0.05mm，任意层互连HDI板最 ...

Market Overview - The three major A-share indices collectively rose today, with the Shanghai Composite Index up 0.01%, the Shenzhen Component Index up 0.61%, the ChiNext Index up 0.8%, and the North Star 50 Index up 0.9% [1] - The total market turnover reached 173.66 billion yuan, an increase of 22.15 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market experienced gains [1] Sector Performance - The rare earth permanent magnet sector saw significant gains, with stocks like Northern Rare Earth (600111), Baogang Co. (600010), and China Rare Earth (000831) hitting the daily limit [1] - The large financial sector also performed strongly, with multiple stocks such as Bank of China Securities (601696), Zhongyuan Securities (601375), and Nanhua Futures (603093) reaching the daily limit [1] - The CRO (Contract Research Organization) sector was active, with stocks like Kelaiying (002821) and WuXi AppTec (603259) hitting the daily limit [1] - The non-ferrous metals sector remained active, with China Nonferrous Metal (000758), Hunan Silver (002716), and Wolong New Energy (600173) also hitting the daily limit [1] Declining Sectors - The banking sector saw a decline in the afternoon, with over 30 stocks such as Changsha Bank (601577), Qingnong Commercial Bank (002958), and Zhangjiagang Bank (002839) experiencing losses [1] - The PCB (Printed Circuit Board) sector collectively adjusted, with Jin'an Guoji (002636) hitting the daily limit down, and stocks like International Composites (301526), Yihau New Materials (301176), and Shiming Technology (300522) showing significant declines [1] - The silicon energy sector also faced a pullback, with Huaguang Huaneng (600475) hitting the daily limit down, and stocks like Silicon Treasure Technology (300019), Shuangliang Energy (600481), and Daqo Energy experiencing declines [1]

点击招商研究小程序查看PDF报告原文 参考报告： 1、《沪电股份（002463）—20年业绩符合预期，青淞厂开启新一轮扩产计划》2021/02/03 2、《沪电股份（002463）—入股胜伟策，长线卡位汽车板下一代技术》2022/01/12 3、《沪电股份（002463）—今年有望迎增长拐点，汽车+数通长线逻辑清晰》2022/03/24 4、《沪电股份（002463）—Q1迎来经营拐点，疫情担忧不改长期趋势》2022/04/25 5、《沪电股份（002463）—H1业绩逆势增长，创新需求持续驱动产品产能结构升级》2022/08/24 6、《沪电股份（002463）—Q3业绩稳中向好，源于产品结构升级、稼动率提升及汇兑收益》2022- 10-25 7、《沪电股份（002463）点评报告—Q4业绩优于市场预期，数通及汽车板仍为成长主线》2023- 02-01 8、《沪电股份（002463）点评报告—盈利能力持续改善，数通+汽车双轮驱动打开长线空间》 2023-03-24 9、《沪电股份（002463）—Q1业绩短期承压，AI算力+汽车打开长线增长空间》2023-04-26 10、《沪电股份（002463）：Q2业 ...

Group 1 - The trading volume of the Shanghai and Shenzhen stock markets exceeded 1.5 trillion, an increase of approximately 200 billion compared to the same trading day of the previous period [1] - The Shanghai Composite Index rose by 0.55%, with sectors such as brokerage, rare earth permanent magnets, shipbuilding, software development, diversified finance, and CRO showing significant gains [1] - Approximately 3,400 stocks rose while 1,800 stocks declined, indicating a net outflow of main funds of about 7 billion [1] Group 2 - The banking, PCB, gaming, power equipment, and urban renewal sectors experienced weakness [1]

Group 1: Photovoltaic Industry - The photovoltaic sector is experiencing a potential rebound after significant declines, with optimistic mid-term targets suggested based on previous key points [1] - Caution is advised due to the long-term downtrend, and the current price is approaching a critical resistance level [1] - Recent performance in sub-sectors like photovoltaic glass and silicon materials is strong, indicating a need for detailed analysis of the industry chain [1] Group 2: Digital Currency and Other Sectors - Digital currency has shown strong performance recently, potentially leading the market, but caution is necessary as it may face competition from other sectors [2] - The PCB sector is currently underperforming but is seen as having potential once it confirms recovery, linked to the broader computing power market [2] - The military industry shows signs of weakness, with adjustments expected, but there may be opportunities for new military stocks post-correction [3] Group 3: Investment Strategy - The focus is on balancing caution with opportunities in previously strong sectors like digital currency and PCB, despite potential adjustments [3] - Priority is given to sectors with strong past performance, including digital currency, PCB, banking, pharmaceuticals, and power steel [3] - There is interest in exploring companies with significant mid-term profit growth, although predicting financial reports remains challenging [3]

Core Viewpoint - Company expects a significant decline in net profit for the first half of 2025, while non-recurring net profit is projected to increase dramatically due to improved operational management and product structure optimization [2][3] Financial Performance - The company forecasts a net profit attributable to shareholders of 15 million to 22.5 million yuan, representing a year-on-year decline of 67.83% to 78.56% [2] - The non-recurring net profit is expected to be between 60 million and 80 million yuan, showing a year-on-year increase of 4700% to 6300% [2][3] - The decline in net profit is attributed to the absence of investment income from the sale of a subsidiary, which generated 77.01 million yuan in the same period last year [3] Subsidiary Sale - The company is adjusting the sale price of its 60% stake in Shanghai Jinban Technology Co., Ltd. to no less than 71 million yuan, marking the second price reduction this year [2][6] - This is the third attempt to sell the subsidiary, with previous attempts failing to attract qualified buyers, leading to a price drop from approximately 127 million yuan to the current price [6][9] - The repeated failure to sell the subsidiary raises concerns about its asset attractiveness and may impact the company's resource allocation and financial structure [6][9] Industry Context - The company operates in the electronic industry, focusing on the research, production, and sales of copper-clad laminates, which are widely used in various sectors including home appliances and communications [4] - The PCB sector has seen increased activity, with the company's PCB business reporting a revenue of 168 million yuan, a year-on-year increase of 32.81% [4] - Despite revenue growth, the company faces challenges due to intense competition and declining profit margins in the consumer electronics sector [4][5] Performance of Subsidiary - Shanghai Jinban's performance has not met expectations, with cumulative non-recurring net profit significantly below the promised figures, leading to financial pressure on the company [7][8] - The subsidiary's poor performance is attributed to weak demand in the electronic industry and increased competition, resulting in reduced orders and lower product prices [8][9] - The company has entered into a performance compensation agreement with the former shareholders of Shanghai Jinban, requiring them to pay 70 million yuan due to unmet performance commitments [10]

Market Overview - The market experienced a strong upward trend in the early session, with both the Shanghai Composite Index and the ChiNext Index rising over 1% [1] - As of the midday close, the Shanghai Composite Index was at 3546.50 points, up 1.05%, with a trading volume of 438.2 billion; the Shenzhen Component Index was at 10731.19 points, up 0.94%, with a trading volume of 578 billion; the ChiNext Index was at 2215.53 points, up 1.19%, with a trading volume of 277.4 billion [1] Sector Performance - The rare earth permanent magnet sector saw a collective surge, with over ten stocks, including Northern Rare Earth, hitting the daily limit [2] - The financial sector showed strong performance, with major financial stocks experiencing upward momentum, and the stock "Zhinan Zhen" reaching a historical high [2] - The CRO sector also saw a significant rise, with WuXi AppTec hitting the daily limit [2] - Conversely, the PCB sector continued to adjust downwards, with Jin'an Guoji hitting the daily limit down [2] Institutional Insights - CITIC Securities highlighted that "stable return" assets are characterized by low volatility, low drawdown, and continuous returns, with a focus on profitability and dividend stability [3] - The report noted that the banking sector's foundation for "stable returns" has been further solidified due to macroeconomic and regulatory policies, as well as increased holdings by insurance funds, public offerings, and AMC companies [3] - It is expected that trading funds will focus on undervalued stocks, while allocation funds will continue to favor beta stocks [3] Economic Outlook - Jiahe Fund projected that in July, the economy would show structural recovery characteristics, supported by manufacturing and infrastructure investments, while consumer spending continues to recover moderately [4] - The report indicated that the central bank's policy remains stable, but significant easing is unlikely due to concerns over fund circulation [4] - Key variables affecting the market include policy expectations from the Politburo meeting in late July and uncertainties from geopolitical issues and U.S. Federal Reserve policy adjustments [4] - The fund suggested focusing on sectors benefiting from domestic demand, such as automotive and retail, while monitoring policy signals and overseas risk developments [4] Industry Development Initiatives - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of developing foundational and industrial software for implementing the manufacturing power strategy [5] - The Shanghai Fengxian District government released an action plan for the development of general new materials, focusing on advanced process integrated circuit materials, including high-purity targets and semiconductor packaging materials [6] - The plan aims to accelerate domestic substitution and promote the establishment of an industrial chain ecosystem [6]

今日A股早盘震荡走高， 沪指、创业板指双双涨超1%，沪深两市半日成交额1.02万亿，较上个交易 日放量937亿。 盘面上热点较为杂乱，个股涨多跌少，全市场超2800只个股上涨。 板块方面，稀土永磁、证券、有色金属、CRO等板块涨幅居前，PCB、游戏、电网设备、消 费电子等板块跌幅居前。截至收盘，沪指涨1.05%，深成指涨0.94%，创业板指涨1.19%。 从板块来看，稀土永磁概念股集体爆发，北方稀土等10余股涨停。 大金融股震荡走强，指南 针创历史新高。CRO概念股一度冲高，药明康德涨停。下跌方面，PCB概念股持续调整，金 安国纪跌停。 ...

Market Overview - The market showed a strong upward trend in the morning, with both the Shanghai Composite Index and the ChiNext Index rising over 1% [1] - The total trading volume in the morning session reached 1.03 trillion [1] Sector Performance - The rare earth permanent magnet sector experienced a collective surge, with stocks such as Northern Rare Earth, Baogang Co., and Shenghe Resources hitting the daily limit [1] - Financial stocks, including brokerage and banking sectors, continued their strong performance, with stocks like China Merchants Bank and Harbin Investment hitting the daily limit, while Industrial and Commercial Bank of China and Zhihang Innovation reached new highs [1] - The innovative drug concept remained active, with stocks like WuXi AppTec, Kailai Pharmaceutical, and Lianhuan Pharmaceutical also hitting the daily limit [1] - Conversely, the PCB concept stocks faced adjustments, with Jin'an Guoji hitting the daily limit down [1] Stock Movement - A total of 2,667 stocks rose, with 50 stocks hitting the daily limit up; 2,237 stocks declined, with 10 stocks hitting the daily limit down [1] - 21 stocks experienced a "炸板" (a term indicating a stock hitting the limit up and then falling back), with a rate of 33% [1]

智通财经7月11日电，市场早盘震荡走高，沪指、创业板指双双涨超1%，沪深两市半日成交额1.02万 亿，较上个交易日放量937亿。盘面上热点较为杂乱，个股涨多跌少，全市场超2800只个股上涨。从板 块来看，稀土永磁概念股集体爆发，北方稀土等10余股涨停。大金融股震荡走强，指南针创历史新高。 CRO概念股一度冲高，药明康德涨停。下跌方面，PCB概念股持续调整，金安国纪跌停。板块方面，稀 土永磁、证券、有色金属、CRO等板块涨幅居前，PCB、游戏、电网设备、消费电子等板块跌幅居前。 截至收盘，沪指涨1.05%，深成指涨0.94%，创业板指涨1.19%。 午评：沪指、创业板指双双涨超1% 两市半日成交额超万亿 ...