核心观点 事件：2025 年10 月29 日，中富电路发布2025 年三季报。 根据公司2025 年三季报： 2025 年前三季度业绩：2025 年前三季度实现营业收入13.55 亿元（YoY+29.80%），实现归母净利润 0.28 亿元（YoY-10.64%），实现扣非归母净利润0.25 亿元（YoY-0.81%）。 2025 年第三季度业绩：2025 年第三季度实现营业收入5.06 亿元（ YoY+33.22% ， QoQ+7.11% ）， 实 现归母净利润为0.11 亿元（YoY+94.58%，QoQ+62.73%），实现扣非归母净利润为0.12 亿元 （YoY+83.29%，QoQ+508.10%）。 经营情况及未来增长点：（1）泰国工厂产能爬坡，四季度台达等客户将陆续导入批量订单。据公司三 季报，公司泰国工厂项目位于泰国罗勇府泰中罗勇工业区。主要生产印刷电路板（硬板）、厚铜板、高 速板、柔性板和内埋器件等产品，应用于5G 通讯、新能源车载、数据中心等领域，既服务海外客户， 也为国内客户海外工厂配套，助力提升竞争力。项目2024 年底启动连线调试，2025 年1 月起产能逐步 释放，截至2025 年 ...

Core Viewpoint - Zhongfu Circuit is a leading company in the domestic printed circuit board (PCB) industry, focusing on high-end customized PCBs and embedded component boards, with a unique market position [1] Group 1: Company Overview - Zhongfu Circuit was established on March 12, 2004, and was listed on the Shenzhen Stock Exchange on August 12, 2021, with its registered and office address in Shenzhen, Guangdong Province [1] - The company is classified under the electronic components - printed circuit boards sector and is involved in the research, production, and sales of printed circuit boards [1] Group 2: Financial Performance - For Q3 2025, Zhongfu Circuit reported a revenue of 1.355 billion yuan, ranking 29th among 44 companies in the industry, while the industry leader, Dongshan Precision, reported revenue of 27.071 billion yuan [2] - The net profit for the same period was 28.0305 million yuan, placing the company 32nd in the industry, with the top performer, Shenghong Technology, achieving a net profit of 3.245 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Zhongfu Circuit's debt-to-asset ratio was 48.34%, higher than the industry average of 44.70%, but down from 55.98% in the same period last year [3] - The gross profit margin for Q3 2025 was 15.24%, below the industry average of 20.58%, although it improved from 13.25% in the previous year [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.31% to 21,100, with an average holding of 9,090.18 circulating A-shares, a decrease of 2.26% [5] - Hong Kong Central Clearing Limited became the fifth-largest circulating shareholder with 2.6649 million shares, while E Fund New Growth Mixed Fund exited the top ten circulating shareholders [5] Group 5: Business Highlights - Zhongfu Circuit is recognized as a rising star in the power supply sector, specializing in high-end customized PCBs with unique embedded component boards and high-quality customer resources [5] - The company is expected to benefit from the growing demand for stacked/embedded process PCBs driven by PowerSiP technology and is actively expanding overseas production capacity [5] - In 2024, Zhongfu Circuit achieved breakthroughs in embedded components, developing PCBs suitable for data centers [5] - The company is projected to achieve net profits of 58 million yuan, 128 million yuan, and 229 million yuan for the years 2025 to 2027, with corresponding EPS of 0.30, 0.67, and 1.19 yuan [5]

Summary of Zhongfu Circuit Conference Call Company Overview - Zhongfu Circuit focuses on communication and data center businesses, which are expected to account for nearly 50% of revenue by 2025, driven by the high pricing and profitability of the AI industry. The company is currently facing capacity constraints but has a strong order situation [2][4][16]. Investment and Production Capacity - Since its IPO in 2021, Zhongfu Circuit has invested approximately 400 million yuan in domestic and Thai factories, focusing on HDI thick copper boards and high-end AI power-related products, which are expected to gradually start production and yield benefits [2][5][6]. - The domestic factory is operating at nearly full capacity, while the Thai factory has a lower utilization rate but is expected to see significant increases in the fourth quarter [3][16]. Business Segmentation and Performance - The company’s product segments include: - Communication and data center: ~50% - Industrial products: ~20% - Automotive electronics: ~20% - Consumer electronics: ~10% [4][7]. - Overall performance in the first three quarters of 2025 showed a growth of approximately 3-4%, primarily benefiting from the AI industry's high pricing and profitability [4]. Technological Advancements - The introduction of NVIDIA's 800V DC power architecture is a significant advantage for Zhongfu Circuit, with collaborations on nearly all front-end solutions. This architecture is expected to enhance the value of PCB boards significantly starting in 2026 [2][9][10]. - The transition from 480V AC to 800V DC will introduce new power levels and modularization, which will increase the value of HVDC products [10]. High-End Product Strategy - Currently, high-end products account for about 30-40% of revenue, with a goal to increase the market share of embedded components and advanced power supplies, targeting over 50% in the future [12][11]. - The company aims to develop 16×16 layer to 30 layer HBI products, with average prices exceeding 10,000 yuan [12]. Competitive Positioning - Zhongfu Circuit maintains a leading position in advanced packaging through collaborations with top chip companies and is actively seeking customer opportunities in traditional PCB sectors [13]. - The company plans to supply high-end products from both its He Shan and Thai factories, with significant orders from major global clients [14]. Future Outlook - The company anticipates that high-end PCB capacity is not yet oversaturated, with ongoing demand, particularly in overseas markets [22]. - The automotive sector is expected to see good growth next year, but the company will focus on high-margin products with technological barriers, avoiding low-margin projects [23]. Cost and Pricing Dynamics - The rise in copper foil prices affects mid-to-low-end products but not high-end products, leading to a strategy of increasing high-end product share while reducing competition in lower-tier products [25]. - The company expects a turning point in profit margins to occur soon, potentially in the fourth quarter or early next year, focusing on high-end products to drive profitability [26]. Conclusion - Zhongfu Circuit is strategically positioned to capitalize on the growth of the AI industry and advanced power solutions, with significant investments in production capacity and a clear focus on high-end product development. The company is well-prepared to meet increasing demand while navigating challenges in capacity and market dynamics.

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in its quarterly report, with no false records or misleading statements [10][12] - The board of directors and senior management confirm the financial information in the quarterly report is true, accurate, and complete, and they bear legal responsibility [2][3] - The third-quarter financial report has not been audited [9][10] Group 2 - The company is in the process of establishing a factory in Thailand, which is expected to start production in January 2025, with the project currently in mass production and passing audits from multiple overseas clients [5][6] - The company is focusing on secondary and tertiary power supply for AI data centers, with projects already receiving bulk orders [5][6] Group 3 - The company held its 22nd meeting of the second board of directors on October 27, 2025, where it approved the third-quarter report and discussed the upcoming board election [13][14] - The company plans to hold its second extraordinary general meeting of 2025 on November 14, 2025, to elect the new board members [70][71]

Group 1 - The company Zhongfu Circuit (SZ 300814) announced that its 22nd meeting of the second board of directors will be held on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, the company's revenue composition is as follows: printed circuit boards account for 89.34%, while other businesses account for 10.66% [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with a new "slow bull" market pattern emerging driven by technology [1]

截至发稿，中富电路市值为113亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王晓波） 每经AI快讯，中富电路（SZ 300814，收盘价：58.83元）10月28日晚间发布三季度业绩公告称，2025年 前三季度营收约13.55亿元，同比增加29.8%；归属于上市公司股东的净利润约2785万元，同比减少 10.64%；基本每股收益0.15元，同比减少16.67%。 ...

中富电路公告，第三季度营收为5.06亿元，同比增长33.22%；净利润为1106.91万元，同比增长 94.58%。前三季度营收为13.55亿元，同比增长29.80%；净利润为2785.39万元，同比下降10.64%。 ...

2025 年 10 月 29 日 证券代码：300814 证券简称：中富电路 公告编号：2025-094 深圳中富电路股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 了第二届董事会第二十二次会议，审议通过了《关于公司 2025 年第三季度报告 的议案》。 为使投资者全面了解公司的经营成果和财务状况，公司《2025 年第三季度 报告》（公告编号：2025-096）于 2025 年 10 月 29 日在中国证券监督管理委员会 指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露，敬请广大 投资者注意查阅。 特此公告。 深圳中富电路股份有限公司董事会 深圳中富电路股份有限公司 2025 年第三季度报告披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1 ...

证券代码：300814 证券简称：中富电路 公告编号：2025-100 深圳中富电路股份有限公司 独立董事候选人声明与承诺 声明人于培友作为深圳中富电路股份有限公司第三届董事会独立董事 候选人，已充分了解并同意由提名人深圳中富电路股份有限公司董事会提名 为深圳中富电路股份有限公司（以下简称该公司）第三届董事会独立董事候 选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的 关系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易 所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺 如下事项： 一、本人已经通过深圳中富电路股份有限公司第二届董事会提名委员 会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 ☑ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不 得担任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：_______________________________ 三、本人符合中国证监会《上市公司独立董事管理 ...

深圳中富电路股份有限公司 关于董事会换届选举的公告 证券代码：300814 证券简称：中富电路 公告编号：2025-098 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 王昆先生、于培友先生作为公司第三届董事会独立董事候选人，均已取得 深圳证券交易所认可的独立董事资格证书，其中于培友先生为会计专业人士。 根据相关规定，独立董事候选人的任职资格和独立性尚需经深圳证券交易所备 案审核无异议后，公司股东会方可进行表决。 公司董事会提名委员会对上述董事候选人的任职资格进行了审查，认为上 述第三届董事会董事候选人符合相关法律法规规定的董事任职资格。公司独立 董事候选人的人数不低于公司董事总数的三分之一，也不存在连任公司独立董 事任期超过六年的情形，符合《公司法》《公司章程》等的相关规定。董事候选 1 人中兼任公司高级管理人员以及由职工代表担任的董事人数总计未超过公司董 事总数的二分之一。 根据《公司法》《公司章程》等的相关规定，上述选举公司第三届董事会董 事候选人的议案尚需提交公司 2025 年第二次临时股东会审议，并采用累积投票 制选举产生 3 名非独立董事、2 名 ...