生益电子拟约14亿元投建 智能算力中心电路板项目

Investment Project - The company plans to invest approximately 1.4 billion yuan in the construction of a high-density interconnect circuit board project for smart computing power at its Dongguan manufacturing base [1] - The project will be implemented in two phases with a total construction period of 6 years, with the first phase expected to start trial production in 2025 and the second phase in 2027 [1] - The project aims to produce 250,000 square meters of high-density interconnect printed circuit boards annually, with 150,000 square meters in the first phase and 100,000 square meters in the second phase [1] - The dynamic investment payback period is 7 years after tax for the first phase and 5 years after tax for the second phase [1] Strategic Positioning and Market Prospects - The investment aligns with the company's focus on high-end printed circuit boards and will enhance its technological innovation capabilities in the smart computing power field [2] - The project is expected to expand the company's operational scale, improve specialized production lines, optimize product structure, and enhance core competitiveness [2] - The company believes the project has good market development prospects and will meet the medium- and long-term demand for high-end printed circuit boards in emerging fields [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.179 billion yuan, a year-on-year increase of 32.97%, and a net profit of 187 million yuan, turning a loss into a profit [2] - The growth in performance is attributed to the optimization of product structure, improvement in regional business layout, and increased demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2] Market Adaptation and Product Development - The company has actively responded to fluctuations in the communications industry by optimizing product structure and increasing efforts to develop new customers [3] - In the network sector, the company has secured batch orders for 800G high-speed switch products and is cooperating with customers on the development of next-generation products [3] - The company is leveraging opportunities brought by AI technology, with multiple AI server product projects achieving batch production and ongoing development of next-generation products [3] - Server products accounted for 42.45% of revenue in the first three quarters of 2024, a year-on-year increase of 20.87 percentage points [3]