A-share subscription | Wanyuan Communication (920060.BJ) opens subscription Mainly engaged in the research and development, production, and sales of printed circuit boards.

On November 8, Wanyuantong (920060.BJ) started its IPO, with an issue price of 11.16 yuan per share, a subscription cap of 1.4725 million shares, a P/E ratio of 14.93 times, and being listed on the Beijing Stock Exchange, with Industrial being its exclusive sponsor. According to the prospectus, Wanyuantong is a high-tech enterprise specializing in the research and development, production, and sales of printed circuit boards, with products including single-sided boards, double-sided boards, and multilayer boards. After years of technical research and process technology accumulation, the product types include copper-based boards, aluminum-based boards, thick copper boards, ceramic boards, buried capacitance/buried resistance material boards, high-frequency/high-speed material boards, and other special base materials and process types. The company's products are widely used in areas such as consumer electronics, automotive electronics, industrial control, household appliances, and communication equipment. With strong technical research and development capabilities, diverse customized process development advantages, rapid order response capabilities, mass production capabilities, refined management capabilities, quick delivery capabilities, and good product quality and performance, the company has accumulated a large number of well-known domestic and foreign customers, including LG Group, Minger Group, Boe Technology Group (000725.SZ), Luxshare Precision Industry (002475.SZ), Etek, Changjiang Auto, KSD, and Marley. Data shows that the total output value of the global PCB industry reached $80.92 billion in 2021, with the output value of the mainland China PCB industry reaching $44.15 billion, accounting for 54.56% of the total global PCB industry output value, ranking first globally, while the combined output value of Europe, America, and Japan was $12.56 billion, accounting for a decreased 15.51%. China has clearly become the main production and consumption base of global PCBs. The company is a member of the China Printed Circuit Association (CPCA), with a projected operating income of 980 million yuan in 2023. According to the "23rd (2023) China Printed Circuit Industry Main Enterprise Revenue List" published by CPCA, the company ranks 60th overall and 37th domestically. With the trends of automotive electrification and intelligence, 5G bringing cloud computing and IoT, the PCB solutions show diversification, and the market demand for high-density, high-multilayer, high-tech PCB products will become more prominent, shifting from traditional multi-layer board solutions to metal-based boards, thick copper-based boards, buried capacitance/buried resistance material boards, high-frequency/high-speed material boards, HDI, and other special process, special base material PCB solutions. It is understood that Wanyuantong plans to use the funds raised, deducting issuance expenses, for the following projects: Financially, in the fiscal years 2021, 2022, 2023, and January-June 2024, the company's operating income was approximately 1.012 billion, 969 million, 984 million, and 464 million yuan, respectively. The net profit was approximately 19.35 million, 52.5281 million, 118 million, and 60.2198 million yuan, respectively.