Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 CNY [6]. Core Insights - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, focusing on high-quality embedded hardware innovation [9]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million CNY in 2018 to 354 million CNY in 2023, representing a 5-year CAGR of 39.09% [6][16]. - 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]. - The company has a diverse customer base across consumer electronics, automotive electronics, and industrial control sectors, with significant applications in home appliances, industrial control displays, and automotive electronics [6][9]. Financial Summary - The company's total revenue forecast for 2024-2026 is 377.22 million CNY, 418.89 million CNY, and 465.69 million CNY, with year-on-year growth rates of 6.66%, 10.78%, and 11.44% respectively [5][59]. - The net profit for the same period is expected to be 47.46 million CNY, 53.37 million CNY, and 55.97 million CNY, with growth rates of 10.23%, 12.44%, and 4.89% respectively [5][59]. - The company's return on equity (ROE) is projected to be 12.60%, 13.68%, and 13.65% for 2024-2026 [5]. Business Model and Market Position - The company operates in the EMS industry, providing a full range of services including product design, research and development, supply chain management, manufacturing, testing, and after-sales support [6][37]. - The EMS market is driven by increasing demand for consumer electronics, with the company benefiting from the growing complexity and rapid turnover of electronic products [38]. - The company has established strong relationships with major clients, with a significant portion of revenue coming from a few large customers, indicating a high customer concentration risk [6][57]. Growth Opportunities - The consumer electronics segment is expected to see a revenue increase, driven by the anticipated growth in PC shipments, with a projected 6% growth in the domestic PC market by 2025 [46]. - The automotive electronics sector is also poised for growth, particularly in smart cockpit applications, with the market expected to expand significantly [49]. - The industrial control segment remains stable, with the company positioned to capitalize on the increasing automation in various industries [55].
雅葆轩（870357）：PCBA电子制造服务商，下游应用广泛