IPO Announcement
On October 17, Q&D Circuits (Shenzhen Qiangda Circuit Co., Ltd.) released its prospectus for its initial public offering (IPO) on the Growth Enterprise Market, with China Merchants Securities Co., Ltd. acting as the sponsor.

Company Overview
Q&D Circuits primarily researches, produces, and sells printed circuit boards (PCBs), focusing on high-end prototypes and small-batch production. Its products are widely used across various sectors, including industrial control, communication equipment, automotive electronics, consumer electronics, healthcare, and semiconductor testing. The company has completed technical research on printed circuit boards for Mini LED displays and HDI boards for Mini LED screens.

Fundraising Goals
This IPO aims to raise 600 million yuan. After deducting issuance expenses, funds will be allocated based on priority to projects like “Nantong Q&D Circuit Technology Co., Ltd.’s annual production of 960,000 square meters of multilayer boards and HDI boards” and to supplement working capital.
Major Projects
The “Nantong Q&D Circuit Technology Co., Ltd.’s annual production of 960,000 square meters of multilayer boards and HDI boards” project has a total investment of 1 billion yuan and will be implemented by Nantong Q&D. The construction period is 24 months, and once operational, the project will add 720,000 square meters of multilayer boards and 240,000 square meters of HDI boards annually. The products will cater to high-multilayer and high-density boards, primarily used in 5G communication, optical modules, the Internet of Things (IoT), artificial intelligence, automotive radar, and Mini LED applications.
Production Facilities
Q&D Circuits’ existing Shenzhen factory mainly focuses on high-end prototypes, while the Jiangxi factory is geared towards rapid delivery of small-batch production. The newly funded Nantong factory will primarily focus on high-multilayer and HDI boards.
Capacity Utilization and Future Plans
As the Jiangxi factory’s output increases, from 2020 to 2021, the company’s overall capacity utilization rate rose from 80.88% to 93.94%. In the future, the company will establish three production bases in Shenzhen, Jiangxi, and Nantong.
Financial Performance
In terms of performance, Q&D Circuits expects a revenue of 579.45 million to 588.80 million yuan from January to September 2024, representing a year-on-year increase of 9.25% to 11.01%. The net profit attributable to shareholders is projected to be between 76 million and 77.8 million yuan, up 13.87% to 16.57%.
Client Base and Growth Strategy
Q&D Circuits states that its PCB products serve various well-known domestic and international clients, including ICAPE, PCB Connect, Fineline, Dafu Technology, and Suzhou Huaxing Yuan Chuang, maintaining close collaboration with these customers. The company is also actively seeking new clients. As the customer base continues to expand, order volumes are expected to grow, ensuring the capacity increase for the projects.
Working Capital Plans
Moreover, to maintain stable operations and support the successful achievement of business development goals, Q&D Circuits plans to allocate 120 million yuan of the raised funds to supplement working capital to meet the funding needs of its rapid business growth.
Revenue Trends
From 2021 to the first half of 2024, Q&D Circuits’ main business revenues were 691.18 million yuan, 703.89 million yuan, 686.11 million yuan, and 370.19 million yuan, respectively; net profits attributable to the parent company were 56.02 million yuan, 91.06 million yuan, 90.90 million yuan, and 68.07 million yuan.
During the reporting period, the company showed an upward trend in revenue and profitability, mainly due to the Jiangxi factory’s commencement of operations in March 2018. With strong downstream market demand and the gradual completion of capacity ramp-up and production line stabilization, production volumes from 2019 to 2023 were 199,000 square meters, 300,000 square meters, 390,100 square meters, 362,900 square meters, and 345,200 square meters, respectively.
Conclusion
As the Jiangxi factory’s output increases, from 2020 to 2021, the company’s overall capacity utilization rate rose from 80.88% to 93.94%. In the future, the company will establish three production bases in Shenzhen, Jiangxi, and Nantong, focusing on high-end prototypes, rapid delivery of small-batch production, and small-batch production for emerging industries, catering to differentiated clients, regions, and industrial fields, thereby enhancing production and sales synergy.
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