HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

SHEIN Global Holdings (625 HK) - The Decline in Valuation May Not Have Ended Yet

Pre-IPO Sunny & Sandy (Hunan) Group - Deep Dive the Business Model, Concerns, Thoughts on Valuation

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Equity Capital Markets

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier</li>
<li>The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.</li>
<li>The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.</li>
</ul>


Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier
The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.
The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.


Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook