Jiangxi Welgao Electronics Co., Ltd.

Jiangxi Welgao Electronics Co., Ltd. is a manufacturing company listed on the ChiNext board of the Shenzhen Stock Exchange in 2023. The company specializes in the research and development, production, and sales of printed circuit boards (PCBs). Its product offerings include heavy copper boards, MiniLED optoelectronic boards, planar transformers, and optical modules, which are utilized in various sectors such as industrial controls, display technologies, artificial intelligence, automotive electronics, new energy, and next-generation communications. Welgao operates a dynamic business model focused on customized PCBs, catering to both domestic and international markets. The company employs a production-to-order approach, ensuring flexibility and responsiveness to client demands. Its manufacturing facilities are strategically located in Huizhou, Jiangxi, and Thailand, allowing for a dual-circulation system that enhances its market reach. Welgao maintains long-term partnerships with prominent clients, including Delta Electronics and Samsung, and is recognized for its technical expertise and quality control systems, which meet stringent industry standards.

I. Core Technological Advantages & Product Innovation 1. Technology Leadership: Holds 20+ core patents in thick copper boards (30-layer power board technology), MiniLED optoelectronic boards (line width/spacing reaching 38μm), and planar transformer boards. Breakthroughs like 16:1 high aspect ratio electroplating technology fill industry gaps and exceed international standards. 2. R&D Capabilities: 2024 R&D investment: 461.9 million CNY (4.52% of revenue), focusing on 30-layer DC-DC power modules and ceramic-based high-frequency boards. R&D personnel ratio: 9.52%, recognized as a national-level "Specialized, Refined, Distinctive, and Innovative" enterprise. 3. Certification Barriers: Certified with IATF16949 automotive quality system and ISO13485 medical certification, entering supply chains of BYD and Luxshare Precision. II. Global Layout & Capacity Expansion 1. Thailand Base: Ayutthaya factory launched in June 2024, annual capacity: 600k m², targeting Southeast Asian automotive electronics with BOI tax incentives. Tri-base synergy: Huizhou (small-batch flexibility), Jiangxi (smart manufacturing), and Thailand (automotive specialization). 2. Domestic Expansion: Jiangxi Phase II project focuses on AI server power supplies (27.81% revenue share) and EV systems, aiming capacity growth by 2025. 3. Market Diversification: Overseas revenue: 32.9%, securing data center clients in Europe/US, display orders up 21.94% YoY. III. ESG Industry Benchmark 1. Green Manufacturing: Rooftop PV annual output: 1.25M kWh (reducing 927t CO₂), wastewater recycling saves 42k tons/year, 100% hazardous waste compliance, certified as provincial green factory. 2. Employee Care: 100% health check coverage, promotion mechanisms for all staff, satisfaction rate: 88.32%, zero accidents with 5.23M CNY safety investment. 3. Supply Chain Responsibility: 100% suppliers sign *RBA Responsibility Agreement*, implements anti-corruption blacklist, client satisfaction: 96/100, awarded Schneider's "Global Best Partner". IV. Premium Clients & Market Position 1. Key Clients: Top clients include Delta Electronics (20.16% revenue share), Schneider, and Samsung, winning ESG Green Partner Award from TP Vision for 5 consecutive years. 2. Market Leadership: Industrial control & power products contribute 56.62% revenue. MiniLED boards enter automotive infotainment supply chains. 3. Risk Resilience: Top 5 clients' revenue share reduced from 65% (2023) to 56.05% (2024), diversified with new data center and Thai automotive clients. Long-term partnerships (>5 years) with Schneider and Delta ensure stable demand. Regional risk isolation via multi-location strategy. V. Financial Stability & Growth Prospects 1. Revenue Growth: 2024 revenue exceeds 1B CNY (+24.18%), AI server power orders double, Thailand plant to boost gross margin . 2. Capital Management: IPO raised 890M CNY for expansion, holds 155M CNY structured deposits, debt-to-asset ratio: 39.2% (below industry average). 3. Policy Tailwinds: Benefits from Thailand's BRI tariff advantages, EV PCB demand up AI data centers drive high-frequency board orders.