Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company, Si Hui Fu Shi, focuses on high-quality printed circuit board (PCB) research, production, and sales, targeting the industrial control, automotive electronics, communication equipment, and medical devices sectors. It has established a global production layout with a new factory in Thailand set to begin trial production in 2024 [4][16] - The global PCB market is experiencing rapid growth, particularly in automotive electronics, industrial control, and optical module PCBs, driven by the increasing demand for electric vehicles and automation technologies [6][38] - The company has a stable and high-quality customer base, including major firms like Hitachi, Panasonic, and Omron, which enhances customer loyalty and supports revenue growth [7][72] Summary by Sections Company Overview - Si Hui Fu Shi specializes in high-quality PCB production, focusing on small-batch, multi-variety, high-reliability, and fast delivery markets. The company was established in 2009 and went public in 2020 [4][16] - The product range includes high-layer boards, HDI boards, thick copper boards, and metal-based boards, serving various industries [4][16] Market Trends - The automotive electronics PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 11.2% from 2020 to 2024, reaching a market size of $9.4 billion [6][49] - The industrial control market in China is growing faster than the global market, presenting opportunities for domestic PCB suppliers [6][52] - The demand for optical module PCBs is increasing due to advancements in AI and high-speed data transmission requirements [6][69] Financial Projections - The company is expected to achieve revenues of 1.91 billion, 2.71 billion, and 3.54 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 215 million, 353 million, and 546 million yuan [9][81] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.34, 2.20, and 3.40 yuan, respectively, indicating a strong growth trajectory [9][81] Production Capacity and Expansion - The Thailand factory is set to have an initial capacity of 50,000 square meters per month, with plans to increase to 100,000 square meters per month [7][79] - Domestic projects are underway to expand production capacity significantly, with expectations of high utilization rates as the industry recovers [7][79]

四[Ta会ble富_Sto仕ckN（ameRptType] 300852） 公司覆盖 执业证书号：S0010523060001 电话：13560087214 邮箱：chenyaobo@hazq.com 投资评级：买入 | 收盘价（元） | 44.93 | | --- | --- | | 近 12 个月最高/最低（元） | 48.87/21.86 | | 总股本（百万股） | 161 | | 流通股本（百万股） | 155 | | 流通股比例（%） | 96.53 | | 总市值（亿元） | 72 | | 流通市值（亿元） | 70 | 执业证书号：S0010125060002 电话：18843526025 邮箱：yanchunxu@hazq.com 四会富仕：新兴产业多点开花，产能扩张赋能成长 风险提示 公司价格与沪深 300 走势比较 分析师：陈耀波 全球 PCB 市场呈现高速增长态势，公司核心下游赛道景气度持续提升。 1）汽车电子：受益于新能源汽车出货量持续提升，以及自动驾驶渗透率 持续提升，汽车电子 PCB 市场规模有望迎来高速增长期。按销售额计， 全球汽车电子 PCB 市场规模从 2020 年的 61 ...

Group 1 - Zhongjing Electronics and Jin'an Guoji hit the daily limit increase, indicating strong market performance [1] - Guohe Technology, Sihui Fushi, Wenzhou Hongfeng, Honghe Technology, and Shengyi Technology also showed significant gains, reflecting positive investor sentiment in the sector [1]

Core Viewpoint - The A-share market has seen a significant rise in robotics concept stocks, with multiple companies experiencing substantial gains in their stock prices [1] Group 1: Stock Performance - Rui Xin Technology (300828) increased by 14.59%, with a total market value of 3.437 billion [2] - Zhongchao Holdings (002471) and Zhongxin Heavy Industry (601608) both rose by 10.04%, with market values of 10.6 billion and 36.6 billion respectively [2] - Fulei New Materials (605488) and Fenglong Co., Ltd. (002931) both saw gains of 10.01%, with market values of 1.25 billion and 19.8 billion respectively [2] - New Asia Electronics (605277) reached a 10% increase, with a market value of 833.6 million [2] - Galaxy Electronics (002519) rose by 9.97%, with a market value of 9.687 billion [2] - Yichang Technology (002420) increased by 9.96%, with a market value of 3.586 billion [2] - Tianrun Industrial (002283) saw a 9.94% rise, with a market value of 8.193 billion [2] - Chaojie Co., Ltd. (301005) increased by 9.42%, with a market value of 26.5 billion [2] - Gaoxin Technology (300098) rose by 9.21%, with a market value of 1.26 billion [2] - Yunji Group (001288) increased by 8.90%, with a market value of 8.136 billion [2] - Yifan Transmission (301023) rose by 8.58%, with a market value of 4.746 billion [2] - Chongda Technology (002815) increased by 8.12%, with a market value of 19.3 billion [2] - Tieliu Co., Ltd. (603926) rose by 7.37%, with a market value of 6.157 billion [2] - Zhongman Petroleum (603619) increased by 7.15%, with a market value of 1.32 billion [2] - Sihui Fushi (300852) rose by 6.93%, with a market value of 7.158 billion [2]

Group 1 - The A-share market saw active trading in PCB concept stocks, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings also showed significant growth [1] - Other companies like Da Zhu CNC and Si Hui Fu Shi experienced increases of over 9%, indicating strong market interest [1] Group 2 - Tian Tong Co., Ltd. had a price increase of 10.03%, with a total market capitalization of 16.2 billion [2] - Jin An Guo Ji rose by 10.01%, bringing its market value to 17 billion, and has a year-to-date increase of 39.44% [2] - Xian Feng Holdings increased by 9.97%, with a market cap of 4.328 billion and a year-to-date growth of 12.33% [2] - Da Zhu CNC saw a rise of 9.37%, with a market capitalization of 75.1 billion and a year-to-date increase of 48.57% [2] - Si Hui Fu Shi's stock price increased by 9.14%, with a market cap of 7.305 billion and a year-to-date growth of 19.20% [2] - Baiyin Youse and Zhongjing Electronics both experienced gains of over 6%, with market caps of 67.8 billion and 7.952 billion respectively [2] - Guanghe Technology and Chongda Technology saw increases of over 5%, with market caps of 43 billion and 18.8 billion respectively [2]

Group 1 - The A-share market saw active trading in PCB concept stocks on January 22, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings increased by nearly 10% [1] - Other companies such as Dazhu CNC and Sihui Fushi rose over 9%, indicating strong market interest in the PCB sector [1] Group 2 - Tian Tong Co., Ltd. had a market cap of 16.2 billion and a year-to-date increase of 0.30% [2] - Jin An Guo Ji reported a market cap of 17 billion with a significant year-to-date increase of 39.44% [2] - Xian Feng Holdings had a market cap of 4.328 billion and a year-to-date increase of 12.33% [2] - Dazhu CNC's market cap was 75.1 billion with a year-to-date increase of 48.57% [2] - Sihui Fushi had a market cap of 7.305 billion and a year-to-date increase of 19.20% [2] - Baiyin Youse's market cap was 67.8 billion with a year-to-date increase of 56.58% [2] - Zhongjing Electronics had a market cap of 7.952 billion and a year-to-date increase of 6.57% [2] - Guanghe Technology's market cap was 43 billion with a year-to-date increase of 23.74% [2] - Chongda Technology had a market cap of 1.88 billion and a year-to-date increase of 12.74% [2]

Group 1 - The robotics sector has shown strong performance, with multiple companies experiencing significant stock price increases [1] - Fule New Materials reached a daily limit increase, indicating strong market interest and investor confidence [1] - Fenglong Co. achieved a remarkable 17 consecutive trading days of price increases, showcasing its strong market momentum [1] Group 2 - Yichang Technology and Tianrun Industrial also hit the daily limit increase, reflecting a broader trend of growth within the robotics industry [1] - Companies such as Ruixin Technology, Yifan Transmission, Jujie Microfiber, and Sihui Fushi saw stock price increases exceeding 10%, further indicating robust sector performance [1]

Group 1 - The PCB concept has strengthened, leading to significant stock price increases for companies such as Zhongjing Electronics and Jin'an Guoji, which reached the daily limit [1] - Other companies in the PCB sector, including Guanghe Technology, Sihui Fushi, Wenzhou Hongfeng, Honghe Technology, and Shengyi Technology, also saw notable gains in their stock prices [1]

证券日报网讯1月21日，四会富仕（300852）在互动平台回答投资者提问时表示，通信领域是公司深耕 多年的战略重心。公司围绕未来通信技术对高频、高速、高集成度的要求，在高频材料应用、高密度互 连及高多层板制造等核心环节积累了坚实的技术储备与量产能力，可为下一代通信网络的发展提供产品 支撑。 ...

格隆汇1月21日丨四会富仕(300852.SZ)在互动平台表示，公司有部分PCB产品间接应用于机器人领域。 ...