Jingwang Electronics (603228): Looking at Jingwang’s strategic reserves from the core product layout

Jingwang Electronics (603228): Looking at Jingwang’s strategic reserves from the core product layout

Rigid and flexible with full category coverage and excellent lean management capabilities.

The company’s industry leader is solid, with revenue of 49 in 18 years.

86 ppm, an 18-year increase.

93%, net profit attributable to mother 8.

30,000 yuan, an increase of 21 in ten years.

66%, gross margin 31.

78%, net profit margin is 15.

95%, leading the industry.

The product covers all categories, and is one of the few domestic manufacturers covering rigid circuit boards, flexible circuit boards and metal-based circuit boards.

At the same time, the company’s product structure is constantly optimized, and it strives for excellence in casting high value-added products; comprehensive and standardized management procedures, improve management levels, reduce production and management costs, and maximize benefits.

The core product strategic reserve scale, six key technology products are ready for mass production.

As the performance requirements of electronic products continue to increase, as a key upstream PCB industry, advancing technology research and development, improving 上海夜网论坛 production processes, and improving product performance have become one of the necessary factors for growth.

In 18 years, the company added 34 invention patents to provide effective solutions to technical problems in the industry, and independently developed a variety of non-patented technologies to enhance product competitiveness.

The six key product technologies already have large-scale production capacity, which is expected to bring long-term competitiveness.

High-density multilayer flexible board technology-an important way for electronic products to develop smaller, thinner, higher performance, and stronger stability; advanced fingerprint recognition flexible board technology-the rise of the concept of under-screen fingerprints, driving the downstream fingerprint recognition chip capabilitiesWith the growth, high-杭州桑拿precision fingerprint recognition FPC is expected to grow; multi-level HDI printed board technology-technology update drives high-performance HDI in the four major application areas of automobiles, communications, PCs, and mobile phones, and multi-level HDI products are expected to achieve both volume and price increases;Embedded copper block technology-the main way to dissipate high-power components, communication and automotive electronics have been widely used, 5G high-power radio frequency, one of the optimal solutions for power amplifier circuit cooling; 24G / 77G automotive radar microwave board-the core material of ADAS radar,77G escorts ahead, 24G eliminates blind spots, essential radar raw materials for intelligent driving; 5G antenna product technology-the size of base station antennas is huge, and the company’s PCB has already invested in testing the core equipment of base stations, occupying a leading position in 5G commercial trends.

Investment suggestion: The overall trend of PCB global production capacity transfer to land capital is clear, and the deterministic opportunities brought by automotive electronics + FPC will be expanded. The company is expected to achieve full category coverage, excellent lean management capabilities, intelligent manufacturing efficiency and environmental protection qualifications.Product competitiveness further expands market share; the company has steadily planned capacity expansion, and Jiangxi and Longchuan bases provide future reliable capacity guarantees.

We expect the company to achieve net profit attributable to mothers in 2019/2020/202110.



60,000 yuan, the current corresponding PE is 24x / 19x / 15x.

Considering the lean management capabilities and team reserves predicted by the company within the industry, maintain a “Buy” rating.

Risk Warning: Environmental Protection Policy Affects Capacity Layout; Consumer Electronics Competition Deteriorates

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