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明阳电路-新股研究(第182期):小批量PCB企业主打海外市场

Mingyang Circuit-IPO Research (No. 182): small batch PCB companies focus on overseas markets

中信建投證券 ·  Jan 31, 2018 00:00  · Researches

Mingyang Circuit: small batch PCB enterprises focus on overseas markets

The company focuses on the R & D, production and sales of printed circuit boards (PCB), and has the production capacity of the whole process of PCB. Based on the business characteristics of "small batch, multi-variety, customization", the company has accumulated a large number of customer resources at home and abroad in the rapid development, and distributed in many different application fields. With strong technical level and product quality, the company has established a good long-term cooperative relationship with Flex (Flextronics), JABIL (Jepp), ENICS (Anix) as well as Wurth (Woolt), Streamline, Cistelaier and other well-known PCB traders in Europe and the United States.

Point one: "small batch, multi-variety, customized" management has obvious advantages. The company has a complete product structure, the products are mainly small batch plates, and cover Allegro, templates and a large number of measuring plates. In daily production and operation, the company insists on overseas market-oriented, implements differential competition strategy, meets the individual needs of customers, and the products are mainly based on small batch boards, which to a certain extent avoids the price war and fierce competition with low barriers to product entry.

Point 2: overseas high-quality customer resources are stable for a long time. In terms of overseas layout, the company has been in the forefront of the domestic PCB industry, which is mainly reflected in the global sales region, international market layout, international talent team and international vision and so on. After years of international market expansion and brand management, the company has established a good cooperative relationship with a group of high-quality overseas customers, won the recognition of downstream customers, and established a good brand image in the small batch PCB market.

Point 3: the expansion project of Jiujiang printed circuit board production base raised by the company will form a printed circuit board with an annual production capacity of 600000 square meters, of which the annual production capacity of high multilayer boards is 300000 square meters. The average annual sales income is 1.07819 billion yuan and the net profit is 127.201 million yuan. The expansion of the production base will further enhance the company's competitive strength in the field of small batch PCB.

Risk hint: the fund-raising project does not meet expectations.

The translation is provided by third-party software.


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