Core Viewpoint - Dongshan Precision has shown significant stock performance with a year-to-date increase of 157.67%, indicating strong market interest and potential growth opportunities in the precision manufacturing sector [1][2]. Group 1: Stock Performance - As of November 28, Dongshan Precision's stock price reached 75.06 CNY per share, with a trading volume of 1.581 billion CNY and a market capitalization of 137.48 billion CNY [1]. - The stock has experienced a 15.96% increase over the past five trading days, a 9.58% increase over the past 20 days, and a 23.17% increase over the past 60 days [1]. - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on November 6, where it recorded a net purchase of 373 million CNY [1]. Group 2: Company Overview - Dongshan Precision, established on October 28, 1998, and listed on April 9, 2010, is located in Suzhou, Jiangsu Province, and specializes in precision sheet metal and casting manufacturing, as well as flexible circuit board production [2]. - The company's revenue composition includes 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [2]. - The company operates within the electronics industry, specifically in the printed circuit board sector, and is involved in various concept sectors such as MLED, OLED, automotive lightweighting, optical communication, and charging piles [2]. Group 3: Financial Performance - For the period from January to September 2025, Dongshan Precision reported a revenue of 27.071 billion CNY, reflecting a year-on-year growth of 2.28%, and a net profit attributable to shareholders of 1.223 billion CNY, which is a 14.61% increase year-on-year [2]. - The company has distributed a total of 1.544 billion CNY in dividends since its A-share listing, with 731 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, Dongshan Precision had 105,100 shareholders, a decrease of 1.48% from the previous period, with an average of 13,191 shares held per shareholder, an increase of 1.50% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.7123 million shares, which increased by 5.2492 million shares compared to the previous period [3].

Core Viewpoint - The rapid development of AI and the increasing competition in computing power are reshaping the global landscape, with the optical communication industry becoming a focal point in this transformation. Companies like Dongshan Precision are positioning themselves to capitalize on these trends through their IPO in Hong Kong [1][10]. Company Overview - Dongshan Precision, established in 1998, specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [2]. - By 2024, Dongshan Precision is projected to be the largest supplier of edge AI device PCBs globally and the second-largest supplier of soft boards, holding a significant position in the PCB market [2]. Financial Performance - The company's revenue has shown a steady upward trend, with figures of 315.80 billion RMB in 2022, 336.51 billion RMB in 2023, and an expected 367.70 billion RMB in 2024 [4]. - The electronic circuit segment remains the core revenue driver, contributing nearly 70% of total revenue, with projected revenues of 218.19 billion RMB in 2022, 232.61 billion RMB in 2023, and 248.01 billion RMB in 2024 [2][4]. Product Segment Analysis - The soft board segment is performing particularly well, with expected revenues of 215.89 billion RMB in 2024, reflecting a year-on-year growth of approximately 7.5% [3]. - The touch panel and LCD module business is also growing, with projected revenues of 63.69 billion RMB in 2024, a 33.5% increase from the previous year [3]. - Conversely, the precision components segment is experiencing a decline, with revenue share dropping from 14.4% in 2022 to 12.3% in 2024, largely due to significant price pressure [3][5]. Industry Outlook - The global PCB market is expected to grow from 75 billion USD in 2024 to 96.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [6]. - The data center PCB market is projected to grow rapidly, with a CAGR of 10.9%, reaching 21 billion USD by 2029, driven by AI developments [6]. Competitive Position - Dongshan Precision ranks third in the global PCB market with a market share of 4.8% as of 2024, indicating a competitive landscape [9]. - The company relies heavily on overseas markets, with 83.2% of its revenue coming from outside mainland China in 2024, highlighting its exposure to international trade dynamics [9]. Strategic Moves - The company has pursued strategic acquisitions to expand its business, including a recent acquisition of a leading global optical module manufacturer, which is expected to enhance its position in the AI computing infrastructure sector [4][10]. - Dongshan Precision's IPO in Hong Kong is seen as a critical step to strengthen its market position and seek new growth opportunities amid industry changes [10].

Core Viewpoint - The rapid development of AI and the increasing competition in computing power are reshaping the global landscape, with the optical communication industry becoming a focal point in this transformation. Companies like Dongshan Precision are positioning themselves to capitalize on these trends through their IPO in Hong Kong [1][10]. Company Overview - Dongshan Precision, established in 1998, specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [2]. - The company is the largest supplier of edge AI device PCBs and the second-largest supplier of soft boards globally, holding a significant position in the PCB market [2]. Financial Performance - Revenue from Dongshan Precision has shown steady growth, with figures of 315.80 billion RMB in 2022, 336.51 billion RMB in 2023, and projected 367.70 billion RMB in 2024 [4]. - The electronic circuit segment remains the core revenue driver, contributing nearly 70% of total revenue, with projected revenues of 218.19 billion RMB in 2022, 232.61 billion RMB in 2023, and 248.01 billion RMB in 2024 [2][4]. Product Segment Analysis - The soft board segment is particularly strong, with expected revenue of 215.89 billion RMB in 2024, a year-on-year increase of approximately 7.5% [3]. - The touch panel and LCD module business is also growing, with projected revenue of 63.69 billion RMB in 2024, reflecting a 33.5% increase [3]. - However, the precision components segment is experiencing a decline, with revenue share dropping from 14.4% in 2022 to 12.3% in 2024, attributed to significant price pressure [3][5]. Industry Outlook - The global PCB market is projected to grow from 75 billion USD in 2024 to 96.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [6]. - The data center PCB market is expected to grow rapidly, with a projected size of 12.5 billion USD in 2024 and a CAGR of 10.9% through 2029 [6]. Competitive Position - Dongshan Precision ranks third in the global PCB market with a market share of 4.8% [9]. - The company relies heavily on overseas markets, with 83.2% of its revenue coming from outside mainland China in 2024, highlighting its vulnerability to international trade dynamics [9]. Strategic Moves - The company has pursued strategic acquisitions to expand its business, including a recent acquisition of a leading global optical module manufacturer, which is expected to enhance its position in the AI computing infrastructure sector [4][10]. - Dongshan Precision's IPO is seen as a critical step to strengthen its market position and seek new growth opportunities amid industry changes [10].

Group 1 - The core viewpoint of the news is that Dongshan Precision has seen a significant increase in stock price, with a rise of 5.25% to 67.73 CNY per share, and a total market capitalization of 124.055 billion CNY [1] - Dongshan Precision, established on October 28, 1998, and listed on April 9, 2010, specializes in precision sheet metal and casting manufacturing, as well as electronic manufacturing services [1] - The company's main revenue sources include electronic circuit products (65.23%), touch panels and LCD modules (17.98%), precision components (13.93%), LED display devices (1.69%), and other products (1.17%) [1] Group 2 - From the perspective of fund holdings, Dongshan Precision is a significant investment for the Rongtong Fund, with the Rongtong Industry Trend Stock Fund increasing its holdings by 12,600 shares in the third quarter, now holding 186,100 shares, which represents 4.84% of the fund's net value [2] - The Rongtong Industry Trend Stock Fund has achieved a year-to-date return of 72.94%, ranking 23rd out of 4,206 in its category, and a one-year return of 74.16%, also ranking 23rd out of 3,983 [2]

Group 1 - Shanghai Stock Exchange's Sci-Tech Innovation Board had 1 company listed, while Shenzhen Stock Exchange's ChiNext had 1 company listed during November 18-24 [2] - Hengkun New Materials focuses on key materials for integrated circuits, achieving a first-day stock price increase of 310.61%, closing at 50.54 CNY per share, a 237.16% increase from the issue price of 14.99 CNY, with a total market value of approximately 22.7 billion CNY [2] - Nanwang Digital provides digital construction solutions for the power energy sector, with a first-day stock price increase of 224.78%, closing at 20.51 CNY per share, a 260.46% increase from the issue price of 5.69 CNY, with a total market value of approximately 65.2 billion CNY [2] Group 2 - Two companies passed the listing committee review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies were reviewed on the Shenzhen Stock Exchange during November 18-24 [3] - Zhenshi Co., Ltd. specializes in fiber-reinforced materials for clean energy applications, providing innovative solutions across various industries [3] - Easy Vision focuses on machine vision equipment for automotive manufacturing, providing solutions for various manufacturing processes [4] Group 3 - One company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while one company submitted an application on the Shenzhen Stock Exchange's ChiNext during November 18-24 [4] - Beidou Institute specializes in satellite navigation and aerospace control technologies, with an IPO application accepted on November 21, aiming to raise 709 million CNY for product upgrades and research projects [5] - Financial projections for Beidou Institute show revenues of 243 million CNY, 285 million CNY, and 325 million CNY from 2022 to 2024, with net profits of approximately 76.18 million CNY, 81.71 million CNY, and 82.94 million CNY respectively [6] Group 4 - Green Bio focuses on the research, production, and sales of fragrance products, with an IPO application accepted on November 21, aiming to raise 690 million CNY for production projects and R&D upgrades [10] - Financial projections for Green Bio show revenues of 631 million CNY, 735 million CNY, and 961 million CNY from 2022 to 2024, with net profits of approximately 68.14 million CNY, 92.92 million CNY, and 150 million CNY respectively [11] Group 5 - Hong Kong Stock Exchange had 1 company listed during November 18-24 [13] - Innovation Industry focuses on aluminum industry chain, with a first-day stock price increase of 32.76%, closing at 14.59 HKD per share, with a total market value of approximately 29.2 billion HKD [14] Group 6 - Six companies passed the hearing on the Hong Kong Stock Exchange's main board during November 17-24 [18] - Notable companies include Yujian Xiaomian, a Chinese noodle restaurant operator, and Jinyan High-tech, specializing in coal series kaolin [19][20] Group 7 - Several companies submitted listing applications on the Hong Kong Stock Exchange during November 17-24, including Kanop, Dongshan Precision, and NobiKan [25][31][34] - Kanop focuses on industrial robots and aims to enhance R&D capabilities and expand market presence [31] - Dongshan Precision is a leading global PCB supplier, with plans to upgrade production facilities and repay debts [34] Group 8 - NobiKan specializes in AI and digital twin technologies, with a focus on transportation and energy sectors [39] - Financial projections for NobiKan show revenues of 253 million CNY, 362 million CNY, and 403 million CNY from 2022 to 2024, with net profits of approximately 6.3 million CNY, 8.9 million CNY, and 11.5 million CNY respectively [40] Group 9 - Mandi International focuses on skin health and weight management solutions, with a strong market presence in hair loss treatment products [44] - Financial projections for Mandi International show revenues of 982 million CNY, 1.23 billion CNY, and 1.46 billion CNY from 2022 to 2024, with net profits of approximately 202 million CNY, 341 million CNY, and 390 million CNY respectively [45] Group 10 - Lingyi Intelligent Manufacturing aims to provide comprehensive intelligent manufacturing services, with a focus on AI hardware [47] - Financial projections for Lingyi show revenues of 34.5 billion CNY, 34.2 billion CNY, and 44.3 billion CNY from 2022 to 2024, with net profits of approximately 1.56 billion CNY, 2.01 billion CNY, and 1.76 billion CNY respectively [48] Group 11 - Hailan Home aims to optimize sales channels and enhance brand image through its IPO, with a strong market position in men's apparel [51] - Financial projections for Hailan show revenues of 17.9 billion CNY, 20.8 billion CNY, and 20.2 billion CNY from 2022 to 2024, with net profits of approximately 2.06 billion CNY, 2.92 billion CNY, and 2.19 billion CNY respectively [53]

Core Insights - Dongshan Precision Manufacturing Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities acting as joint sponsors [1] - The company specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [1] - According to Zhi Shi Consulting, Dongshan Precision is the largest PCB supplier for edge AI devices globally, the second-largest supplier of flexible printed circuit boards, and ranks among the top three PCB suppliers worldwide based on projected revenue for 2024 [1]

Core Viewpoint - Dongshan Precision Manufacturing Co., Ltd. (002384.SZ) has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors. The company specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules. According to data from ZhiShi Consulting, it is the largest PCB supplier for edge AI devices globally and ranks second in flexible circuit boards and among the top three PCB suppliers worldwide based on projected revenue for 2024 [1]. Group 1 - Dongshan Precision is an innovative company with a focus on intelligent manufacturing and a global layout [1]. - The company is involved in the global design, production, and sales of various electronic components [1]. - It holds significant market positions, being the largest edge AI device PCB supplier and second-largest flexible circuit board supplier globally [1].

Group 1 - The core viewpoint of the article is that Suzhou Dongshan Precision Manufacturing Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with UBS, Haitong International, GF Securities, and CITIC Securities as joint sponsors [1] - The company focuses on the smart manufacturing sector and has a global vision and layout, engaging in the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [1] - According to data from ZhiShi Consulting, based on 2024 revenue, the company is the largest global supplier of edge AI device PCBs, the second-largest supplier of flexible printed circuit boards, and among the top three PCB suppliers globally [1]

Core Viewpoint - Dongshan Precision experienced a 2.53% increase in stock price on November 11, with a trading volume of 6.968 billion yuan, indicating strong market interest and activity [1] Financing Summary - On November 11, Dongshan Precision had a financing buy-in amount of 1.086 billion yuan and a financing repayment of 893 million yuan, resulting in a net financing buy of 193 million yuan [1] - The total financing and securities balance for Dongshan Precision reached 6.767 billion yuan, with the current financing balance of 6.755 billion yuan accounting for 5.22% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 4,300 shares and a securities lending sell of 17,200 shares, with a total sell amount of 1.3055 million yuan, while the securities lending balance was 11.7645 million yuan, which is below the 50th percentile of the past year [1] Business Performance - As of October 31, Dongshan Precision had 106,700 shareholders, a decrease of 7.43% from the previous period, while the average circulating shares per person increased by 8.02% to 12,996 shares [2] - For the period from January to September 2025, Dongshan Precision reported a revenue of 27.071 billion yuan, a year-on-year increase of 2.28%, and a net profit attributable to shareholders of 1.223 billion yuan, reflecting a year-on-year growth of 14.61% [2] Dividend Information - Since its A-share listing, Dongshan Precision has distributed a total of 1.544 billion yuan in dividends, with 731 million yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2025, the largest circulating shareholder of Dongshan Precision was Hong Kong Central Clearing Limited, holding 68.7123 million shares, an increase of 5.2492 million shares from the previous period [3] - New institutional shareholders include Ruiyuan Growth Value Mixed A and Xingquan Helun Mixed A, holding 21.3417 million shares and 11.7753 million shares respectively [3]

Core Viewpoint - Dongshan Precision is a leading global enterprise specializing in precision sheet metal and flexible circuit boards, with a comprehensive industry chain advantage [1] Financial Performance - In Q3 2025, Dongshan Precision achieved a revenue of 27.071 billion yuan, ranking first among 44 companies in the industry, surpassing the second-ranked Pengding Holdings by 1.16 billion yuan [2] - The main business composition includes electronic circuit products at 11.059 billion yuan (65.23%), touch panels and LCD modules at 3.049 billion yuan (17.98%), precision components at 2.362 billion yuan (13.93%), LED display devices at 286 million yuan (1.69%), and others at 199 million yuan (1.17%) [2] - The net profit for the same period was 1.224 billion yuan, ranking sixth in the industry, below Shenghong Technology and Shengyi Technology, but above the industry average of 481 million yuan [2] Financial Ratios - As of Q3 2025, the asset-liability ratio was 58.82%, slightly up from 58.71% year-on-year, and higher than the industry average of 44.70% [3] - The gross profit margin was 13.79%, an increase from 13.65% year-on-year, but still below the industry average of 20.58% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.23% to 104,800, with an average holding of 13,200 circulating A-shares, a decrease of 4.97% [5] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.7123 million shares, an increase of 5.2492 million shares from the previous period [5] Business Highlights - Dongshan Precision's revenue from the new energy business reached approximately 7.520 billion yuan in the first three quarters of 2025, a year-on-year increase of about 22.08% [6] - The company acquired 100% equity of Solstice Optoelectronics on September 30 and plans to invest up to 1 billion yuan in convertible bonds to focus on high-end optical module expansion [6] - The company is initiating investment in high-end printed circuit board projects with a planned investment of up to 1 billion USD [6] Market Outlook - The company is focusing on the high-end AI PCB market, enhancing product technology, and deepening cooperation with core customers [7] - The profit forecasts for 2025, 2026, and 2027 are 1.963 billion yuan, 4.352 billion yuan, and 5.960 billion yuan, respectively, with a maintained "buy" rating [7]