新股分析 2025 年 09 月 30 日 超颖电子: 汽车电子 PCB 核心 -注册制新股纵览 20250930 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 电万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 AHP 得分：剔除流动性溢价因素后，超颖电子 1.95 分，位于总分的 26.4%分位。超颖电 ● 子于 2025 年 9 月 26 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算超 颖电子 AHP 得分分别为 1.95 分、2.15 分，分别位于非科创体系 AHP 模型总分的 26.4%、 38.3%分位，分别处于中游偏上、中游偏上水平。假设以 95%入围率计，中性预期情形下， 超颖电子网下 A、B 两类配售对象的配售比例分别是：0.0167%、0.01 ...

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]

Core Viewpoint - ChaoYing Electronics is showcasing the strength of Chinese technology companies in the critical electronic component field of printed circuit boards (PCBs) through high-performance products and core technological advantages [1] Group 1: Industry Positioning - ChaoYing Electronics has established a strong customer matrix in global automotive electronics, displays, storage, and servers, leveraging high-end products like multi-layer HDI and arbitrary layer interconnection HDI to create a dual growth engine of technological barriers and commercial value [1][3] - The company has become a key player in the automotive electronics sector, providing high-frequency millimeter-wave radar boards that meet the stringent requirements of autonomous driving systems [3][4] Group 2: Technological Innovations - In the display sector, ChaoYing Electronics has developed ultra-large size LCD display mainboards that maintain dimensional stability within 70μm over a length of 570-600mm, becoming core components for major panel manufacturers like BOE and LG [4] - The company has established stable partnerships with leading global hard disk manufacturers and solid-state drive manufacturers, achieving high-density integrated circuit graphics and ultra-low signal loss in its products [4] Group 3: Research and Development - ChaoYing Electronics has invested nearly 400 million yuan in R&D over the past three years, resulting in multiple invention and utility model patents, which enhance its product competitiveness [5] - The company has received various awards, including the "Best Supplier Award" from Continental Automotive and the Gold Award in the Quality Tool Innovation Application Competition from BOE, reflecting its deep involvement in customer projects [5] Group 4: Strategic Development - The company is enhancing its smart manufacturing capabilities through strategic projects like the second phase of high-layer and HDI projects, which will add an annual production capacity of 360,000 square meters of high-layer and HDI PCBs [6] - ChaoYing Electronics is expanding its international presence with its subsidiary in Thailand, focusing on communication servers and automotive electronics, thereby solidifying its foundation for continuous international customer development [6] - The company aims to build an irreplaceable value network in key segments of the global supply chain, emphasizing that the future of Chinese manufacturing lies in creating unique value rather than mere scale expansion [6]