Core Viewpoint - The company, 超声电子 (Sonic Electronics), has announced its capability to produce HDI (High-Density Interconnect) boards with a layer count ranging from 1 to 6, and the maximum layer count for printed circuit boards can reach up to 42 layers, maintaining an internationally advanced and domestically leading position in technology [1] Group 1 - The company possesses production capacity for HDI boards with 1-6 layers [1] - The maximum layer count for printed circuit boards is 42 layers [1] - The company's technology level remains internationally advanced and domestically leading [1]

Core Viewpoint - Jingwang Electronics has shown significant stock performance with a year-to-date increase of 110.02%, despite a recent decline of 9.81% over the last five trading days [1] Financial Performance - For the first half of 2025, Jingwang Electronics reported revenue of 7.095 billion yuan, representing a year-on-year growth of 20.93%. However, the net profit attributable to shareholders decreased by 1.06% to 650 million yuan [2] - Cumulatively, the company has distributed 3.057 billion yuan in dividends since its A-share listing, with 1.593 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Jingwang Electronics was 41,600, a decrease of 15.29% from the previous period. The average number of tradable shares per shareholder increased by 18.29% to 22,190 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.1388 million shares (a decrease of 671,000 shares), and Southern CSI 500 ETF, which increased its holdings by 2.3751 million shares to 7.2043 million shares [3] Market Activity - On October 15, 2023, Jingwang Electronics' stock price rose by 2.01% to 56.79 yuan per share, with a trading volume of 719 million yuan and a turnover rate of 1.32%. The total market capitalization reached 55.926 billion yuan [1] - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on September 12 [1]

Core Viewpoint - Shengyi Electronics has shown significant stock price fluctuations in 2023, with a year-to-date increase of 86.84% but a recent decline over the past five trading days by 7.85% [2] Group 1: Stock Performance - As of October 15, Shengyi Electronics' stock price rose by 2.03% to 72.34 CNY per share, with a total market capitalization of 60.174 billion CNY [1] - The stock has experienced a 52.32% increase over the past 60 days, despite a 5.59% decline over the last 20 days [2] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net buy of 15.1121 million CNY on June 18 [2] Group 2: Financial Performance - For the first half of 2025, Shengyi Electronics reported a revenue of 3.769 billion CNY, representing a year-on-year growth of 91.00%, and a net profit of 531 million CNY, up 452.11% [2] - Cumulative cash dividends since the company's A-share listing amount to 999.2 million CNY, with 584 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.84% to 17,500, with an average of 47,464 circulating shares per shareholder, an increase of 3.99% [2] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 11.7295 million shares, an increase of 3.9454 million shares from the previous period [3]

Core Points - The company, 超颖电子, has initiated its subscription process with a total issuance of 52.5 million shares, including 12.6 million shares for online subscription at a price of 17.08 yuan per share, resulting in a price-to-earnings ratio of 28.64 times [1][3] - The main business of the company is the research, production, and sales of printed circuit boards [2] - The funds raised will be allocated to supplement working capital, repay bank loans, and invest in the second phase of the high-layer and HDI project, with a total investment of 60 million yuan and 40 million yuan respectively [3] Financial Indicators - Total assets for 2024 are projected at 6.797 billion yuan, an increase from 4.906 billion yuan in 2023 and 4.518 billion yuan in 2022 [3] - Net assets are expected to reach 1.847 billion yuan in 2024, up from 1.533 billion yuan in 2023 and 1.259 billion yuan in 2022 [3] - Operating income is forecasted at 4.124 billion yuan for 2024, compared to 3.656 billion yuan in 2023 and 3.514 billion yuan in 2022 [3] - Net profit is anticipated to be 276 million yuan in 2024, slightly higher than 266 million yuan in 2023 and significantly up from 141 million yuan in 2022 [3] - Basic earnings per share are projected at 0.72 yuan for 2024, compared to 0.69 yuan in 2023 and 0.20 yuan in 2022 [3] - The weighted return on equity is expected to be 16.34% in 2024, down from 19.07% in 2023 but up from 11.08% in 2022 [3]

Core Viewpoint - The IPO of Super Electronics (603175) on the Shanghai Stock Exchange is characterized by a low issuance price and low valuation, making it an attractive opportunity for investors in the current market environment [1][2]. Group 1: IPO Details - Super Electronics plans to issue 12.6 million shares at an issuance price of 17.08 yuan, significantly below the perceived safe line of 30 yuan [1][2]. - The required market value for the maximum subscription is 125,000 yuan in Shanghai stocks [1][2]. - The company has a dynamic price-to-earnings (P/E) ratio of 23.47, which is lower than the industry average of 60.52 [1][7]. Group 2: Financial Performance - In the first half of the year, Super Electronics achieved a revenue of 2.185 billion yuan, representing a year-on-year growth of 12.61%, while the net profit attributable to shareholders was 159 million yuan, down 11.85% year-on-year [3][4]. - The company's revenue for the past three years was 3.514 billion yuan, 3.656 billion yuan, and 4.124 billion yuan, with a revenue growth rate of 12.78% last year [4]. - The company expects a revenue growth of 4.89% to 11.45% in Q3 2025, but a decline in net profit by 9.49% to 1.19% [4]. Group 3: Fundraising and Use of Proceeds - The total funds raised from the IPO amount to 896 million yuan, exceeding the initial target by 236 million yuan [6]. - The raised funds will be used for the second phase of the high-layer and HDI project, to supplement working capital, and to repay bank loans [5]. Group 4: Market Sentiment - The low subscription price and the ease of participation in the IPO are expected to attract a large number of retail investors, creating a "supply-demand" imbalance [9]. - The favorable market conditions have led to a sentiment where new shares are generally expected to rise on the first trading day, enhancing the attractiveness of this IPO [2][9].

Group 1 - Antai Technology (000969) and Chengxing Co. (600078) achieved a four-day trading limit increase, while Baotailong (601011) and Hefei Urban Construction (002208) saw a three-day limit increase [1] - The consumer goods sector, particularly the liquor industry, experienced significant growth during the recent holiday period, with Meituan reporting an 800% year-on-year increase in liquor sales [1] - Major liquor stocks such as Kweichow Moutai (600519) and Luzhou Laojiao (000568) recorded varying degrees of price increases, indicating strong market performance [1] Group 2 - Xiashan Precision (001306) plans to establish a fund with a total subscription amount of 100 million yuan, focusing on key components for humanoid robots [2] - Shengtun Mining (600711) intends to acquire 100% of Canadian Loncor for approximately 1.9 billion USD, gaining access to the Adumbi gold mine with significant resource potential [2] - Degute (300950) clarified that it does not focus on nuclear-related business and has no current orders or clients in that sector, emphasizing its core operations in energy-saving and environmental protection equipment [3] Group 3 - A new stock, Super Electronics, is available for subscription with an issuance price of 17.08 yuan and a total issuance of 52.5 million shares [5] Group 4 - The US stock market showed mixed results, with the Dow Jones increasing by 0.44% while the Nasdaq and S&P 500 declined by 0.76% and 0.16% respectively, indicating volatility in large tech stocks [7] - Walmart's stock rose by 5%, reaching a record closing high, reflecting strong performance in the retail sector [7]

Core Viewpoint - The company aims to become a global benchmark in the electronic circuit industry by focusing on printed circuit boards (PCBs) and expanding its product applications across various sectors such as automotive electronics, displays, storage, consumer electronics, and communications [2][21]. Business Operations - The company's products are widely used in automotive electronics, displays, storage, consumer electronics, and communications, covering a range from double-sided boards to 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [2]. - The main raw materials used in production include copper-clad laminates, semi-cured sheets, gold salt, copper foil, copper balls, inks, and dry films, sourced from well-known suppliers such as Unimicron Technology Corp and others [4]. - The company employs a direct sales model, selling products directly to domestic and international electronic manufacturers, supplemented by sales through traders and PCB companies [5]. - The company has four wholly-owned subsidiaries and does not have any associated companies [6]. Production and Sales - The company reported production and sales rates of 101.57%, 102.98%, and 97.61% for the respective years, attributed to a "sales-driven production" model and external procurement to meet customer delivery demands [7]. - The company has established a strong customer base, including major clients like Continental Automotive, Jabil, Valeo, Bosch, BOE, and LG Group, which supports its growth [5][15]. Financial Performance - The company's reported operating revenues for the years were approximately 3.514 billion, 3.656 billion, and 4.124 billion yuan [11]. - The gross profit from main business operations was approximately 505 million, 740 million, and 744 million yuan for the same years [12]. - Research and development expenses were approximately 108 million, 122 million, and 135 million yuan, representing 3.07%, 3.34%, and 3.27% of operating revenue, with a compound annual growth rate of 11.94% over the last three years [13]. Strategic Planning - The company's strategic goal is to be a leading PCB manufacturer in China, focusing on customer satisfaction, innovation, and sustainable development [14]. - The company plans to enhance its production capabilities in high-end products such as HDI boards, high-frequency boards, and thick copper boards, aiming for rapid and stable delivery of existing products [14][20]. Industry Insights - The PCB industry is evolving towards high-density and high-performance products, driven by the demand for lightweight, compact, and high-speed electronic devices [21]. - The industry is characterized by cyclicality, seasonality, and regionality, with significant opportunities arising from national policies and a rapidly expanding downstream market [22][23]. - The global PCB market is highly competitive, with numerous manufacturers, and the company ranks 23rd among comprehensive PCB enterprises in China and is among the top ten automotive PCB suppliers globally [24][25]. Issuance and Funding - The company plans to issue 52.5 million shares, accounting for 12.01% of the total share capital post-issuance, with strategic placements aimed at large enterprises and management personnel [28]. - The funds raised will be used to expand production capacity, supplement working capital, and repay bank loans, with a projected annual sales revenue of approximately 1.002 billion yuan from the new production project [29].

Group 1 - The company, ChaoYing Electronics, specializes in the printed circuit board (PCB) industry, with applications in automotive electronics, displays, storage, consumer electronics, and communications [1] - ChaoYing Electronics has established long-term stable partnerships with several globally renowned automotive electronics companies, leveraging its strong R&D capabilities, refined management, product quality, and timely delivery [1] - The company is actively expanding its data center product offerings, which will support its future growth and strategic objectives [1] Group 2 - The company aims to provide solid returns to investors and contribute to society following its successful listing on the Shanghai Stock Exchange [1] - The online roadshow is intended to enhance investors' understanding of ChaoYing Electronics' investment value and growth potential, encouraging participation in the current issuance [1]

Core Viewpoint - The company aims to become a benchmark in the global electronic circuit industry by focusing on the printed circuit board (PCB) sector, with products widely used in various fields such as automotive electronics, display, storage, consumer electronics, and communication [1][19]. Business Operations - The company's products are applied in automotive electronics, displays, storage, consumer electronics, and communication, covering a range from double-sided boards to 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [1]. - Major raw materials include copper-clad laminates, semi-cured sheets, gold salt, copper foil, copper balls, inks, and dry films, with key suppliers being companies like Unimicron Technology Corp and others [1][2]. - The sales model is primarily direct sales to domestic and international electronic product manufacturers, supplemented by sales through traders and PCB companies [3]. - The company has four wholly-owned subsidiaries and does not have any associated companies [4]. Production and Sales - The company reported production and sales rates of 101.57%, 102.98%, and 97.61% for the years 2022, 2023, and 2024, respectively, attributed to a "sales-driven production" model and external procurement to meet customer delivery demands [5]. - The company has established a strong customer base, including major clients like Continental Automotive, Jabil, Valeo, Bosch, BOE, and LG Group [3][13]. Financial Performance - The reported operating revenues for the company were 3,514.16 million, 3,656.25 million, and 4,123.62 million for the years 2022, 2023, and 2024, respectively [9]. - The gross profit from main business operations was reported as 505.19 million, 739.95 million, and 744.52 million for the same years [10]. - Research and development expenses were 107.76 million, 122.07 million, and 135.03 million, accounting for 3.07%, 3.34%, and 3.27% of operating revenue, with a compound annual growth rate of 11.94% over the last three years [11]. Strategic Development - The company's strategic goal is to be a leading PCB manufacturer in China, focusing on customer satisfaction, innovation, and sustainable development [13]. - The company has established stable partnerships with renowned clients in various sectors, including automotive, display, storage, consumer electronics, and communication [13][14]. - The company has 22 core technologies, including 5 invention patents and 26 utility model patents, and emphasizes continuous innovation and technology development [8][14]. Industry Insights - The PCB industry is evolving towards high-density and high-performance products, driven by the demand for lightweight, high-frequency electronic devices [19]. - The industry is characterized by cyclicality, seasonality, and regionality, with significant opportunities arising from national policies and a rapidly expanding downstream market [21][22]. - The company ranks 23rd among comprehensive PCB enterprises in China and is among the top ten automotive electronic PCB suppliers globally [23]. Fundraising and Investment - The company plans to issue 52.5 million shares, accounting for 12.01% of the total share capital post-issue, with an initial strategic placement of 10.5 million shares [27]. - The funds raised will be used to expand production capacity, supplement working capital, and repay bank loans, with a projected annual sales revenue of approximately 1,002.39 million after the completion of the new production project [27][28].

尊敬的各位嘉宾、各位投资者和网友： 大家上午好！ 在这里，我衷心地感谢上证路演中心、上海证券报及中国证券网为超颖电子提供宝贵的网上路演平台。 通过本次网上路演，我和我们的管理团队以及保荐机构代表，将就公司的发展战略、经营状况、未来规 划等大家关心的问题进行坦诚、深入的交流。我们期待听到您宝贵的意见和建议。谢谢大家！ （文章来源：上海证券报） 欢迎大家参加超颖电子电路股份有限公司首次公开发行股票并在上海证券交易所主板上市的网上路演推 介会。在此，我谨代表公司董事会及全体员工，向参加此次网上路演的朋友们表示热烈欢迎，向关心和 支持公司发展的广大投资者致以诚挚的谢意！ 超颖电子的主营业务是印制电路板的研发、生产和销售，产品广泛应用于汽车电子、显示、储存、消费 电子、通信等诸多领域。根据中国电子电路行业协会的统计，2024年，公司在中国电子电路行业排行榜 综合PCB企业排名中位列第23。根据NTI的报告，2023年，公司为全球前十大汽车电子PCB供货商，中 国前五大汽车电子PCB供货商。这些成绩的取得，离不开我们始终秉持的技术创新理念和对市场需求的 精准把握。 本次在A股上市，是公司发展历程中的一个重要里程碑。我们计 ...