高密度互连板

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红板科技IPO:技术光环难掩控股隐忧,业绩过山车埋雷
Sou Hu Cai Jing· 2025-07-11 07:17
瞭望塔财经获悉,6月28日,上交所官网披露了江西红板科技股份有限公司(以下简称"红板科技")的IPO申报材料,这家在PCB行业深耕二十年的技术型企 业正式向资本市场迈进。 瞭望塔财经发现,作为全球手机HDI主板13%市场份额的拥有者,红板科技在招股书中展示了自己在消费电子领域的竞争力。2024年,公司为全球前十大手 机品牌提供1.54亿件手机HDI主板,同时其柔性电池板和刚柔结合电池板供货量更是占到这些品牌出货量的20%。 然而在亮眼的技术参数背后,控股股东95.12%的绝对控制权、2023年净利润近乎腰斩的波动曲线,以及高度集中的客户结构,都成为红板科技IPO之路上待 解的难题。 1、技术突围,二十年磨剑的行业隐形冠军 2005年10月17日,江西吉安,叶森然创立了红板科技的前身。这位毕业于台湾海洋大学电子工程系的76岁企业家,将毕生积累投入到了印制电路板领域。二 十年深耕,公司已从一家地方企业成长为全球PCB行业第58强的技术领军者。 红板科技的核心竞争力在于其高密度互连板技术。公司掌握着行业领先的HDI板生产技术,其最小激光盲孔孔径可达50μm,芯板电镀层板厚最薄做到 0.05mm,任意层互连HDI板最 ...
计划进一步扩产 超颖电子将迎IPO审议
Zhong Zheng Wang· 2025-07-09 03:43
Company Overview - Chaoying Electronics is a high-tech enterprise focused on the research, development, production, and sales of printed circuit boards (PCBs) [1] - The main products include high-density interconnect boards, multi-layer flexible boards, and IC packaging substrates, with applications in automotive electronics, displays, and storage [1] Financial Performance - Projected revenues for Chaoying Electronics from 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, respectively [1] - Projected net profits attributable to shareholders for the same period are 141 million, 266 million, and 276 million yuan, indicating a slowdown in profit growth in 2024 but overall steady growth [1] Technology and Innovation - The company has developed several core technologies in automotive electronics and display fields, including high-frequency millimeter-wave radar board manufacturing technology and large-size LCD display mainboard manufacturing technology [1] - As of the reporting period, Chaoying Electronics has obtained 14 invention patents and 85 utility model patents, along with several non-patent technologies [1] Client Relationships - In the automotive electronics sector, the company has long-term partnerships with Continental Automotive, Valeo, Bosch, and Aptiv [2] - In the display sector, stable collaborations exist with BOE and LG Group, while leading storage manufacturers like Seagate, Western Digital, and SK Hynix are also clients [2] Financial Ratios - The company's asset-liability ratios from 2022 to 2024 are 72.14%, 68.75%, and 72.83%, indicating a relatively high level of debt [2] - The increase in the asset-liability ratio in 2024 is attributed to the construction and commissioning of a factory in Thailand, leading to increased funding needs and higher bank loans [2] Market Outlook - The global PCB market is projected to reach a total output value of 73.565 billion USD in 2024, indicating significant market potential [3] - The PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2028, driven by the booming demand from sectors like new energy vehicles and cloud computing [3] Investment Plans - The funds raised from the IPO will be used for the second phase of high-layer and HDI project investments, supplementing working capital, and repaying bank loans [3] - The implementation of these projects is expected to add 360,000 square meters of production capacity annually, enhancing the company's high-layer PCB and advanced HDI processing capabilities [3]
超颖电子IPO:关联交易异常、资金募集用途存疑、研发投入不足的“三重考验”
Sou Hu Cai Jing· 2025-07-08 10:16
此外,超颖电子位于塞舌尔的子公司盈利情况也出现异常暴增。2023年,该子公司净利润高达1.29亿元,相比2021年 增长了70%,这不禁让人怀疑其是否存在通过转移定价来截留利润的行为。 7月3日,上海证券交易所官网发布消息,上交所上市审核委员会已定于7月10日召开会议,对超颖电子电路股份有限公 司(以下简称"超颖电子")的首发上市申请进行审核。 然而,在超颖电子推进IPO的过程中,一系列问题逐渐浮现,引发了市场的广泛关注。公司在2024年的归母净利润增 速大幅放缓,仅达到3.78%;同时,超颖电子与母公司定颖电子及其关联方之间存在关联交易,特别是交易价格异常 的情况。除此之外,超颖电子还面临着资金募集用途存疑、研发投入水平有待提升、毛利率低于同行可比公司等诸多 挑战。 盈利增长之下,关联交易低价谜团与子公司净利暴增冲突尽显 超颖电子是一家高新技术企业,专注于印制电路板(PCB)的研发、生产与销售。其主营产品包括高密度互连板、多 层挠性板及IC封装载板等,广泛应用于汽车电子、显示、存储、消费电子及通信等多个领域。 从2022年至2024年,超颖电子的业绩表现亮眼,归母净利润分别达到1.41亿元、2.66亿元和2 ...