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 - Shenzhen Jingwang Electronics Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase exceeding 20% over three consecutive trading days, prompting a warning for investors to exercise caution in their investment decisions [1][2]. Company Overview - The company specializes in the research, development, production, and sales of PCBs (Printed Circuit Boards), including multi-layer boards, thick copper boards, high-frequency and high-speed boards, metal-based circuit boards, double-sided/multi-layer flexible circuit boards, high-density flexible circuit boards, HDI boards, rigid-flex boards, special material PCBs, carrier boards, and packaging substrates [1]. - Its products are widely used in various sectors such as automotive, next-generation communication technology, data centers, AIoT, consumer electronics, industrial interconnect, medical devices, new energy, and satellite communication [1]. Stock Performance - The stock price of the company reached a new high on June 30, 2025, following a significant short-term increase, which has raised concerns about potential investment risks [1]. - The company's recent trading volume has significantly exceeded previous levels, indicating heightened market activity [3]. Shareholder Actions - The controlling shareholder, Jinghong Yongtai Investment Holdings Co., Ltd., along with other related parties, has announced a plan to reduce their holdings by a total of 29.49 million shares, which is up to 3% of the company's total share capital, through both centralized bidding and block trading methods [3][4]. - As of the announcement date, the reduction plan is currently in progress, with a portion of shares already sold in accordance with the disclosed plan [4]. Regulatory Compliance - The company has confirmed that there are no undisclosed matters that should be reported according to the regulations of the Shanghai Stock Exchange [5].

Core Viewpoint - Jingwang Electronics (603228) has experienced significant stock price increases, achieving a cumulative rise of over 28% in the last three trading days, while its controlling shareholder has executed share reductions [2][4]. Group 1: Shareholder Actions - The controlling shareholder, Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., and Zhichuang Investment Co., Ltd. have reduced their holdings by a total of 9.597 million shares from June 27 to June 30 [4]. - The shareholding ratio of the controlling shareholder and its concerted parties decreased from 61.96% to 60.93% due to the share reduction and the conversion of convertible bonds [4][6]. Group 2: Trading Details - On June 27, a block trade of 4.321 million shares was executed at a price of 33.01 yuan per share, representing a discount of 13.22% compared to the market closing price of 38.04 yuan per share [6]. - On June 30, another block trade of 5.276 million shares occurred at a price of 35.76 yuan per share, reflecting a discount of 14.53% compared to the market closing price of 41.84 yuan per share [6]. Group 3: Company Overview - Jingwang Electronics specializes in PCB (Printed Circuit Board) business and has seen its market capitalization reach 39.1 billion yuan due to recent market interest [7]. - The company is recognized as a national high-tech enterprise, focusing on the R&D, production, and sales of various types of PCBs, which are widely used in automotive, next-generation communication technologies, data centers, and AIoT applications [7].

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. maintains a stable credit rating of AA, with a positive outlook due to its strong market position and product advantages in the PCB industry [4][8]. Company Overview - The company ranks 10th globally and 3rd among domestic PCB manufacturers in China, benefiting from a diverse customer base and broad application fields including automotive, communication technology, and consumer electronics [6][18]. - The company has a significant number of patents, with 30 new invention patents added in 2024, enhancing its competitive edge [6][18]. Financial Performance - Total assets increased to 203.41 billion RMB in 2024, with total liabilities at 172.31 billion RMB, reflecting a healthy financial position [4][21]. - Revenue for 2024 reached 126.59 billion RMB, with a net profit of 11.60 billion RMB, indicating growth driven by demand in data centers and automotive electronics [4][21]. - The EBITDA margin was 22.73% in 2024, although it experienced a slight decline due to rising raw material costs [21][25]. Market Position and Competitive Landscape - The company holds a strong market share in the PCB industry, with a focus on high-density interconnect (HDI) products, which are expected to see significant growth due to AI server demand [11][12]. - The PCB market is projected to grow, with a global market value of 73.6 billion USD in 2024, driven by recovery in the AI server and consumer electronics sectors [10][11]. Operational Environment - The company operates multiple production bases in China and is expanding internationally, with a focus on maintaining high capacity utilization rates [18][19]. - The PCB industry is facing challenges from high raw material prices and increased competition, which may impact profit margins [13][20]. Future Outlook - The company is expected to continue benefiting from its strong market position and diverse applications, although it must navigate potential cost pressures and external factors such as U.S. tariff policies [7][17]. - The credit rating agency maintains a stable outlook for the company, anticipating sustained business viability due to its leading position in the PCB sector [8].

Group 1 - The growth in downstream demand driven by AI will continue to boost the demand for high-end PCBs such as high-frequency high-speed boards, HDI boards, and IC substrates [1] - The PCB market inventory is expected to improve significantly in 2024, with a clear recovery in the industry due to sustained high demand in AI and automotive electronics, as well as improvements in consumer electronics [1] - The demand for AI computing power will continue to grow, driven by ongoing capital expenditure increases from global cloud server vendors, leading to sustained high prosperity in the AI server market [1] Group 2 - The company is actively seizing market opportunities by expanding its computing power product market, focusing on technological innovation to optimize product structure, and enhancing production efficiency through digitalization [1] - The overseas base in Thailand is progressing smoothly, with equipment commissioning completed by the end of March and trial production already underway [1] - The Thailand project is positioned for data center server and switch products, with a production capacity expected to reach between 150 million to 200 million units in 2025, laying a solid foundation for long-term performance growth [1] Group 3 - The company forecasts revenues of 4.96 billion, 5.87 billion, and 6.78 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 890 million, 1.13 billion, and 1.33 billion yuan for the same years [2] - The company has initiated coverage with a "buy" rating based on these projections [2]

| | ■特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 □其他（电话调研） | | | | 参与单位名称及 | 华西证券 喇睿萌 | | | | 人员姓名 | | | | | 时间 | 年 5 月 日 10:00--11:00 | 2025 | 20 | | 地点 | 康佳研发大厦办公楼会议室 | | | | 上市公司接待人 | 康佳集团证券事务代表 苗雷强先生 | | | | 员 | 1、问：公司产品销往哪些海外市场？ | | | | | 答：公司的彩电、白电、手机、平板等产品销往亚太、中东、中南 美、东欧、北美、非洲等海外市场。 | | | | | 2、问：近期披露的控股股东筹划重大事项会对公司有什么影响？ | | | | | 答：关于控股股东筹划重大事项，公司将严格按照信息披露要求， | | | | | 持续关注有关进展，并根据相关法律法规的要求及时履行信息披露义务。 | | | | | 3、问：公司如何改善彩电业务？ | | ...

Core Viewpoint - In 2024, the company faced significant operational pressure, with a notable decline in both revenue and profit, indicating challenges in maintaining profitability amidst external market pressures [1][4]. Financial Performance - The company's total revenue for 2024 was 1.559 billion, a decrease of 3.70% from 1.619 billion in 2023 [4]. - Gross profit fell from 404 million in 2023 to 307 million in 2024, a reduction of 970 million [4]. - Net profit attributable to shareholders plummeted by 88.91%, from 1.03 billion in 2023 to 113.837 million in 2024 [4]. - The net profit after excluding non-recurring items turned into a loss of 2.703 million, a decline of 103.25% compared to a profit of 832.82 million in 2023 [4]. Market Challenges - The company is navigating external challenges such as sluggish global economic recovery, supply chain restructuring, and rising raw material costs [4]. - Despite efforts to optimize product structure and enhance cost control, the company’s performance remained unsatisfactory due to new business lines still in the ramp-up phase and increased costs related to asset impairment and convertible bond interest [4]. Strategic Initiatives - The company is focusing on emerging technologies, including IoT, AI, and electric vehicles, to drive demand for PCB products [5][6]. - It has initiated small-scale production of high-performance computing products, indicating a shift towards advanced technology applications [6]. - The product range includes HDI boards, thick copper boards, and semiconductor packaging, catering to diverse industries such as industrial control, healthcare, and telecommunications [6]. Cost Control and Digital Transformation - The company is actively implementing cost control measures and lean operations, aiming to enhance efficiency and reduce costs [7]. - It has optimized its supply chain management and improved digital procurement processes, leading to significant advancements in cost management and operational efficiency [7]. - The deployment of SAP and other systems across all factories has been completed, facilitating real-time monitoring of operations and enhancing data accuracy for better decision-making [7].

Core Viewpoint - The company, Yidun Electronics, reported a strong performance in Q1 2025, with revenue and net profit both increasing, driven by the recovery in the electronics industry and growing demand in automotive electronics [1][2]. Group 1: Financial Performance - In Q1 2025, Yidun Electronics achieved revenue of 946 million yuan, representing a year-on-year growth of 15.58% [1] - The net profit for the same period was 116 million yuan, reflecting a year-on-year increase of 11.04% [1] Group 2: Business Focus and Market Position - Yidun Electronics specializes in high-precision, high-density printed circuit boards (PCBs) and has established itself as a key player in the automotive electronics supply chain, collaborating with major industry leaders [2] - The company has successfully completed large-scale production deliveries for leading new energy clients such as BYD and has deepened partnerships with Continental and Valeo, enhancing its market share [2] Group 3: Future Capacity and Expansion - Yidun Electronics has factories in Zhongshan and Thailand, with existing capacity nearly fully utilized and new capacity being gradually released [3] - The company plans to leverage available land at its Zhongshan facility to increase production capacity based on market demand and order conditions [3]

深圳市景旺电子股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》及《关于加强监管防范风险推动资本市场高质量发展 的若干意见》、中国证监会《上市公司监管指引第 10 号——市值管理》要求，积 极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 推动上市公司高质量发展、保护投资者尤其是中小投资者的合法权益，深圳市景 旺电子股份有限公司（以下简称"公司"或"景旺电子"）结合公司经营实际和 发展战略，制定了 2025 年度"提质增效重回报"行动方案，并于 2025 年 2 月 26 日召开第四届董事会第二十六次会议审议通过，具体内容如下： 二、发展新质生产力，提升研发实力和运营效能 技术创新是公司高质量发展的源动力和重要抓手，公司持续开展以市场需求 为导向的技术创新工作。公司从组织架构、人员配备、激励机制等多个方面搭建 了完整的研发创新体系，建立了以市场为导向的合作研发机制，结合公司实际需 求，积极与外部高校、科研机构及行业头部客户开展新产品开发、生产工艺改造、 人才培养等方面的合作交流。截至 2 ...