On October 15th, Dynamic Electronics Co.,Ltd. (603175.SH) launched its IPO subscription with an issue price of 17.08 yuan per share, a subscription limit of 12,500 shares, and a price-to-earnings ratio of 28.64 times. The company is listed on the Shanghai Stock Exchange with Minsheng Securities serving as its sponsor.
According to the prospectus, Dynamic Electronics Co.,Ltd.'s main business involves the research and development, production, and sales of printed circuit boards (PCBs), with no changes to its core business since establishment. The company's products are widely applied across automotive electronics, displays, storage, consumer electronics, and communications sectors. Focusing primarily on automotive electronics PCBs, the company is among the few domestic enterprises capable of mass production of multi-layer HDI and any-layer interconnect HDI automotive electronic boards. It has established stable partnerships with global Tier 1 automotive component suppliers including Continental Automotive, Valeo, Bosch, and Aptiv, as well as renowned new energy vehicle manufacturers such as Tesla Motors.
According to the "24th (2024) China Electronic Circuit Industry Major Enterprise Revenue Ranking" published by CPCA, the company ranks 23rd among comprehensive PCB enterprises. Based on NTI (N.T.Information LTD) reports, the company was a top 10 global automotive electronics PCB supplier and a top 5 automotive electronics PCB supplier in China in 2023.
Currently, PCB applications cover virtually all electronic products, primarily including communications, computers, consumer electronics, automotive electronics, servers, industrial control, military aviation, and medical fields, representing the largest segment by output value in the global electronic components industry. According to Prismark reports, the global PCB industry's total output value reached $73.565 billion in 2024.
Since 2006, mainland China has surpassed Japan to become the world's largest PCB production base, leading globally in both PCB production volume and output value. According to Prismark reports, mainland China's PCB output value accounted for 55.74% of global PCB total output value in 2024. Prismark forecasts that the global PCB market will maintain steady growth over the next five years, with a compound annual growth rate of 5.5% from 2024 to 2028, and the global PCB market size is expected to reach $91.113 billion by 2028.
Financially, for the years 2022, 2023, and 2024, the company achieved operating revenues of approximately 3.514 billion yuan, 3.656 billion yuan, and 4.124 billion yuan respectively, with corresponding net profits of approximately 141 million yuan, 266 million yuan, and 276 million yuan.
Dynamic Electronics Co.,Ltd. anticipates that operating revenue for the first nine months of 2025 will increase year-over-year, primarily due to AI technological innovation and data center upgrades driving increased PCB demand from customers in communications, storage, and other sectors. The company expects net profit for the first nine months of 2025 to decline somewhat, mainly because Thailand Dynamic Electronics is still in its initial production phase with relatively high production costs, leading to a decrease in the company's main business gross margin.