2026年2月27日，广州广合科技股份有限公司Delton Technology (Guangzhou) Inc.(简称"广合科技")在港交所披露聆讯后的招股书，或很快香港主板挂牌上 市。其于2025年6月11日、2025年12月14日先后两次递表。 广合科技(001389.SZ)，于2024年4月2日在深交所上市，截至2026年2月27日收市，总市值约人民币510亿元。 | 【編纂]的[編纂]數目 | | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | . . | [編纂]股H股(可予[編纂]) | | [编纂]數目 | .. | [编纂]股H股(可予[编纂]及視乎 | | [编纂]行使與否而定) | | | | 最高[编纂] : | | 每股[編纂][編纂]港元,另加1％經紀佣金、 | | | | 0.0027％證監曾交易徵費、0.00565% | | | | 聯交所交易費及0.00015%會財局交易 | | | | 徵費(須於申請時以港元繳足,多繳款項 | | 可予狠環) | | | | 面值 | : | 每股H股人民幣1.00元 | | ...

Core Viewpoint - Guanghe Technology is set to achieve dual listing status in the A-share and Hong Kong markets, following a significant increase in its market capitalization by over 60% this year, driven by strong fundamentals and demand in the PCB sector for computing servers [1][2]. Company Performance - Guanghe Technology's revenue for the first nine months of 2022 to 2025 was reported as 2.412 billion RMB, 2.678 billion RMB, 3.734 billion RMB, and 2.681 billion RMB respectively, maintaining double-digit growth rates [4]. - The company's net profit margins improved from 11.6% in 2022 to 18.9% in the first nine months of 2025, reflecting a strong increase in profitability [7]. - The company has a robust cash flow, with cash and equivalents amounting to 715 million RMB as of October 2025, indicating strong operational cash generation [1][11]. Market Position - Guanghe Technology ranks third globally in the PCB manufacturing sector for computing servers, with a market share of 4.9%, and is the leading manufacturer in mainland China [10]. - The company’s PCB products are primarily sold internationally, with overseas revenue accounting for 70.6% in the first nine months of 2025, although domestic market growth is notable at 84.2% [10][11]. Industry Outlook - The global PCB market is projected to grow steadily, reaching a size of 75 billion USD in 2024, with a compound annual growth rate (CAGR) of 4.9% from 2024 to 2029 [8]. - The PCB market for computing servers is expected to grow at a CAGR of 18.2% from 2020 to 2024, and 10.9% from 2024 to 2029, reaching 21 billion USD by 2029 [8]. Customer Base - As of September 2025, Guanghe Technology had 202 customers, with 155 being direct sales clients contributing over 90% of revenue [6]. - The top five customers accounted for a significant portion of revenue, with the largest customer contributing 26.5% in 2022 [6]. Financial Health - The company maintains stable expense ratios, with sales expenses at 2-3%, management expenses at 4-4.5%, and R&D expenses at 4-5% [7]. - The return on equity (ROE) has shown a positive trend, increasing from 19.86% in 2022 to 26.34% in the first nine months of 2025 [7].

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1]. Company Overview - Guanghe Technology focuses on the research, development, production, and sales of customized PCBs (Printed Circuit Boards) for computing servers and other computing scenarios. It ranks third globally and first among manufacturers based in mainland China in terms of cumulative revenue from computing server PCBs from 2022 to 2024 [3][4]. Financial Performance - The company reported revenues of RMB 2.412 billion, RMB 2.678 billion, RMB 3.734 billion, and RMB 2.680 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [5]. - The total comprehensive income for the same periods was RMB 0.280 billion, RMB 0.415 billion, RMB 0.680 billion, and RMB 0.492 billion [6]. - The net profit margins for the fiscal years were 11.6%, 15.5%, 18.1%, and 18.9% [8]. Market Trends - The global PCB market is expected to grow from USD 62.0 billion in 2020 to USD 75.0 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. The demand for PCBs is driven by the expansion of AI, data centers, and IoT applications [13]. - The sales of computing scenario PCBs are projected to reach USD 12.5 billion in 2024, growing to USD 21.0 billion by 2029, with a CAGR of 10.9% [13][22]. Customer Base and Dependency - The company has a high dependency on its top five customers, which contributed RMB 1.534 billion, RMB 1.757 billion, RMB 2.292 billion, and RMB 2.271 billion to its revenue over the past years, representing 63.6%, 65.6%, 61.4%, and 59.3% of total revenue, respectively [4]. Production Capacity - The company aims to align its production capacity with customer demand to ensure stable and reliable supply of PCB products. Its main factories are located in Guangdong and Hubei provinces [4].

Core Viewpoint - The company, Guanghe Technology, has submitted its application to list on the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors. The company focuses on manufacturing key components for computing servers, specifically customized PCBs for various computing scenarios [1]. Group 1: Company Overview - Guanghe Technology is primarily engaged in the research, development, production, and sales of customized PCBs used in computing servers and other computing applications [1]. - The company ranks third globally among PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024, and it holds the top position among PCB manufacturers for computing servers based in mainland China [1]. Group 2: Revenue Breakdown - Revenue from computing scenario PCBs accounted for 67.8%, 69.4%, 72.5%, 73.2%, and 73.9% of total revenue for the years 2022, 2023, 2024, and the nine months ending September 30, 2024, respectively [1]. Group 3: Industry Trends - According to Frost & Sullivan, the demand for comprehensive electronic devices is continuously growing due to the proliferation of AI, expansion of data centers, vehicle networking, robotics, and IoT applications. This trend presents significant growth opportunities for PCBs as a critical component of electronic products [1].

Core Viewpoint - Guanghe Technology (001389.SZ) focuses on manufacturing key components for computing servers, specifically customized PCBs for various computing scenarios, and ranks third globally and first in mainland China among PCB manufacturers for computing servers [2][3]. Group 1: Company Overview - Guanghe Technology is engaged in the research, production, and sales of customized PCBs used in computing servers and other computing scenarios [2]. - The company primarily sells its products through direct sales to end product brands and EMS providers [3]. - The main production facilities are located in Guangdong and Hubei provinces in China [3]. Group 2: Financial Performance - The company's revenue from computing scenario PCBs for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, are RMB 1.635 billion, RMB 1.858 billion, RMB 2.706 billion, RMB 1.962 billion, and RMB 2.833 billion, respectively, accounting for 67.8%, 69.4%, 72.5%, 73.2%, and 73.9% of total revenue [2]. - Total revenue for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, are RMB 2.412 billion, RMB 2.678 billion, RMB 3.734 billion, and RMB 2.680 billion, respectively [4][5]. - The net profit margin for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, are 11.6%, 15.5%, 18.1%, and 18.9% [6]. Group 3: Market Trends - The global PCB market is expected to grow from USD 62 billion in 2020 to USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9% [11]. - The sales of computing scenario PCBs are projected to reach USD 12.5 billion in 2024 and grow to USD 21 billion by 2029, with a CAGR of 10.9% [11]. - China is expected to dominate the global PCB market with a 56% share in 2024, followed by Japan (7.9%), the Americas (4.7%), and Europe (2.2%) [12].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不 負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下知悉、 接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公司不會 向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港 公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾刊發。 (a) ...

Group 1 - The core point of the article is that Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389.SZ) submitted its Hong Kong IPO prospectus on June 11, which has now expired after six months on December 11, with CITIC Securities and HSBC acting as joint sponsors [1] Group 2 - Guanghe Technology is a leading global manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company offers PCBs for computing scenarios, industrial scenarios, and consumer scenarios [2]

Group 1 - The core point of the article is that Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389) submitted its Hong Kong IPO prospectus on June 11, which has now expired after six months on December 11, with CITIC Securities and HSBC serving as joint sponsors [1] Group 2 - Guanghe Technology is a leading global manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company offers PCBs for computing scenarios, industrial scenarios, and consumer scenarios [2]

Group 1 - The core point of the article is that Guangzhou Guanghe Technology Co., Ltd. (stock code: 001389.SZ) submitted its Hong Kong IPO prospectus on June 11, which has now expired after six months on December 11, with CITIC Securities and HSBC acting as joint sponsors [1] Group 2 - Guanghe Technology is a leading global manufacturer of key components for computing power servers, primarily engaged in the research, production, and sales of customized PCBs for computing power servers and other computing scenarios [2] - The company offers PCBs for computing scenarios, industrial scenarios, and consumer scenarios [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced additional requirements for the filing of overseas issuance and listing materials, specifically targeting Guanghe Technology's compliance with domestic and foreign investment regulations [1] Group 1: Regulatory Requirements - CSRC requires Guanghe Technology to clarify whether its domestic subsidiaries are in compliance with the "Interim Measures for the Administration of Overseas Issuance of Securities and Listing by Domestic Enterprises" [1] - The commission also demands an explanation regarding the business scope and actual operations of the issuer and its subsidiaries, particularly in relation to the "Negative List for Foreign Investment Access (2024 Edition)" [1] Group 2: Company Overview - Guanghe Technology is identified as a leading global manufacturer of key components for computing power servers, specializing in the research, production, and sales of customized PCBs for computing power servers and other related scenarios [1] - The company offers PCBs for computing power scenarios, industrial applications, and consumer electronics [1]