Core Insights - Shenzhen Jialichuang Technology Group Co., Ltd. (Jialichuang) has resumed its IPO process with the update of its prospectus, indicating substantial progress in its listing journey [1] - The company reported nearly 8 billion yuan in revenue for 2024, marking an 18.55% year-on-year increase, and a net profit of approximately 1 billion yuan, reflecting a 35.19% growth [1] - The overseas market has become a significant growth driver, with foreign revenue reaching 1.43 billion yuan, up 32.34% year-on-year, accounting for 18.57% of total revenue [1] Revenue and Profit Growth - Jialichuang's revenue and net profit compound annual growth rates (CAGR) for the past three years (2022-2024) are 11.91% and 32.04%, respectively [1] - The PCB business generated 3.36 billion yuan in revenue, a 14.81% increase, while the electronic components business recorded 2.85 billion yuan, up 6.98% [1] - The PCBA segment showed remarkable growth, achieving 1.20 billion yuan in revenue, a significant increase of 55.43% [1] Business Synergy and New Growth Areas - The "one-stop service" model has demonstrated synergy, with the PCBA business contributing 318 million yuan to PCB revenue growth, accounting for 24.92% of the increase [2] - New incubation businesses, particularly in the mechanical industry, have shown strong growth, with revenue reaching 313 million yuan, an 80.81% increase [2] - The 3D printing business contributed 109 million yuan, growing by 63.18% [2] High-End Product Development - Benefiting from the development of strategic emerging industries like AI and robotics, Jialichuang's high-end product layout has yielded results, with multi-layer board sales reaching 768 million yuan, a 39.71% increase [4] - The user base has expanded significantly, with registered users reaching approximately 7.12 million, a 29.74% year-on-year growth, and total orders amounting to 17.81 million, up 22.79% [4] - The company has launched several new services and innovative mechanisms to meet engineer demands, including custom packaging and intelligent pricing [4] R&D Investment - Jialichuang's R&D expenses for 2024 amounted to 329 million yuan, a 9.72% increase, with a three-year CAGR of over 17% [4] - The company continues to invest in developing industrial software and AI applications tailored to electronic innovation scenarios [4] Market Outlook - The updated prospectus and resumed review status have drawn renewed attention to Jialichuang's IPO, highlighting its revenue growth, profit enhancement, business diversification, and user ecosystem development [5] - The effectiveness of the one-stop strategy, particularly the synergy between new and existing businesses, may be key factors in assessing Jialichuang's market value [5]

Core Viewpoint - The company, Shenzhen Jialichuang Technology Group Co., Ltd., is progressing towards its IPO with updated financial performance for 2024, showing significant growth in revenue and net profit, alongside a strong focus on global expansion and high-end product offerings [1][2]. Financial Performance - In 2024, the company achieved nearly 8 billion yuan in revenue and 998 million yuan in net profit, representing year-on-year growth of 18.55% and 35.19% respectively, maintaining a steady growth trajectory [2]. - The compound annual growth rates (CAGR) for revenue and net profit over the last three years were 11.91% and 32.04% respectively [2]. Global Expansion - The company's overseas business saw significant growth, with foreign revenue reaching 1.434 billion yuan in 2024, a year-on-year increase of 32.34%, and a three-year CAGR of 20.66% [2]. - Foreign revenue accounted for 18.57% of the main business income, an increase of 2 percentage points compared to the previous year, highlighting the company's competitive edge in global markets [2]. Business Segmentation - The core business segments, including PCB, electronic components, and PCBA, reported revenues of 3.361 billion yuan, 2.853 billion yuan, and 1.195 billion yuan respectively, with year-on-year growth rates of 14.81%, 6.98%, and 55.43% [2]. - New business initiatives, particularly in the mechanical industry chain, generated 313 million yuan in revenue, marking an 80.81% increase, with 3D printing contributing 109 million yuan, up 63.18% [2]. High-End Product Development - The company benefited from the rapid development of strategic emerging industries such as artificial intelligence and robotics, with multi-layer boards generating 768 million yuan in sales, a 39.71% increase, driving growth in the PCB sector [3]. User Engagement and Innovation - By the end of 2024, the company registered 7.1189 million users, a 29.74% increase, leading to a total of 17.8069 million orders, up 22.79% [4]. - The company's EDA industrial software supports over a million engineers in product prototype development, with more than 5.33 million global registered users and over 35.55 million hardware design projects facilitated [4]. R&D Investment - The company increased its R&D expenditure to 329 million yuan in 2024, a 9.72% rise from the previous year, with a three-year CAGR of over 17% in R&D investment [4].