Weekly Stock Review: Jingwang Electronics (603228) 1.6T optical module PCB has been shipped

As of the market close on April 3, 2026, Jingwang Electronics (603228) closed at 53.89 yuan, down 4.77% from 56.59 yuan last week. This week, Jingwang Electronics’ intraday high on March 31 was 58.6 yuan. On April 3, its intraday low was 53.68 yuan. Jingwang Electronics’ current latest total market value is 53.07B yuan. In the component sector by market value, it ranks 10/57, and among A-shares in both markets, it ranks 351/5193.

This week’s key points

• Key points from institutional research: The company’s 1.6T optical module PCB has started shipping.
• Summary from company announcements: The company exercised 5,560 shares under its 2026 first-quarter自主行权 (independent exercise) program; cumulative exercises total 2,418,312 shares.
• Key points from institutional research: The company has mass-production capability for materials at the M7 to M9 levels and PTFE materials.
• Key points from institutional research: Production ramp-up at Jingwang in Ganzhou is progressing smoothly, and profitability is gradually improving.
• Key points from institutional research: The company’s cooperation with global leaders in computing infrastructure continues to deepen.

Key points from institutional research

Q: What is the company’s planned capital expenditures for the next 3-5 years?

A: The company’s large capital expenditures in the coming years focus on high-end capacity construction, ongoing R&D investment, and digital transformation, among other areas. It will adjust dynamically based on market demand, while keeping the long-term investment pace steady and prudent.

Q: How is the shipment situation for optical module products?

A: The optical module business is a field the company continuously monitors and focuses on improving capabilities in. It has already mass-produced 10G/25G/100G/200G/400G/800G optical module PCB products. During the reporting period, the company’s 1.6T optical module PCB has started shipping. The company is actively opening up new customers, further expanding its business scale.

Q: AI demand drives upgrades in upstream material performance; both costs and processing difficulty have increased. Does the company already have the corresponding technical reserves?

A: The company has built a comprehensive materials database and has conducted systematic research on materials that support high-frequency high-speed transmission and have high heat-dissipation capability. It already has mass-production and processing capability for M7 to M9 level and PTFE materials. The company is now carrying out R&D and validation of higher-performance materials according to customer needs, including next-generation ultra-low-loss high-speed materials such as M9+ level materials.

Q: What is the reserve and cooperation progress regarding AI computing customers? How do you view the competitive landscape for AI PCB manufacturers?

A: The company continues to deepen its cooperation with global leading customers in I computing infrastructure and has gained widespread attention and engagement from multiple I-leading customers. Technological progress in I is driving a deep reinvention and restructuring of the global technology industry. PCB is also facing a new round of important opportunities for capacity expansion and technology upgrades. The market “cake” is big enough, and the entire value chain is advancing in coordination. The company has built multi-dimensional advantages in areas such as technical reserves, high-end capacity, and product stability and consistency. The company is confident it can secure a place for itself in the competition.

Q: The company’s automotive electronics business has maintained rapid growth over the past few years. Is it possible to continue the growth trend in the future? What is the basis for your judgment?

A: The company remains optimistic about the growth prospects of its automotive electronics business over the next few years. First, it forms solid strategic partnerships with leading global enterprise customers. The company has accumulated a large number of high-quality automotive customers, and its PCB products have been widely used in products of the world’s top ten automotive groups. Automotive customers have extremely high requirements for supplier qualifications, with long certification cycles and high supplier barriers. Once a stable supply relationship is formed, customers generally do not easily change their supply system, so the certainty and stability are relatively strong. Second, it follows market trends and customer demand to increase the proportion of high-end products. The company is able to supply all PCB required for a single vehicle. By enabling automotive intelligence and electrification through highly reliable products, it continuously strengthens R&D and supply for HDI, high-frequency high-speed, thick copper, and embedded PCB products. As higher-level intelligent driving functions rapidly move downstream, the pre-installation penetration rate of domain controllers continues to rise, and the widespread adoption of 800V high-voltage platforms accelerates, the company will comprehensively enhance its competitiveness and market share in the automotive electrification and intelligence fields. Third, it continuously optimizes the production-line layout of automotive-grade products to improve large-scale production capability and delivery efficiency. During the reporting period, Jingwang in Ganzhou successfully started production and ramped up capacity smoothly, with profitability improving gradually, better meeting customers’ demand for multi-layer PCBs in automotive electronics.

Q: Is there any subsequent dividend payout guidance?

A: The company adheres to a scientific, ongoing, and stable profit distribution policy and decision-making mechanism. It values reasonable returns for investors on their investment and balances the company’s long-term and sustainable development. It actively returns shares to shareholders. During the research and due-diligence process, the company strictly complied with regulations such as the “Information Disclosure Management System,” and there was no occurrence of disclosure of material undisclosed information.

Company announcement summary

Jingwang Electronics Co., Ltd. announcement on the results of independent exercise of stock options and restricted stock incentives for the first quarter of 2026, and the corresponding share changes, under the 2024 Stock Option and Restricted Stock Incentive Plan

Shenzhen Jingwang Electronics Co., Ltd. released an announcement regarding the results of independent exercise of stock options and restricted stock incentives for the first quarter of 2026, as well as share changes, under the 2024 Stock Option and Restricted Stock Incentive Plan. In the first quarter of 2026, the incentive recipients of the originally granted stock options independently exercised and completed the registration of the number of shares of 5,560 shares. As of March 31, 2026, the cumulative number of shares exercised and completed transfer registration was 2,418,312 shares, accounting for 98.4129% of the total amount of the first exercise period. The source of exercised shares is A-share ordinary shares issued by the company to incentive recipients in a targeted manner. The newly added shares are shares with no selling restrictions and are circulating shares. The company’s total share capital increased from 984,812,493 shares to 984,818,053 shares.

The above information is compiled by Securities Star based on publicly available information, generated by an AI algorithm (website information filing and registration no. 310104345710301240019), and does not constitute investment advice.