据港交所官网，A股PCB（印制电路板）头部厂商沪电股份（SZ002463，股价73.85元，市值1421.00亿 元）近日向港交所首次呈交了IPO（首次公开募股）申请文件，中金公司和汇丰为其联席保荐人。这距 离公司2025年9月19日发布公告宣称筹划相关H股事宜仅过去两个多月。 招股书显示，沪电股份拟将此次港股IPO募集资金分别用于支持生产基地产能扩张、数据通信及智能汽 车领域高性能PCB研发与前瞻技术创新、战略性投资并购，以及营运资金及一般公司用途。 《每日经济新闻》记者注意到，截至2025年上半年，在沪电股份5个国内外生产基地中，仅有2个基地产 能利用率超过90%，而在这种情况下，公司仍要募资扩张产能。同时，楠梓电子股份有限公司（以下简 称楠梓电子）拥有沪电股份"主要股东+客户+供应商+销售代理"的四重身份，2022年至2025年上半年， 沪电股份与其发生了多笔关联交易。此外，沪电股份的分红从2022年的2.86亿元增长至2023年的9.57亿 元和2024年的9.62亿元，而公司却存在欠缴员工社保和住房公积金的情况。 拥有5个主要生产基地 招股书援引灼识咨询的资料称，以截至2025年上半年止18个月的收 ...

Core Viewpoint - The company, Huadian Co., is planning to list on the Hong Kong Stock Exchange to raise funds for capacity expansion and investment in high-performance PCB development, particularly in the data communication and smart automotive sectors [1][5]. Group 1: Company Overview - Huadian Co. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with a focus on high-growth and high-tech barrier products [2]. - The company has seen its stock price increase by over 84% this year, reaching a market capitalization of 138.7 billion RMB, with a TTM P/E ratio of 40.14, which is relatively low within the PCB sector [2]. Group 2: Market Position and Performance - Huadian Co. holds the top position globally in several PCB categories, including data center PCBs (10.3% market share), 22-layer and above PCBs (25.3% market share), and PCBs for switches and routers (12.5% market share) [4]. - The company has developed advanced technologies, including 108-layer multilayer board technology and the ability to mass-produce 44-layer and 54-layer PCBs, establishing a strong competitive moat [4]. Group 3: Financial Performance - The company's revenue and profit figures from 2022 to 2024 show significant growth, with revenues of 8.336 billion RMB, 8.938 billion RMB, and 13.342 billion RMB, and profits of 1.362 billion RMB, 1.490 billion RMB, and 2.566 billion RMB respectively [6]. - For the first three quarters of 2025, Huadian Co. reported revenues of 13.512 billion RMB, a year-on-year increase of 49.96%, and profits of 2.713 billion RMB, up 48.25% [6]. Group 4: Dividend Policy - The company has been generous with dividends, declaring 285 million RMB, 286 million RMB, 957 million RMB, and 962 million RMB from 2022 to the first half of 2025 [6]. Group 5: Strategic Focus and Future Growth - The company identifies AI-driven data center demand and the rapid development of electric and intelligent vehicles as key growth drivers for its long-term performance [5]. - The revenue contribution from high-speed switches and routers has been significant, with a notable increase in the share of AI servers and HPC in total revenue [8]. Group 6: Inventory Management - Despite a significant increase in inventory, the average turnover days have not extended, indicating effective inventory management [9].

Core Viewpoint - The company, Huadian Co., is set to go public in Hong Kong, aiming to raise funds for capacity expansion and investment in high-performance PCB technology, particularly in data communication and smart automotive sectors [2][6]. Group 1: Company Overview - Huadian Co. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with a focus on high-growth and high-tech barrier products [3]. - The company has seen its stock price increase by over 84% this year, reaching a market capitalization of 138.7 billion RMB, with a TTM P/E ratio of 40.14, which is relatively low within the PCB sector [3]. Group 2: Financial Performance - Revenue for Huadian Co. from 2022 to 2024 is projected to grow from 83.36 billion RMB to 133.42 billion RMB, with net profits increasing from 13.62 billion RMB to 25.66 billion RMB, indicating a rising profit margin from 16.3% to 19.2% [6]. - For the first three quarters of 2025, the company reported revenue of 135.12 billion RMB, a year-on-year increase of 49.96%, and a net profit of 27.13 billion RMB, up 48.25% [6]. Group 3: Market Position and Competitive Advantage - Huadian Co. holds the top position globally in several PCB categories, including data center PCBs with a market share of 10.3%, and 22-layer and above PCBs with a market share of 25.3% [5]. - The company has developed advanced technologies, including 108-layer multi-layer board technology and the ability to mass-produce power semiconductor embedded PCBs, solidifying its competitive edge in the industry [5]. Group 4: Future Growth Drivers - The demand for AI-driven data centers and the rapid development of automotive electrification and intelligence are expected to significantly boost the company's long-term performance [6]. - The revenue contribution from AI servers and HPC is projected to grow substantially, indicating a shift towards high-end PCB demand driven by cloud computing and AI applications [7]. Group 5: Dividend Policy and Shareholder Structure - The company has been generous with dividends, declaring 2.85 billion RMB in 2022, increasing to 9.62 billion RMB in the first half of 2025 [6]. - The Wu family holds a significant voting power of 20.35% through their holdings, benefiting from the company's dividend policies [7]. Group 6: Inventory Management - Huadian Co. has experienced a significant increase in inventory, with figures rising from 15.51 billion RMB in 2022 to 29.42 billion RMB in the first half of 2025, although inventory turnover days have remained stable [8].