Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [30]. Core Insights - The company, ChaoYing Electronics, is a leading enterprise in the PCB industry, specializing in the research, development, and production of printed circuit boards (PCBs) with a strong focus on automotive electronics [1][3]. - The PCB market in China is rapidly growing, with the country becoming the world's largest PCB manufacturing base, accounting for 55.74% of the global PCB output by 2024 [2][12]. - The company has established stable partnerships with well-known domestic and international clients, including major players in the automotive and electronics sectors, which supports its growth trajectory [3][25]. Industry Overview - The global PCB market is experiencing a shift towards Asia, particularly China, which has seen its PCB output value increase significantly, surpassing Japan in 2006 [9][13]. - The global PCB market was valued at $81.74 billion in 2022, with a projected compound annual growth rate (CAGR) of 5.5% from 2024 to 2028 [8][10]. - China's PCB industry is expected to maintain a CAGR of 4.0% from 2024 to 2028, reaching a total output value of $47.9 billion by 2028 [12][10]. Company Overview - ChaoYing Electronics has achieved significant revenue growth, with projected revenues of 3.514 billion yuan in 2022, 3.656 billion yuan in 2023, and 4.124 billion yuan in 2024, reflecting year-on-year growth rates of -7.12%, 4.04%, and 12.78% respectively [1][19]. - The company has a diverse product portfolio, including HDI boards, thick copper boards, metal substrates, high-frequency boards, and high-speed boards, catering to various sectors such as automotive electronics, display technology, and storage [16][18]. - The company has received numerous awards and recognitions, including being ranked among the top ten automotive electronics PCB suppliers globally and the top five in China [3][26].

Core Viewpoint - ChaoYing Electronics experienced a significant stock price increase of approximately 395.61% on its first day of trading, closing at 84.65 CNY per share, up from an initial offering price of 17.08 CNY per share [2][3]. Company Overview - ChaoYing Electronics was established in 2015 and specializes in the research, production, and sales of printed circuit boards (PCBs). The company has developed high-end PCB products, including high-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [4]. - The company has obtained 14 invention patents and 85 utility model patents as of the end of 2024 [4]. Market Position and Partnerships - In the automotive electronics sector, ChaoYing's products meet the PCB needs across various vehicle components and have established long-term partnerships with renowned automotive suppliers such as Continental, Valeo, Bosch, and Aptiv [4]. - In the display sector, the company's products are used in LCD, OLED, and Mini LED panels, collaborating with leading manufacturers like BOE and LG Group [4]. - The storage sector includes partnerships with major hard drive manufacturers such as Seagate and Western Digital, as well as solid-state drive manufacturers like SK Hynix [4]. - The company has accumulated a diverse client base in consumer electronics and communications, including Logitech, Apple, Broadcom, and major EMS companies like Jabil, Flex, and Quanta [4]. Financial Performance - ChaoYing Electronics reported a revenue of 3.378 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 10.71%, driven by increased PCB demand in communication and storage sectors due to advancements in AI technology and data center upgrades [5]. Future Outlook - The chairman of ChaoYing Electronics, Huang Minghong, emphasized the company's commitment to maintaining a strong governance structure, utilizing raised funds effectively, and focusing on customer-centric innovation to enhance profitability and expand its core business [7][9]. - The company aims to build a global supply chain system with an annual production capacity exceeding 3.2 million square meters, leveraging its production bases in Hubei, Jiangsu, and Thailand [9].

Core Viewpoint - ChaoYing Electronics, a leading company in the PCB industry, made a strong debut on the Shanghai Stock Exchange, with its stock price surging by 395.61% to 84.65 CNY per share by midday [2][4]. Company Overview - ChaoYing Electronics was established in 2015 and specializes in the R&D, production, and sales of PCBs, including high-end products such as multilayer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [4]. - The company has obtained 14 invention patents and 85 utility model patents as of the end of 2024 [4]. Industry Position - In the automotive electronics sector, ChaoYing's products meet the PCB needs across various vehicle components and have established long-term partnerships with renowned suppliers like Continental, Valeo, Bosch, and Aptiv [4]. - In the display sector, the company's products are used in LCD, OLED, and Mini LED panels, collaborating with leading manufacturers such as BOE and LG [4]. - In the storage sector, ChaoYing has stable partnerships with major hard drive manufacturers like Seagate and Western Digital, as well as solid-state drive manufacturers like SK Hynix [4]. Financial Performance - Due to increased PCB demand driven by AI technology advancements and data center upgrades, ChaoYing Electronics achieved a revenue of 3.378 billion CNY from January to September 2025, reflecting a year-on-year growth of 10.71% [5]. Future Outlook - The chairman of ChaoYing Electronics, Huang Minghong, emphasized the company's commitment to maintaining a strong governance structure, utilizing raised funds effectively, and focusing on customer-centric innovation to enhance profitability [7]. - The company aims to build a global supply chain system with an annual production capacity exceeding 3.2 million square meters, supported by production bases in Hubei, Jiangsu, and Thailand [7][8].

Core Viewpoint - The company aims to become a global benchmark in the electronic circuit industry by focusing on printed circuit boards (PCBs) and expanding its product applications across various sectors such as automotive electronics, displays, storage, consumer electronics, and communications [2][21]. Business Operations - The company's products are widely used in automotive electronics, displays, storage, consumer electronics, and communications, covering a range from double-sided boards to 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency boards [2]. - The main raw materials used in production include copper-clad laminates, semi-cured sheets, gold salt, copper foil, copper balls, inks, and dry films, sourced from well-known suppliers such as Unimicron Technology Corp and others [4]. - The company employs a direct sales model, selling products directly to domestic and international electronic manufacturers, supplemented by sales through traders and PCB companies [5]. - The company has four wholly-owned subsidiaries and does not have any associated companies [6]. Production and Sales - The company reported production and sales rates of 101.57%, 102.98%, and 97.61% for the respective years, attributed to a "sales-driven production" model and external procurement to meet customer delivery demands [7]. - The company has established a strong customer base, including major clients like Continental Automotive, Jabil, Valeo, Bosch, BOE, and LG Group, which supports its growth [5][15]. Financial Performance - The company's reported operating revenues for the years were approximately 3.514 billion, 3.656 billion, and 4.124 billion yuan [11]. - The gross profit from main business operations was approximately 505 million, 740 million, and 744 million yuan for the same years [12]. - Research and development expenses were approximately 108 million, 122 million, and 135 million yuan, representing 3.07%, 3.34%, and 3.27% of operating revenue, with a compound annual growth rate of 11.94% over the last three years [13]. Strategic Planning - The company's strategic goal is to be a leading PCB manufacturer in China, focusing on customer satisfaction, innovation, and sustainable development [14]. - The company plans to enhance its production capabilities in high-end products such as HDI boards, high-frequency boards, and thick copper boards, aiming for rapid and stable delivery of existing products [14][20]. Industry Insights - The PCB industry is evolving towards high-density and high-performance products, driven by the demand for lightweight, compact, and high-speed electronic devices [21]. - The industry is characterized by cyclicality, seasonality, and regionality, with significant opportunities arising from national policies and a rapidly expanding downstream market [22][23]. - The global PCB market is highly competitive, with numerous manufacturers, and the company ranks 23rd among comprehensive PCB enterprises in China and is among the top ten automotive PCB suppliers globally [24][25]. Issuance and Funding - The company plans to issue 52.5 million shares, accounting for 12.01% of the total share capital post-issuance, with strategic placements aimed at large enterprises and management personnel [28]. - The funds raised will be used to expand production capacity, supplement working capital, and repay bank loans, with a projected annual sales revenue of approximately 1.002 billion yuan from the new production project [29].

Core Viewpoint - ChaoYing Electronics has officially launched its IPO process on the Shanghai Stock Exchange, aiming to issue 52.5 million shares, which will account for 12.01% of the total shares post-issue [1] Company Overview - ChaoYing Electronics specializes in the research, development, production, and sales of printed circuit boards (PCBs), with a strong focus on continuous R&D innovation [1] - The company has developed several proprietary core technologies, enabling it to produce high-end PCB products such as high multilayer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - As of the end of 2024, the company holds 14 invention patents and 85 utility model patents [1] Industry Relationships - In the automotive electronics sector, ChaoYing's products meet the PCB needs across various vehicle components and have established long-term stable partnerships with renowned global automotive suppliers such as Continental, Valeo, Bosch, and Aptiv [1] - In the display sector, the company's products are primarily used in LCD, OLED, and Mini LED panels, with stable collaborations with leading manufacturers like BOE and LG Group [2] - In the storage sector, ChaoYing's products are utilized in mechanical hard drives, solid-state drives, and memory modules, maintaining stable relationships with major manufacturers like Seagate and Western Digital [2] - The company has also accumulated a diverse client base in consumer electronics and communications, including Logitech, Apple, Broadcom, and major EMS companies like Jabil, Flex, and Quanta [2] Future Development Plans - Post-IPO, the company plans to deepen its technological development in HDI boards, high-frequency boards, and thick copper boards [2] - ChaoYing aims to leverage its existing market advantages to explore customer needs further, improve process technologies, and continuously introduce advanced production and testing equipment from both domestic and international sources [2]

Group 1: Corporate Structure and Control - The share transfer agreement was signed on April 29, 2025, to transfer all shares of Konka Group to its new controlling shareholder, Panshi Run Chuang, completing the transfer in July 2025 [2][3] - The actual controller of the company has changed to China Resources, while the ultimate controller remains the State-owned Assets Supervision and Administration Commission [2][3] Group 2: Financial Activities - The company applied for a loan of CNY 39.7 billion from its controlling shareholder and related parties, with an annual interest rate of 3%, which is not higher than the latest one-year Loan Prime Rate (LPR) [3] - The CNY 21.70 billion loan from Panshi Run Chuang is designated for repaying the principal and interest of loans from the previous controlling shareholder, Overseas Chinese Town Group [3] - Up to CNY 18 billion in short-term revolving loans is primarily for repaying external interest-bearing debts and daily cash flow [3] Group 3: Business Operations - The PCB business includes products such as metal substrates, double-sided boards, multilayer boards, 5G high-frequency boards, and HDI boards, focusing on professional development and improving profitability [3] - The white goods segment includes refrigerators, washing machines, air conditioners, freezers, and dishwashers, with strategic acquisitions and partnerships to enhance manufacturing capabilities and optimize sales structures [3]

Core Viewpoint - The company is experiencing growth driven by increasing demand for computing power and a recovery in the electronics industry, with a focus on high-end orders and product structure optimization to enhance profitability [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.579 billion yuan, a year-on-year increase of 7.64% - The net profit attributable to the parent company was 384 million yuan, up 26.89% - Operating cash flow net amount reached 428 million yuan, exceeding the net profit scale [1]. Business Segments - The automotive circuit board segment holds the highest proportion, particularly in the electric vehicle sector, while also expanding into emerging businesses such as AI, humanoid robots, and low-altitude drones [2]. - Major clients include well-known companies like Tesla, Panasonic, Mitsubishi, Bosch, Siemens, Dyson, Xiaopeng, GAC, Toyota, and Volkswagen [2]. Production Capacity and Strategy - The company maintains a high capacity utilization rate, with expectations for further increases due to rising demand in the electric vehicle and server sectors, as well as accelerated capacity release from convertible bond projects [2]. - The overall product prices have seen a slight year-on-year increase, with future price improvements anticipated through a shift from low-end to high-end products [2]. Strategic Development - The company aims to leverage opportunities from domestic industrial upgrades in AI applications, smart driving, humanoid robots, and low-altitude economy, focusing on automotive electronics as a foundation [3]. - Plans include a 1.5 billion yuan investment to establish a new PCB manufacturing base for embedded chip products and to enhance high-end HDI product capacity [3]. Emerging Opportunities - The company has established a leading position in humanoid robot PCB products and has secured new product design freezes with leading humanoid robot companies [4]. - In the AI glasses sector, the company has entered mass production with a major overseas client and is in the certification phase with a domestic client, indicating potential for significant order growth [4].

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Super Electronics Circuit Co., Ltd, confirming that it meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Super Electronics specializes in a wide range of products used in automotive electronics, displays, storage, consumer electronics, and communications, including double-sided boards, 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - The company primarily focuses on automotive electronic PCBs and is one of the few domestic companies capable of mass-producing multi-layer HDI and any-layer interconnected HDI automotive electronic boards [1] Group 2: Partnerships and Applications - Super Electronics has established stable partnerships with global Tier 1 automotive suppliers such as Continental, Valeo, Bosch, and Aptiv, as well as well-known new energy vehicle manufacturers like Tesla [1] - In traditional fuel vehicle applications, Super Electronics' products cover various PCB needs across the vehicle, including power control systems, central control systems, electronic dashboards, lighting systems, seat control systems, radar systems, and navigation systems, with applications in luxury car brands like Bentley, Porsche, Ferrari, Mercedes-Benz, BMW, Audi, Volkswagen, and Toyota [1] Group 3: New Energy Vehicles and Technology - In the new energy vehicle sector, Super Electronics focuses on cutting-edge product technology development, with applications in battery management systems, motor controllers, intelligent driving systems, intelligent cockpit domain controllers, and charging piles [2] - The company employs advanced technologies such as plasma degluing, pulse plating, selective plating, ultra-low loss materials, and asymmetric pressing to produce "high-frequency millimeter-wave radar boards," which are currently used in numerous well-known automotive production models [2] Group 4: Display and Storage Applications - In the display sector, Super Electronics collaborates with major PCB manufacturers like Zhi Chao and JandK Technology, and has established long-term stable partnerships with leading display panel manufacturers such as BOE and LG Group, with products used in LCD, OLED, and Mini LED displays [2] - In the storage domain, Super Electronics' products are primarily used in mechanical hard drives, solid-state drives, and memory modules, maintaining stable partnerships with leading global mechanical hard drive manufacturers like Seagate and Western Digital, as well as renowned solid-state drive manufacturers like SK Hynix [2]

Group 1: Overseas Market and Product Distribution - The company's products, including color TVs, white goods, mobile phones, and tablets, are sold in overseas markets such as Asia-Pacific, Middle East, Central and South America, Eastern Europe, North America, and Africa [1]. Group 2: Impact of Major Shareholder's Actions - The company will strictly adhere to information disclosure requirements regarding the major matters planned by the controlling shareholder and will keep monitoring developments to fulfill disclosure obligations as per relevant laws and regulations [1]. Group 3: Improvement Measures for Color TV Business - Domestic sales focus on high-quality products, emphasizing high refresh rates (120Hz and above) and Mini LED technology, while promoting large-screen strategies (65 inches and above) [1]. - Sales channel transformation includes developing OTO (Online To Offline) and interest e-commerce channels to enhance synergy between black and white goods [1]. - For exports, the company aims to maximize profit while expanding scale, focusing on brand and manufacturing overseas [1]. - The company plans to increase efforts in developing strategic business clients to enhance OEM scale [1]. Group 4: White Goods Business Overview - The white goods segment includes refrigerators, washing machines, air conditioners, and freezers, with a focus on strengthening brand foundations through acquisitions like "New Fly" [2]. - The establishment of a joint venture in Ningbo enhances air conditioning manufacturing capabilities, while the acquisition of Beike addresses technology gaps in washing machines [2]. - The company is optimizing its supply chain and sales channels to improve product sales structure and competitiveness [2]. Group 5: PCB Business Development - The PCB business is managed by Shenzhen Konka Circuit Co., Ltd., which oversees four specialized factories producing various types of circuit boards, including metal substrates and HDI boards [2]. - The company is implementing a professional development strategy to enhance product layout and technical strength, focusing on core customer development and collaboration [2]. - Each factory is optimizing product structure and improving manufacturing capabilities to create lean factories [2].

Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]