Workflow
多层挠性板
icon
Search documents
计划进一步扩产 超颖电子将迎IPO审议
Zhong Zheng Wang· 2025-07-09 03:43
Company Overview - Chaoying Electronics is a high-tech enterprise focused on the research, development, production, and sales of printed circuit boards (PCBs) [1] - The main products include high-density interconnect boards, multi-layer flexible boards, and IC packaging substrates, with applications in automotive electronics, displays, and storage [1] Financial Performance - Projected revenues for Chaoying Electronics from 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, respectively [1] - Projected net profits attributable to shareholders for the same period are 141 million, 266 million, and 276 million yuan, indicating a slowdown in profit growth in 2024 but overall steady growth [1] Technology and Innovation - The company has developed several core technologies in automotive electronics and display fields, including high-frequency millimeter-wave radar board manufacturing technology and large-size LCD display mainboard manufacturing technology [1] - As of the reporting period, Chaoying Electronics has obtained 14 invention patents and 85 utility model patents, along with several non-patent technologies [1] Client Relationships - In the automotive electronics sector, the company has long-term partnerships with Continental Automotive, Valeo, Bosch, and Aptiv [2] - In the display sector, stable collaborations exist with BOE and LG Group, while leading storage manufacturers like Seagate, Western Digital, and SK Hynix are also clients [2] Financial Ratios - The company's asset-liability ratios from 2022 to 2024 are 72.14%, 68.75%, and 72.83%, indicating a relatively high level of debt [2] - The increase in the asset-liability ratio in 2024 is attributed to the construction and commissioning of a factory in Thailand, leading to increased funding needs and higher bank loans [2] Market Outlook - The global PCB market is projected to reach a total output value of 73.565 billion USD in 2024, indicating significant market potential [3] - The PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2028, driven by the booming demand from sectors like new energy vehicles and cloud computing [3] Investment Plans - The funds raised from the IPO will be used for the second phase of high-layer and HDI project investments, supplementing working capital, and repaying bank loans [3] - The implementation of these projects is expected to add 360,000 square meters of production capacity annually, enhancing the company's high-layer PCB and advanced HDI processing capabilities [3]
超颖电子IPO:关联交易异常、资金募集用途存疑、研发投入不足的“三重考验”
Sou Hu Cai Jing· 2025-07-08 10:16
Core Viewpoint - The company, Chaoying Electronics, is facing significant challenges as it seeks to go public, including slowing profit growth, questionable related-party transactions, and high debt levels, raising concerns among investors and the market [1][2][3]. Financial Performance - Chaoying Electronics has shown steady profit growth from 2022 to 2024, with net profits of 141 million, 266 million, and 276 million yuan respectively [2]. - The company's net profit growth is projected to slow to 3.78% in 2024 [1]. Related-Party Transactions - There are notable discrepancies in related-party transactions, particularly in pricing. For instance, the price for double-sided boards sold to the parent company was 606.32 yuan/㎡, while the average price for other customers was 678.13 yuan/㎡ [2]. - The company's subsidiary in Seychelles reported a net profit of 129 million yuan in 2023, a 70% increase from 2021, raising suspicions of profit shifting through transfer pricing [2]. Debt and Financial Health - The company's debt-to-asset ratio has increased to 72.83% in 2024, marking a five-year high and significantly above industry averages [4]. - Short-term borrowings surged to 1.726 billion yuan in 2024, nearly doubling from the previous year, primarily due to funding needs for a factory in Thailand [6]. - Accounts payable also rose sharply from 1.153 billion yuan to 2.038 billion yuan, reflecting increased obligations related to the factory's construction [7]. Revenue Sources and Risks - Over 80% of the company's revenue comes from international markets, with export revenues accounting for 81.89%, 81.67%, and 82.77% from 2022 to 2024 [7]. - The company benefits from a 13% export tax rebate, but potential reductions in this rate could adversely affect profitability [7]. Fundraising and R&D Concerns - Chaoying Electronics plans to raise 660 million yuan, with 39.4% earmarked for working capital and debt repayment, raising concerns about the legitimacy of its fundraising intentions [8]. - The company's R&D expenditure as a percentage of revenue is below 4%, with rates of 3.07%, 3.34%, and 3.27% from 2022 to 2024, which is lower than industry peers [8][10]. Competitive Landscape - The PCB industry is highly competitive, with approximately 1,500 manufacturers in China. Chaoying Electronics ranks in the lower tier, with a revenue significantly less than leading competitors like Pengding Holdings, which reported 35.14 billion yuan in 2024 [10].