Company Overview - Huizhou Zhongjing Electronics Technology Co., Ltd. (stock code 002579) was established in 2000 and provides one-stop PCB solutions, specializing in the research, production, and sales of rigid multilayer circuit boards (MLB), high-density interconnect boards (HDI), flexible circuit boards (FPC & FPCA), and rigid-flex boards (R-F) [1] - The company is recognized as a national key high-tech enterprise under the Torch Program and serves as the vice-chairman unit of the China Printed Circuit Association (CPCA), being one of the standard-setting units in the industry [1] Financial Performance - The financial report indicates that Dachen Fund's Dachen 360 Internet + Big Data 100A has entered the top ten shareholders of Zhongjing Electronics, with a holding ratio of 0.27% as of the first quarter of this year [1] - The fund has achieved a year-to-date return of 18.61%, ranking 264th out of 3426 in its category [2] Fund Management - The fund manager, Xia Gao, holds a Ph.D. in engineering from Tsinghua University and has extensive experience in fund management, having worked at Dachen Fund Management Co., Ltd. since July 2012 [3][4] - Xia Gao has managed various funds, including the Dachen 360 Internet + Big Data 100 Index Fund since February 3, 2016, and has a cumulative management experience of over 10 years [4]

政府部门对辖内企业的项目建筑工程设计方案进行批前公示，却收到大量群众投诉，于是召开听证会以 期化解矛盾。这是今年3月发生在广州市南沙区的事，涉事的是安捷利（番禺）电子实业有限公司新增 投资30亿元的新兴产业园项目。 这家专注于设计、制造和销售柔性电路板（FPC）及其电子产品的企业，近几年频繁受到附近群众投 诉，原因在于其排污达到了国家和省层面对印制电路板行业生产的相关排放标准。此类排污"达标扰 民"现象在全国范围内并不少见。 南沙官方将安捷利问题定义为"典型的城市规划问题"：先企后楼，群众区与企业距离过近所致。安捷利 相关项目的环境报告表显示，项目卫生防护距离应为85米，而安捷利厂区距离最近的居民区仅60米。也 因此，附近群众强烈反对企业在现状下进行任何改扩建，希望政府采取停产整顿，甚至搬迁处理。 印制电路板（PCB）被称为"电子产品之母"，又属于我国的"高污染、高环境风险产品"，在新质生产力 发展要求下，必须加快向绿色化转型，推动实现产城融合发展。 6月5日，本因此次群众投诉按下"暂停键"的涉事项目，再度在市、区职能部门官网进行公示，其新建建 筑工程设计方案审查工作正在受理中。但问题根源仍未解决，投诉之声并 ...

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. maintains a stable credit rating of AA, with a positive outlook due to its strong market position and product advantages in the PCB industry [4][8]. Company Overview - The company ranks 10th globally and 3rd among domestic PCB manufacturers in China, benefiting from a diverse customer base and broad application fields including automotive, communication technology, and consumer electronics [6][18]. - The company has a significant number of patents, with 30 new invention patents added in 2024, enhancing its competitive edge [6][18]. Financial Performance - Total assets increased to 203.41 billion RMB in 2024, with total liabilities at 172.31 billion RMB, reflecting a healthy financial position [4][21]. - Revenue for 2024 reached 126.59 billion RMB, with a net profit of 11.60 billion RMB, indicating growth driven by demand in data centers and automotive electronics [4][21]. - The EBITDA margin was 22.73% in 2024, although it experienced a slight decline due to rising raw material costs [21][25]. Market Position and Competitive Landscape - The company holds a strong market share in the PCB industry, with a focus on high-density interconnect (HDI) products, which are expected to see significant growth due to AI server demand [11][12]. - The PCB market is projected to grow, with a global market value of 73.6 billion USD in 2024, driven by recovery in the AI server and consumer electronics sectors [10][11]. Operational Environment - The company operates multiple production bases in China and is expanding internationally, with a focus on maintaining high capacity utilization rates [18][19]. - The PCB industry is facing challenges from high raw material prices and increased competition, which may impact profit margins [13][20]. Future Outlook - The company is expected to continue benefiting from its strong market position and diverse applications, although it must navigate potential cost pressures and external factors such as U.S. tariff policies [7][17]. - The credit rating agency maintains a stable outlook for the company, anticipating sustained business viability due to its leading position in the PCB sector [8].

Group 1: Industry Overview - The PCB (Printed Circuit Board) sector in the A-share market is experiencing significant activity, with multiple companies' stocks hitting the daily limit up, driven by strong demand from emerging fields such as 5G, AI, and automotive electronics [1] - The PCB industry is moving towards high-end development, supported by national strategic planning and local policies, which emphasize the importance of electronic components in the global electronics information industry chain [1][2] Group 2: Policy Support - National and local governments have established a multi-level support system for the PCB industry, with policies like the "14th Five-Year Plan" and the "14th Five-Year Digital Economy Development Plan" highlighting the cultivation of AI and enhancement of core electronic components [2] - Recent guidelines from the Ministry of Industry and Information Technology focus on automating and upgrading electronic component production, promoting miniaturization and high precision in PCB products [2] Group 3: Market Demand - The demand for high-frequency and high-speed PCBs is surging due to the construction of 5G base stations and the requirements of AI servers and data centers [4] - The automotive electronics market is expanding, driven by the trend of vehicle intelligence, which is expected to increase the value of PCBs per vehicle [6] Group 4: Company Developments - Companies are actively investing in expanding their production capacities, such as Huishi Electronics planning to invest approximately 4.3 billion yuan in a new high-end PCB project for AI chips [4] - Wenzhou Hongfeng and Guangdong Shiyun Circuit are also enhancing their production lines to meet the growing demand for high-performance PCB products [5][6] Group 5: Future Projections - The global PCB market is projected to reach $96.8 billion by 2025, driven by the proliferation of AI technology and the expansion of the electric vehicle market [7] - The PCB market for AI and HPC servers is expected to grow at a compound annual growth rate (CAGR) of 32.5% from 2023 to 2028, reaching a market size of $3.2 billion [7] Group 6: Challenges Ahead - The PCB industry faces challenges such as technological upgrades, environmental constraints, and cost pressures, necessitating agile R&D mechanisms and green process transformations [8] - Companies must focus on digital supply chain management and intelligent production technologies to control costs effectively while transitioning towards high-end, integrated products [8]

内资PCB 领先企业，2025Q1 利润增长339%。公司从事高精密度印制线路板的研发、生产和销售，主要 产品覆盖刚性电路板、柔性电路板全系列，产品在AI 算力、AI 机器人、无人驾驶、虚拟现实等领域取 得领先优势。2024年公司实现营业收入107.3 亿元，同比增长35.3%，2019-2024 年营收CAGR达 22.5%，实现归母净利润11.5 亿元，同比增长72.0%，2019-2024 年归母净利润CAGR 达20.0%；2025 年 Q1 实现营业收入43.1 亿元，同比增长80.3%，实现归母净利润9.2 亿元，同比增长339.2%。 PCB 行业稳定成长，高多层、载板、HDI 等高端PCB 增速领先。根据Prismark数据显示，2024 年全球 PCB 产值为735.65 亿美元；2029 年全球PCB 市场规模预计将达946.61 亿美元，2024—2029 年复合增长 率5.2%。其中，2029年18 层及以上 PCB 板领域市场规模达到为50.2 亿美元，2024-2029 复合增长率 15.7%；2023 年全球HDI 市场规模105.4 亿美元，2028 年有望达到148.3 亿美 ...

光韵达重组：双向奔赴的病人 导语：仅易主半年，熟悉的"高溢价收购+低价定增"套路就都回来了。 作者：市值风云 App：白猫 激光行业凭借工业制造技术的升级以及新兴应用领域的不断延伸，近年来呈现快 速增长态势。 光韵达（300227.SZ）是国内首家激光应用上市公司，其产品和服务目前主要应 用于电子制造和航空制造两大领域，核心业务包括 3D 打印、柔性电路板激光成 型、精密激光钻孔（HDI）、精密激光模板、激光光源及关键零部件制造等。 公司上市 14 年，从 2020 年开始业绩持续走低，并在 2024 年首亏，扣非净利 润-4800 万。 2025 年一季度，其扣非净利润同比再度暴跌 352%，仍未见转机。 翻阅公司公告后发现，其业绩下滑的同时，资本运作却开始粉墨登场，频频上演。 这背后向投资者透露了什么信号？是破局重生的"逆袭剧本"，还是击鼓传花的 资本套利？ 一、陷入亏损，老板提桶跑路，易主仅耗资 2.3 亿 2024 年 9 月 27 日晚间，光韵达发布了两则重要公告。 一个是原控股股东以及实控人，提前终止 989 万股的减持计划。 光韵达的创始股东为侯若洪、姚彩虹、王荣。其中侯若洪、姚彩虹两人曾是夫妻 ...

仅易主半年，熟悉的"高溢价收购+低价定增"套路就都回来了。 作者 | 白猫 编辑 | 小白 激光行业凭借工业制造技术的升级以及新兴应用领域的不断延伸，近年来呈现快速增长态势。 光韵达（300227.SZ）是国内首家激光应用上市公司，其产品和服务目前主要应用于电子制造和航空制造 两大领域，核心业务包括3D打印、柔性电路板激光成型、精密激光钻孔（HDI）、精密激光模板、激光 光源及关键零部件制造等。 公司上市14年，从2020年开始业绩持续走低，并在2024年首亏，扣非净利润-4800万。 2025年一季度，其扣非净利润同比再度暴跌352%，仍未见转机。 翻阅公司公告后发现，其业绩下滑的同时， 资本运作却开始粉墨登场，频频上演 。 这背后向投资者透露了什么信号？是破局重生的"逆袭剧本"，还是击鼓传花的资本套利？ | 2019 2020 2021 2022 2023 2024 2025Q1 | | --- | | ● 7208.7万 1.3亿 9154.5万 8006.8万 5681.6万 -2736.7万 15.8万 | | ● 6128.8万 1.1亿 7714.9万 7350.1万 3612.6万 -4810 ...

Core Viewpoint - The company, Shenghong Technology, is making significant investments to enhance its core competitiveness and ensure sustainable development, particularly in response to the growing demand for AI computing hardware [1][4]. Group 1: Investment Plans - Shenghong Technology plans to invest no more than 3 billion yuan in 2025 for fixed assets and intangible assets, focusing on new factory construction, equipment procurement, and automation line upgrades [1][4]. - The investment is seen as a strategic move to accelerate the release of AI computing hardware capacity and deepen global expansion [1][4]. Group 2: Financial Performance - In Q1 2025, Shenghong Technology achieved a revenue of 4.312 billion yuan, representing an 80.31% year-on-year increase, and a net profit of 921 million yuan, up 339.22% year-on-year [2][3]. - For the full year 2024, the company reported a revenue of 10.73 billion yuan, a 35.31% increase, and a net profit of 1.154 billion yuan, a 71.96% increase [2][3]. - The company's gross margin rose to 33.37%, up 13.89 percentage points year-on-year, while the net margin reached 21.35%, up 12.58 percentage points year-on-year, significantly exceeding the global PCB industry average of 10%-15% [2][3]. Group 3: Market Outlook - Shenghong Technology anticipates continued growth in downstream industries such as automotive electronics and server/data storage, driven by AI, which will support high growth in multilayer boards and packaging substrates [3]. - The company expects a quarter-on-quarter net profit growth of no less than 30% in Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [3]. Group 4: Capacity Expansion and Globalization - To meet the surge in orders, Shenghong Technology is accelerating capacity expansion, with plans to raise up to 1.98 billion yuan through a stock issuance for overseas projects in Vietnam and Thailand [4]. - The company has a strong order backlog and a good capacity utilization rate, with new capacity expected to come online in June 2025, significantly enhancing its high-end HDI and multilayer production capabilities [4]. - Shenghong Technology has been focusing on globalization, with over 50% of its orders coming from overseas, achieved through acquisitions and investments in foreign factories [4]. Group 5: R&D and Innovation - The company has invested over 2 billion yuan in R&D since its listing, establishing comprehensive technological capabilities across the PCB industry chain [4][5]. - Shenghong Technology holds 399 patents, with innovations in AI computing, robotics, low-altitude economy, and autonomous driving, and has established partnerships with leading companies in the humanoid robotics sector [5]. - The company plans to continue increasing R&D investment to enhance product competitiveness and provide high-quality products and services to global customers [5].

作为业内领先、具有行业变革意义的电子及机械产业一站式基础设施服务提供商，嘉立创聚焦产品研发 及硬件创新场景，满足全球数百万客户在样品试制、小批量生产过程中"快交付、高品质、定制化、一 站式"的需求。 "没想到'上午设计、下午打样'的极致效率已是随手可得。"展会现场工程师说着便打开手机，展示他早 上出门看展前刚下单的PCB，随着自动审单、算法拼板，才半日过去，进度条已显示即将发货。 嘉立创方面人士表示，这种"立马想要，立马得到"的硬件创新服务，成为工程师破解"创新效率"的底 气。 展会期间，嘉立创举办第十期"设计制造0距离"技术沙龙活动，中国科学院深圳先进院集成所副所长吴 新宇讲述了他带领团队研发"外骨骼机器人"的历程。 "我们投入大量精力在运动意图识别和人机协同控制的研究，其中团队使用高多层PCB做了多次硬件模 块的创新升级，高密度电路布线优化了信号完整性，为外骨骼的高负载、高自由、精巧的功能构筑提供 了稳定支撑。"吴新宇表示，团队从2012年开始从事外骨骼的研发工作，制作了大量PCB，应用于主控 板、电机位置反馈板、电池接口按键支撑板，均得到了嘉立创的一站式服务支持。 吴新宇说："另一款柔性外骨骼机器人，可 ...

4月9日晚间，迅捷兴发布公司重大资产重组预案公告。公告显示，公司拟以现金和发行股份的方式，收购深圳市嘉之宏电子有限公司（下称"嘉之宏"）的 100%股权并募集配套资金。 钛媒体APP注意到，作为上市即巅峰的公司，迅捷兴自2021年后净利润一路下滑，并于2024年首亏，此时宣布收购一家同行业标的的时机就颇值得玩味。不 过公司方面的意图也非常明确，即期望通过多元化的产品布局，提高营收及盈利能力。但眼下迅捷兴所处行业竞争激烈，毛利率持续下滑，能否靠并购实现 改善犹未可知。 4月10日，迅捷兴复牌开盘冲高后回落，公司股价报收13.80元/股，收跌3.70%。复牌收跌也一定程度上折射出资本市场对此次并购的疑虑。 标的公司营收反超迅捷兴 本次重组交易设计结构是由"发行股份+现金"两部分组成，同时公司还将募资配套资金。募集配套资金成功与否不影响并购交易的实施。此外，由于标的资 产的审计、评估工作尚未完成，本次交易标的资产交易对价尚未确定。 迅捷兴表示称："公司与标的公司的业务具有协同效应，可以实现优势互补。同时本次收购的标的公司具有良好的发展前景和较强盈利能力，能提高上市公 司盈利能力，提升股东回报" 上市首亏之际，迅捷兴 ...