Analysis of Performance and Valuation Impact from the Cooperation Between Yidun Electronics and Seres

1. Cooperation Progress and Industry Background
   : Yidun Electronics and Seres have established a cooperative relationship, with some products in the sample delivery and verification phase, not involving the core field of autonomous driving [1][2][3]. This reflects the cooperation trend among domestic automotive industry chain enterprises and the progress of new suppliers entering the automotive electronics field. Seres’ cumulative sales of new energy vehicles from January to July 2025 reached 216,700 units [6], and it is promoting a supplier integration strategy, integrating first-tier suppliers from 300 to 100, with strong demand for localization and cooperation with high-quality suppliers [7].
2. Performance Growth Potential
   : Yidun Electronics is among the top 100 in the PCB industry, with products covering automotive electronics and other fields [4][5]. Its R&D investment increased to 4.21% in the first half of 2025, focusing on technical breakthroughs in automotive electronics [5]. If products pass verification and are supplied in mass, it will increase the revenue source of its automotive electronics business. The company has cooperated with leading new energy vehicle companies such as BYD and Leapmotor [5], and the addition of Seres will further expand its customer base. However, it is currently in the sample delivery phase, and there is uncertainty about the timing and scale of mass supply [1][2][3].
3. Valuation Improvement Logic
   : Automotive electronics is the core business field of Yidun Electronics [5]. Cooperation with leading new energy vehicle companies like Seres will enhance market recognition and expectations for its automotive electronics business. The “new four modernizations” of the automotive industry drive the growth of demand for high-end PCBs. Yidun Electronics’ technical reserves (such as R&D of products like millimeter-wave radar and automotive chassis controllers) match Seres’ supply chain needs. If the cooperation goes smoothly, it will strengthen its competitive advantage in the automotive electronics field and provide support for valuation improvement. However, valuation improvement depends on substantial growth in performance and continuous market recognition [0].

1. Supply Chain Integration Opportunities
   : Seres’ supplier integration strategy provides an important opportunity for high-quality suppliers like Yidun Electronics to enter the supply chain of leading new energy vehicle companies. If Yidun Electronics can pass verification and become a core supplier of Seres, it will help it establish stronger brand influence in the automotive electronics market and attract more customers.
2. Matching Degree of Technology and Production Capacity
   : Yidun Electronics’ technical accumulation and production capacity preparation in the automotive electronics field are key factors determining whether it can seize this cooperation opportunity. The automotive electronics supply chain has high barriers and requires meeting strict quality and technical requirements. Yidun Electronics’ R&D investment and existing customer base provide it with certain advantages [4][5].
3. Balance Between Market Expectations and Risks
   : The market has a positive attitude towards this cooperation, but it is also necessary to pay attention to the uncertainty of mass supply and competition risks. Yidun Electronics needs to compete with existing suppliers, and there is no public data on the order scale. It is necessary to wait for subsequent verification results and company announcements [0].

• Opportunities
  : Potential order opportunities brought by Seres’ rapid sales growth; brand enhancement effect of entering the supply chain of leading new energy vehicle companies; industry dividends from the growth of the automotive electronics PCB market.
• Risks
  : Currently only in the sample delivery phase, with uncertainty about the timing and scale of mass supply; fierce competition in the automotive electronics supply chain, requiring competition with existing suppliers; valuation improvement depends on substantial growth in performance, with uncertainty.

The cooperation between Yidun Electronics and Seres is in the sample delivery and verification phase and does not involve the core field of autonomous driving. Seres’ sales growth and demand for supply chain localization provide potential performance growth opportunities for Yidun Electronics. If the cooperation goes smoothly, it will help it open up new growth space in the automotive electronics market. Yidun Electronics’ technical accumulation in the automotive electronics field and existing customer base support it to seize this cooperation opportunity. However, there is uncertainty about the timing and scale of mass supply, and valuation improvement still needs to be supported by substantial growth in performance. It is necessary to pay attention to subsequent verification results and order implementation.

• [0] Internal database and analysis tools
• [1][2][3] Reports from China Business News, Sina Finance, Securities Times
• [4][5] Reports from Sina Finance on Yidun Electronics’ financial statements
• [6] Seres’ official production and sales bulletin
• [7] Reports from Investment Circle