利润增长20%，订单却暴增157%！这家PCB企业手握1.6T光模块技术，竟在 机器人 、CPO、 华为 三大 赛道同时卡位。 崇达三季度净利润3.14亿元，同比增长20%，表现相当稳健。 公司收到客户订单2712.21万元，同比暴增157.85%，创下历史新高！ 更让人惊讶的是，这家看似传统的PCB企业，不仅在800G光模块已实现交付，还手握1.6T技术储备，同 时在机器人、CPO、 华为 三大热门赛道深度布局。这背后，到底有何玄机？ 运营效率：惊人的提速奇迹 财官教大家一个关键指标：运营效率是制造业的生命线。崇达产品销售速度60天，同比大幅加快4%。 公司销售回款时间81天，同比加快4%，显示出在产业链中话语权增强。回款加速意味着公司现金流更 加健康，经营风险降低。 看财报就像侦探查案，最亮眼的数据组合往往藏着最关键的投资密码。 技术布局：隐形冠军的硬实力 崇达的真正价值，在于其深厚的技术积累。子公司 普诺威 具备800G光模块量产能力，同时储备1.6T技 术，在CPO领域占据先机。 公司投资4亿元新建m-SAP制程生产线，产能已提升到满足25/25微米IC载板主流市场需求，这在业内属 于领先水平。 | ...

近日，红板（江西）科技有限公司（以下简称"红板科技"）已正式获得中国证监会批复，同意其首次公开发行股票注册，公司计划在上海证券交易所主板 上市。 根据规划，本次上市募集资金将主要用于"年产120万平方米高精密电路板项目"。公司已建立规范的募集资金管理制度，确保资金使用安全高效。项目建 成后，红板科技每年将新增120万平方米HDI板产能，有助于提升高阶产品制造能力，并进一步优化财务结构，缓解资金压力。 财务数据显示，公司近年来业绩稳步增长：2022年至2024年，营业收入分别为22.05亿元、23.40亿元和27.02亿元；同期扣非净利润分别为1.20亿元、0.87 亿元和1.94亿元。2025年1–6月，公司实现营业收入17.10亿元，扣非净利润2.33亿元。 面向未来，红板科技表示将持续聚焦"AI算力、低轨卫星、智能座舱、光模块、智能驾驶"等前沿应用领域，加强技术研发，推动多终端业务协同。公司旨 在通过自主创新与国际合作，持续提升核心竞争力与市场份额，致力于成为全球HDI板领域的中高端标杆企业。 作为PCB行业的资深企业，红板科技在高多层任意互连HDI板制造方面已实现规模化生产，产品最高层数可达26层，技术 ...

尽管上市就在眼前，但红板科技存在的财务问题与治理隐患仍旧令人无法忽视。 在公司治理方面，招股书显示，红板科技实际控制人为叶森然。本次发行前，公司控股股东香港红板持有公司95.12%的股份，SameTimeBVI持有香港红板 100.00%的股份，叶森然持有SameTimeBVI 100.00%的股份。因此，叶森然间接控制公司95.12%的股份，支配公司95.12%的股份表决权，为公司的实际控制 人。 实控人掌控超过九成的表决权，虽然在某种程度上可以确保公司决策的高效性，但也很可能引发"一股独大"的状况，降低其他股东的话语权与决策参与度。 这种股权的高度集中所产生的影响是消极的，此类企业常常会出现掏空上市公司、利益输送、财务造假等侵害中小投资者权益的违法违规问题。 例如，览富财经网曾在《红板科技IPO：产能利用率不足90%仍扩产，掏空家底再圈钱做派遭质疑》一文内提到其要加大投入IC载板业务。在该业务拓展 上，若实际控制人坚持加大投入而忽视市场风险，可能导致资源错配；在募投项目实施中，若缺乏有效制衡，可能出现投资决策失误。 近日，上交所更新江西红板科技股份有限公司（以下简称"红板科技"）的IPO进程为过会，并已提 ...

来源：TPCA整理 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 据上交所网站显示，近日，又有一家PCB公司IPO拿到了注册批文，上市目标板块均为沪市主板。 红板科技IPO进展情况 来源：上交所网站 公开信息显示，这家公司为今年申报IPO的企业，红板科技的IPO申请受理推进节奏非常快，在10月31日通过上市委会议后当日便向证监会提交了注册申 请，并于11月20日顺利通过注册审核，拿到发行批文。 本次发行并上市，红板科技的募集资金将投资于年产120万平方米高精密电路板项目。公司还建立了完善的募集资金存储、使用、变更、管理与监督等机 制以保障募集资金项目的有效实施。通过实施上述项目，公司将每年新增120万平方米HDI板产能、进一步提升高阶HDI板制程能力和技术水平；优化财 务结构，降低财务杠杆，缓解发展过程中的资金瓶颈。 对于未来，公司表示将坚持以"AI 算力、低轨卫星、智能座舱、光模块、智能驾驶"为产品导向的发展战略，不断巩固和提升研发技术能力，推动多终端 业务协同发展。通过强化自主创新与全球合作，进一步提高公司的 ...

Core Viewpoint - The China Securities Regulatory Commission has approved Jiangxi Hongban Technology Co., Ltd.'s application for an initial public offering (IPO) on the Shanghai Stock Exchange, with a fundraising target of 2.057 billion yuan [1]. Company Overview - Jiangxi Hongban Technology focuses on the research, development, production, and sales of printed circuit boards (PCBs), targeting the mid-to-high-end application market [5]. - The company is recognized for its high precision, high density, and high reliability in PCB manufacturing, particularly in the production of HDI boards and IC substrates [5]. - The product portfolio includes HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like boards, and IC substrates, showcasing comprehensive technical research and production capabilities [5]. Market Position - Jiangxi Hongban Technology has established a significant competitive advantage and market position in the consumer electronics and automotive electronics sectors [5]. - The company's products are widely used in various fields, including consumer electronics, automotive electronics, high-end displays, and communication electronics [5].

Financial Performance - In the first three quarters of 2025, the company achieved revenue of 5.593 billion yuan, a year-on-year increase of 20.27% [2] - The net profit attributable to shareholders reached 314 million yuan, up 19.58% year-on-year; in Q3 2025, net profit was 92 million yuan, showing a significant growth of 252.87% [2] Strategies for Profitability Improvement - Focus on high-value customers and orders, optimizing sales structure by managing loss-making orders and increasing high-value orders [3] - Strengthen the sales team by expanding and optimizing the overseas sales force, implementing performance evaluation mechanisms [3] - Enhance cost management through standardized cost management practices to reduce unit product costs [4] - Improve order delivery and customer service by enhancing internal communication and optimizing production scheduling [4] Raw Material Cost Management - The company is facing rising raw material costs, particularly for copper and other key materials, which have seen significant price increases since June 2024 [5] - Measures to mitigate cost pressures include dynamic monitoring of costs, improving material utilization, and implementing price adjustment strategies [6] Capacity Utilization and Expansion Plans - Current overall capacity utilization is approximately 85% [7] - The company is accelerating capacity expansion in various plants to meet market demand, including the construction of a new HDI factory [7] Subsidiary Performance - The subsidiary, San De Guan, has turned profitable in Q3 2025, despite challenges in the flexible printed circuit board (FPC) sector [8] Future Growth Drivers - Anticipated growth in 2026 will be driven by increased demand in mobile, server, and communication sectors, with a focus on high-layer boards and IC substrates [9][10] - The company plans to enhance its competitive advantages in product quality, cost control, and pricing strategies while developing new key customers [10]

Core Viewpoint - 崇达技术's stock price has shown a significant increase this year, with a year-to-date growth of 32.84%, despite recent declines in the short term [1][2]. Company Overview - 崇达技术, established on May 4, 1995, and listed on October 12, 2016, is located in Shenzhen, Guangdong Province. The company specializes in the design, research and development, production, and sales of printed circuit boards (PCBs) [1]. - The main revenue composition of the company includes: 82.83% from PCBs, 10.52% from waste materials and others, and 6.64% from IC substrates [1]. Financial Performance - For the period from January to September 2025, 崇达技术 achieved an operating revenue of 5.593 billion yuan, representing a year-on-year growth of 22.27%. The net profit attributable to the parent company was 314 million yuan, with a year-on-year increase of 19.58% [2]. - Since its A-share listing, 崇达技术 has distributed a total of 2.112 billion yuan in dividends, with 665 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, 崇达技术 had 72,900 shareholders, an increase of 2.39% from the previous period. The average number of circulating shares per shareholder was 10,661, a decrease of 2.33% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.2069 million shares, an increase of 29.2455 million shares from the previous period. The seventh-largest shareholder is the Southern CSI 1000 ETF, which is a new shareholder holding 6.1348 million shares [3]. Market Activity - On November 12, 崇达技术's stock price rose by 2.14%, reaching 13.39 yuan per share, with a trading volume of 92.4806 million yuan and a turnover rate of 0.90%. The total market capitalization stood at 16.306 billion yuan [1]. - The company has appeared on the "龙虎榜" (a stock trading list) twice this year, with the most recent appearance on August 21, where it recorded a net buy of -359 million yuan [1].

Group 1 - The core viewpoint of the news is that 崇达技术 (Chongda Technology) has experienced a decline in stock price and significant net outflow of funds, despite a year-to-date increase in stock price [1][2] - As of November 11, the stock price of 崇达技术 was 13.14 yuan per share, with a market capitalization of 16.001 billion yuan and a trading volume of 224 million yuan [1] - The company has seen a year-to-date stock price increase of 30.36%, but has faced declines of 4.37% over the last five trading days, 3.38% over the last 20 days, and 6.28% over the last 60 days [1] Group 2 - 崇达技术's main business involves the design, research and development, production, and sales of printed circuit boards (PCBs), with revenue composition being 82.83% from PCBs, 10.52% from waste materials and others, and 6.64% from IC substrates [1][2] - For the period from January to September 2025, 崇达技术 reported a revenue of 5.593 billion yuan, representing a year-on-year growth of 22.27%, and a net profit attributable to shareholders of 314 million yuan, reflecting a year-on-year increase of 19.58% [2] - The company has distributed a total of 2.112 billion yuan in dividends since its A-share listing, with 665 million yuan distributed over the last three years [3] Group 3 - As of October 31, 崇达技术 had 71,200 shareholders, an increase of 0.99% from the previous period, with an average of 10,916 circulating shares per shareholder, a decrease of 0.98% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.2069 million shares, which increased by 29.2455 million shares compared to the previous period [3] - The company is classified under the electronic components industry, specifically in the printed circuit board sector, and is associated with concepts such as consumer electronics, flexible electronics, AIPC concept, robotics, and sensors [2]

Core Viewpoint - The company has made substantial progress in the research and development of 112G high-speed boards, with products certified and entering mass production [1] Group 1: R&D Progress - The company has achieved significant advancements in the R&D of 112G high-speed boards, which have completed certification and are now in the mass import phase [1] - The technology development path of the company is clear, as it is advancing 112G technology while simultaneously laying out and actively researching 224G and other cutting-edge high-speed product technologies [1] Group 2: Focus Areas - The company's R&D investments are primarily focused on high-layer boards, advanced HDI, and IC substrates in high-end fields [1] - The technological achievements have been recognized as "domestically leading" and are being applied in key production bases such as the Zhuhai No. 2 factory [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved rapid growth in performance, with a focus on high-end craftsmanship that establishes long-term competitiveness [1] - The company reported a revenue of 5.373 billion yuan for the first three quarters, representing a year-on-year increase of 23.48%, and a net profit of 131 million yuan, up 516.08% year-on-year [7] - The company is positioned well in the PCB, HDI, and IC substrate sectors, benefiting from technological advancements and market demand [7] - Revenue projections for 2025-2027 are 7.077 billion yuan, 8.808 billion yuan, and 10.916 billion yuan respectively, with corresponding net profits of 164 million yuan, 400 million yuan, and 839 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5.360 billion yuan, with a growth rate of 0.1%, and a net profit of 211 million yuan, reflecting a decline of 59.8% [6] - For 2024, revenue is expected to increase to 5.817 billion yuan (8.5% growth), with a net loss of 198 million yuan [6] - By 2025, revenue is forecasted to reach 7.077 billion yuan (21.6% growth), with a net profit of 164 million yuan [6] - The company’s EPS is projected to improve from 0.13 yuan in 2023 to 0.49 yuan by 2027 [6] Market Performance - The company’s stock has shown a performance of -17% over the last 12 months compared to the CSI 300 index [4]