证券日报网讯 11月27日，兴森科技在互动平台回答投资者提问时表示，公司CSP封装基板业务和北京兴 斐HDI板、类载板业务与原有重要客户的合作均正常推进，具体客户信息因保密协议约定不便披露。 （文章来源：证券日报） ...

证券日报网讯兴森科技（002436）11月25日在互动平台回答投资者提问时表示，公司的CSP封装基板应 用领域涵盖存储芯片、应用处理器芯片、传感器芯片、射频芯片等，在存储芯片、射频芯片等领域间接 供应国内手机厂商；北京兴斐的AnylayerHDI、类载板主要应用于高端智能手机的主板、副板等领域。 公司会积极进行市场拓展，努力拓展标杆客户和市场份额。 ...

Core Viewpoint - The China Securities Regulatory Commission has approved Jiangxi Hongban Technology Co., Ltd.'s application for an initial public offering (IPO) on the Shanghai Stock Exchange, with a fundraising target of 2.057 billion yuan [1]. Company Overview - Jiangxi Hongban Technology focuses on the research, development, production, and sales of printed circuit boards (PCBs), targeting the mid-to-high-end application market [5]. - The company is recognized for its high precision, high density, and high reliability in PCB manufacturing, particularly in the production of HDI boards and IC substrates [5]. - The product portfolio includes HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like boards, and IC substrates, showcasing comprehensive technical research and production capabilities [5]. Market Position - Jiangxi Hongban Technology has established a significant competitive advantage and market position in the consumer electronics and automotive electronics sectors [5]. - The company's products are widely used in various fields, including consumer electronics, automotive electronics, high-end displays, and communication electronics [5].

Core Viewpoint - Hongban Technology has successfully passed the IPO review by the Shanghai Stock Exchange, focusing on the research, production, and sales of printed circuit boards (PCBs) with a strong market position in high-end applications [1][4]. Group 1: Company Overview - Hongban Technology specializes in the R&D, production, and sales of printed circuit boards, particularly in the high-precision, high-density, and high-reliability segments [4]. - The company offers a comprehensive product range including HDI boards, rigid boards, flexible boards, rigid-flex boards, and IC carriers, catering to diverse customer needs [4]. - Hongban Technology's products are widely used in consumer electronics, automotive electronics, high-end displays, and communication electronics, demonstrating significant competitive advantages in the consumer and automotive electronics sectors [4]. Group 2: Market Position and Performance - The company holds a leading position in the mobile phone HDI board and battery board sectors in China, ranking 35th in the 2024 PCB industry comprehensive top 100 enterprises by the China Electronic Circuit Industry Association (CPCA) and 58th in the global top 100 PCB companies by Prismark [5]. - From 2022 to the first half of 2025, Hongban Technology's revenue figures were 2.205 billion, 2.34 billion, 2.702 billion, and 1.71 billion yuan, with net profits of 120 million, 87.0381 million, 194 million, and 233 million yuan respectively, indicating a growth trend in both revenue and profit [5]. Group 3: Future Plans - The company plans to raise 2.057 billion yuan through its IPO to invest in a project aimed at producing 1.2 million square meters of high-precision circuit boards annually, which will enhance its HDI board production capacity and technical capabilities [6].

Core Viewpoint - Hongban Technology Co., Ltd. is set to raise 2.057 billion RMB through its IPO on the Shanghai Stock Exchange, focusing on the R&D, production, and sales of printed circuit boards, particularly in the mid-to-high-end application market [1] Group 1: Company Overview - Hongban Technology specializes in high-precision, high-density, and high-reliability printed circuit boards, with a significant market share in HDI boards and the ability to mass-produce various interconnect HDI boards and IC substrates [1] - The company's product range includes HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like boards, and IC substrates, which are widely used in consumer electronics, automotive electronics, high-end displays, and communication electronics [1] - The company holds a high market share in mobile phone HDI boards and battery boards, supplying 154 million mobile phone HDI boards and 228 million flexible and rigid-flex battery boards to the top ten global mobile phone brands in 2024 [1] Group 2: Financial Information - Projected revenues for Hongban Technology are approximately 2.205 billion RMB, 2.34 billion RMB, 2.702 billion RMB, and 1.71 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - The net profits for the same periods are estimated to be around 141 million RMB, 105 million RMB, 214 million RMB, and 240 million RMB [2] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to projects including the annual production of 1.2 million square meters of high-precision circuit boards, with a total investment of approximately 219.24 million RMB [2] - The project has received the necessary approvals and environmental assessments for implementation [2]

Core Viewpoint - Hongban Technology Co., Ltd. has successfully completed its IPO process in just four months, but faces significant scrutiny due to its fluctuating net profits, large dividends, and concentrated ownership structure [1][11]. Company Overview - Hongban Technology specializes in the research, production, and sales of printed circuit boards (PCBs), particularly focusing on high-density interconnect (HDI) boards, which are known for their high precision, density, and reliability [3][7]. - The company has established a comprehensive product structure, including HDI boards, rigid boards, flexible boards, and IC substrates, with applications in consumer electronics, automotive electronics, high-end displays, and communication electronics [3]. Financial Performance - The company's revenue has shown consistent growth, with figures of 2.205 billion, 2.340 billion, and 2.702 billion yuan for the years 2022, 2023, and 2024 respectively [4]. - However, net profit has been highly volatile, recorded at 141 million, 105 million (a 25.4% year-on-year decline), and 214 million (a 103.87% year-on-year increase) for the same years, resulting in a fluctuation exceeding 129% [6]. Pricing and Market Dynamics - The significant fluctuation in net profit is attributed to a decline in the average selling price of HDI boards, which dropped by 19.94% in 2023 and an additional 5.26% in 2024, totaling over 25% in two years [7]. - The overall average price of products decreased by 10.57% in 2023, with a smaller decline of 1.94% in 2024 [7]. Capacity and Investment - The company plans to raise 2.057 billion yuan for a new project aimed at producing 1.2 million square meters of high-precision circuit boards, despite existing capacity utilization rates not exceeding 90% [8]. - Capacity figures for 2022 to 2025 show an increase from 1.7529 million square meters to 2.0308 million square meters, with utilization rates improving but still below optimal levels [8]. Research and Development - Hongban Technology's R&D expenses as a percentage of revenue have been lower than industry averages, with figures of 4.56%, 4.69%, 4.63%, and 3.65% compared to the industry averages of 4.70%, 5.14%, 5.13%, and 4.89% [9][10]. - The company’s lower investment in R&D may impact its future competitiveness in the capital and technology-intensive PCB industry [10]. Dividend Policy and Ownership Structure - The company distributed a total of 138 million yuan in dividends over the reporting period, with 74% of the 2023 net profit allocated to dividends [11]. - The ownership structure is highly concentrated, with the actual controller, Ye Senran, holding over 95% of the shares, leading to significant control over company decisions [11]. Accounts Receivable - Accounts receivable have been increasing, with balances of 622 million, 758 million, 919 million, and 1.136 billion yuan over the reporting period, representing 28.21%, 32.42%, 34%, and 33.22% of revenue respectively [13][14]. - The accounts receivable turnover ratio has been consistently below the industry average, indicating potential liquidity issues [13].

Industry Overview - The global PCB industry is characterized by a large number of manufacturers, low concentration, and intense market competition. However, the industry is experiencing significant growth opportunities due to the booming sectors of electric vehicles, 5G communication, servers, cloud computing, and artificial intelligence. Prismark forecasts a steady growth of the global PCB market at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with the market size expected to exceed $90 billion, reaching $94.661 billion by 2029 [1]. Company Strengths - Hongban Technology has developed strong technical capabilities and production experience in the research and manufacturing of various PCB products. The company focuses on the R&D, production, and sales of printed circuit boards, targeting the mid-to-high-end application market with characteristics of high precision, high density, and high reliability. It is one of the few companies in the industry with a high revenue share from HDI boards and the ability to mass-produce any interconnected HDI boards and IC substrates [1]. Technical Capabilities - Hongban Technology has established a comprehensive technical system in the high-end HDI board production field, achieving breakthroughs in several key processes. The minimum aperture for laser blind holes can be controlled at 50μm, and the thinnest thickness of the core board plating layer is only 0.05mm. The company can produce HDI boards with up to 26 layers, with overall blind hole layer deviation accurately controlled within 50μm, placing its technology at the forefront of the industry. In the IC substrate field, the company has mastered processes such as Tenting and mSAP, achieving high-precision manufacturing with sample minimum line width/spacing reaching 10μm/10μm and mass production minimum line width/spacing of 18μm/18μm [2]. Product Structure - Hongban Technology has formed a complete product structure, including HDI boards, rigid boards, flexible boards, rigid-flex boards, class substrates, and IC substrates. The company possesses comprehensive R&D and production capabilities, providing customers with diverse product options and one-stop services. Its products are widely used in consumer electronics, automotive electronics, high-end displays, and communication electronics, with significant competitive advantages and market positions in the consumer electronics and automotive electronics sectors [2]. Customer Base - Hongban Technology has established a solid customer base in the PCB industry over the years, leveraging its leading technical strength and reliable product quality. In the consumer electronics sector, the company has formed long-term stable partnerships with globally recognized smartphone brands such as OPPO, vivo, and Honor. In the automotive electronics sector, it maintains close cooperation with well-known electric vehicle manufacturer BYD. In the high-end display sector, stable partnerships have been established with leading companies in the LED display industry, such as Zhaochi and Zhouming Technology. These high-quality customers possess strong market competitiveness and industry influence, reflecting Hongban Technology's technical strength and laying a solid foundation for the company to continue exploring new markets [3]. Future Outlook - As the PCB industry continues to grow, Hongban Technology will leverage its advantages in technology, products, and customers to focus on the R&D, production, and sales of mid-to-high-end printed circuit boards. The company aims to deepen its technical layout and strive to achieve its vision of becoming a world-class circuit board manufacturing base [3].

Core Insights - The transfer of 46% equity in Anjieli Mewei Electronics (Xiamen) Co., Ltd. is a strategic move by state-owned shareholders to consolidate resources in the high-end electronic manufacturing sector, attracting significant industry attention [1][6] Group 1: Equity Transfer Details - The equity transfer involves three major state-owned shareholders: Meizhi Investment (Xiamen) Co., Ltd. (53% ownership, transferring 12.41%), Xiamen Semiconductor Investment Group Co., Ltd. (40% ownership, transferring 27.59%), and Anjieli (Panyu) Electronic Industrial Co., Ltd. (6% ownership, transferring 100%) [2][3] - The transfer price is set at approximately 3.703 billion yuan, reflecting market recognition of the asset quality and development potential of Anjieli Mewei [4] Group 2: Company Overview - Anjieli Mewei, established on December 30, 2019, is a state-controlled medium-sized enterprise with a registered capital of 4.5 billion yuan [3][4] - The company operates in the electronic manufacturing sector, specializing in FCBGA packaging substrates, HDI boards, and other high-density electronic circuit solutions, with production bases in Xiamen, Shanghai, Suzhou, Guangzhou, Fuzhou, and Thailand [4] Group 3: Financial Performance - In 2024, Anjieli Mewei reported revenues of 7.917 billion yuan and a net profit of 414 million yuan, with total assets amounting to 15.974 billion yuan [5] - For the first three quarters of 2025, the company achieved revenues of 6.316 billion yuan and a net profit of 106 million yuan, with total assets increasing to 16.607 billion yuan [5] Group 4: Strategic Implications - The large-scale equity transfer led by state capital signals a strategic intent to integrate resources within the electronic manufacturing industry, particularly in critical areas of the semiconductor and electronic circuit sectors [6] - The outcome of this equity transfer will serve as an important indicator of capital trends and future dynamics in the electronic manufacturing industry [6]

Group 1 - The company has completed the research and development project for easily peelable ultra-thin carrier copper foil [1] - The company is currently not involved in the substrate business [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][16]. Core Views - The company achieved revenue and net profit growth in the first half of 2025, with revenue reaching 3.426 billion yuan, a year-on-year increase of 18.91%, and net profit of 29 million yuan, up 47.85% year-on-year [2][3]. - The semiconductor business, particularly the IC packaging substrate segment, is a focus area for technological enhancement and customer expansion, with revenue from this segment growing by 36.04% year-on-year [3][8]. - The company is optimistic about future performance due to ongoing product upgrades and increasing capacity utilization, projecting net profits of 93 million yuan, 280 million yuan, and 742 million yuan for 2025, 2026, and 2027 respectively [8]. Financial Performance Summary - Revenue is projected to grow from 5.36 billion yuan in 2023 to 10.57 billion yuan in 2027, with a compound annual growth rate (CAGR) of 25.1% [1]. - The net profit is expected to recover from a loss of 198 million yuan in 2024 to a profit of 742 million yuan by 2027, reflecting significant growth rates in subsequent years [1][8]. - The company's return on equity (ROE) is forecasted to improve from 2.0% in 2023 to 11.1% in 2027, indicating enhanced profitability [1][8]. Business Segment Insights - The PCB business generated 2.448 billion yuan in revenue, with a gross margin of 26.32%, while the semiconductor segment achieved 831 million yuan in revenue, marking a 38.39% increase [2][3]. - The CSP packaging substrate business is expanding into high-value markets, including automotive, with increasing capacity utilization and a focus on high-end products [3]. - The company is actively pursuing both domestic and international clients to enhance its market presence and secure future production opportunities [3].