Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 yuan [6]. Core Viewpoints - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, targeting sectors such as consumer electronics, automotive electronics, and industrial control [9][10]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million yuan in 2018 to 354 million yuan in 2023, representing a 5-year CAGR of 39.09% [6][18]. - The global electronic manufacturing services (EMS) market is projected to grow from 573.75 billion USD in 2024 to 1,017.85 billion USD by 2032, with a CAGR of 7.4% from 2024 to 2032 [6][38]. Financial Performance - The company's total revenue for 2022 was 236.77 million yuan, with forecasts of 353.68 million yuan for 2023 and 377.22 million yuan for 2024, reflecting growth rates of 49.38% and 6.66% respectively [5][59]. - The net profit attributable to the parent company is expected to reach 47.46 million yuan in 2024, with a growth rate of 10.23% [5][59]. - The company's overall gross margin has fluctuated, with a significant drop in 2023 due to price reductions passed from downstream clients and rising raw material costs [19][21]. Business Segments - The company has a diverse product application in consumer electronics, automotive electronics, and industrial control, with consumer electronics accounting for the largest revenue share [23][41]. - The automotive electronics segment is expected to benefit from the growth of the smart cockpit market, with a projected CAGR of 11.7% from 2022 to 2025 [49]. - The industrial control segment includes products used in various applications, such as medical devices and banking ATMs, indicating a broad market reach [53]. Market Position and Competitive Advantage - The company has a concentrated ownership structure, with the largest shareholder holding 32.17% of the shares, contributing to a strong governance framework [12]. - The company faces high barriers to entry in the EMS industry, including technological, supply chain management, and customer recognition barriers [58]. - The company has established long-term relationships with major clients, which enhances customer loyalty and reduces the risk of client turnover [58].
雅葆轩：首次覆盖：PCBA电子制造服务商，下游应用广泛-20250312